Be that founder from a beginning it is a complex and challenging task in itself; You have to face challenges such as the financial capacity and knowledge to get a business off the ground, you have to face tough competition, a volatile economy and a changing market. Additionally, 2020 has highlighted the challenges you face as an entrepreneur.
According to various estimates, the Mexican economy fell by around 9%. Many entrepreneurs stopped their activities, others changed their category, many had to face the crisis and make important decisions in order to turn their business around. To forestall these situations, action must be taken, G2 Consultores, an on Start-ups gives recommendations for strategies you should follow to keep your business going:
- Read: What is a startup?
Create a marketing strategy from the moment you start your business
Keep in mind that if you are a recently launched business and you are starting to generate income, you need to introduce yourself to your prospects. We know the cost of ownership will be high compared to your initial income, so we recommend using free online marketing tools. Don’t start without a strategy, without knowing the customer’s needs and what they are looking for in products or services like yours. Find out which social networks it uses so you can get known.
After testing your customers’ behavior and your strategy, define whether it is right or critical, measure your KPIs. There are also tools available to help you know where you are to avoid wasting resources.
When you are in the early stages, remember that your solution must be viable, doable, and desirable
Keep in mind that this requirement is primarily about knowing what is going to work inside your company and then outside of it. If it is feasible, it is because it will work with the technology you have developed, if it is profitable, because it is financially viable and the most important thing is that it is desirable for the market you want to enter in the future with possible suppliers, investors etc.
Pick the right people
Usually, the people who accompany you in the early stages of the company are the Co founderHowever, as your business grows, you will see the need to Hire staff. Don’t take it lightly, design a proper organizational development strategy, hire the right people who will add value to your business and are experts in activities that you no longer can or are not an expert in.
Keep doing what works
As you grow, it’s because you meet a need that people need and like what you do, so keep doing it for now, don’t lose focus.
Stop doing what isn’t working
Once you identify what works, try to do the same thing with what doesn’t bring results, reallocate resources, but analyze first, create a strategy, and pan asap.
Implementing strategies at every stage is necessary for companies, do not navigate aimlessly because you do not know where you are going or what goals you are trying to achieve. If you don’t know how to generate business strategies for your company, we recommend that you turn to an expert.
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