Startups are small, quick, and nimble like running back. They don’t have the burden of set culture or years of training that large corporations do- meaning they can be more adaptable to change. All good startups know that staying small isn’t an option. Startups have always been different from big corporations, and these qualities are usually what help them succeed. However, as a business grows, some of these things first go away. To keep your startup agile while continuing to grow, read this blog to know 5 ways to do so.
What you’ll learn:
Startups that are willing to change can more easily navigate negative external forces and turn them into positive opportunities. A study indicates that organisations that effectively manage change are more agile.
Use technology to streamline your workflow
Implementing cloud computing into your startup will allow you to maintain a level of agility that is necessary for long-term success. The cloud provides budget-friendly plans and gives companies the ability to expand their customer base much farther than they could have without it. Since many startups don’t confine employees to set office hours, the cloud is an excellent way for employees to stay connected and communicate when they aren’t physically in the same place. Not only does combining big data with the cloud allow businesses to store data within the cloud, but it also enables them to use CRM software and cloud ERP on any device, regardless of location.
Cloud-based technology gives users the ability to share, process, and receive data from any device that is connected to the internet. Xero is one of the most user-friendly tools that have helped small businesses expand their operations without investing a lot of money in IT infrastructure. Xero streamlines your company’s finances, which is helpful for small businesses that have limited capital and budget. It is helpful in balancing your books to creating detailed financial reports and even invoicing customers, which enhances flexibility and facilitates the process when working with accounting professionals.
For other business processes such as Customer relationship management (CRM), Xero can integrate and simplify how companies manage and track their invoices, payment, and billing processes. Choosing a CRM that works with accounting software, like HubSpot’s integration with Xero allows the company to capture leads and create deals effectively to provide an accurate overview of the sales and sales process in the CRM dashboard. To know more about Xero’s features to streamline your workflow, visit www.xero.com.
Stay active on social media
Startups have reaped many advantages by using social media obediently. Since smaller startups lack the formal structure that big companies have, they can process customer complaints and suggestions on social media while still publicizing their brand to increase more customers engagement. By rewarding customers for sharing your posts or interacting with your content in other ways, startups have discovered gamification to be a useful marketing tool. Gamification, which is also known as Customer Experience Design, is the application of game-design elements and mechanics to non-game contexts such as business and government settings.
Look for the most skilled talents
Hiring reserved for only the most skilled employees helps keep small startups flexible. The best employees are the ones who have a passion for your product or service and are intelligent and adaptive. The most talented employees will also be the ones who show an eagerness and aptitude to grow alongside the business.
When businesses expand, they sometimes start hiring employees just to fill a position rather than finding the most qualified person for the job. This can become a dangerous pattern if not stopped. In order to avoid making a poor hiring decision, consider more than just a job candidate’s resume. When searching for new employees, prioritize those with experience working at companies similar to yours. You want your candidates to be risk-takers who are professional and personable, as this usually leads to greater success.
A professional PEO company can take care of all your HR management needs, from hiring to onboarding to retention. They can help you create materials, complete any necessary background checks, and develop training programs for your employees.
Create goals for your business’s expansion
Startups don’t reach a revenue of $100 thousand per month through sheer luck. It requires a lot of dedication and effort. But it’s a great milestone to reach because it shows that you’ve got a good product and you know how to convert consumers into customers. A lot of startups feel satisfied at this point, which can be problematic for the business if they don’t have goals set to strive for more growth.
How can FastLane help?
Founded in 2013, The FastLane Group is an accountancy, advisory, and audit firm with a presence in Hong Kong. FastLane combines innovation and technology to provide professional services with a particular focus on entrepreneurs, start-ups, fast-growing technology companies, and SMEs.
We have been helping hundreds of companies to enable digital transformation and implement cloud solutions to achieve better business results, reduce costs and improve productivity.
|Being a Xero Platinum partner, FastLane can connect with the global Xero community. This has allowed other experts to give clients consistent service, including accounting, auditing, payroll, taxation filing, etc across borders around the globe.|