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Posted By: Admin
Managing your startup business when you have enough capital might be a piece of cake. But the thing is, life always has its ups and downs.
Eventhough you have enough capital (or limited one), sometimes a difficult times may arise. Thus, you might have to do some things fast or even outside of your usual principles.
Here are some practical tips that you can try in order to manage your Startup Business, especially during the difficult times.
In difficult times, production cost reduction might be inevitable. Thus, it’s better for us to focus in one product only at a time. Not only it will reduce the production cost, in a way, it could also strengthen our brand initially. Along the way, once the situation has become better, we could always get more inspiration to develop our products or even starting to expand our startup business to another line, based on the market demands.
Having a dream and loyal team is an ideal, but in difficult times, you might want to skip that (at least for now). Better to apply 3 months probation to every new team member, and never doubt to release them if they can’t deliver the work well (or based on our expectation). This might sound harsh, but remember that we cannot please everyone, and the survival of the business always takes priority.
This is very important. The proverbs “customer is a king” must be shifted into “customer is our partner”. Remember that while we might always aim to give our best, our clients might not. So be stricter in payment terms, apply down payment system if you must, bind the payment terms in legal contract if required. As long as both parties involved understand the importance of the works (and you should be!), this should not be problem at all
As weird as it sounds, there are indeed some clients that we better avoid, and those are the “toxic” ones. The one that might always ask for additional services on and on, while always refuse to give any additional fees. Please remember that giving everything “free of charge” doesn’t make you the “savior” for those kinds of people. In fact, it might make they take you for granted. Because if they really understand your efforts, they will not ask anything for “free” at the first place, right?
While smaller project sounds not so… beneficial, if we can gain it in a large of numbers, the benefit might be extremely handsome. It’s time to put our pride aside (we know that some of Startup Business owners always aim to handle well-known client). Still, in difficult times, pride will not get you anywhere. Asides, if we always provide our best service even for our small clients, our brand will eventually grow and we will be trusted to handle bigger projects in the future.
Passion and talent is surely will not be enough to manage our Startup Business. Error is always inevitable, mistakes is always unavoidable. Whatever experiences that we might get from the process (especially the “unpleasant” ones), always embrace it and let them be our valuable assets to be wiser and more selective in making future decisions.
Last but not least, always have a good understanding of your overall Startup Business process. Because no matter how good you are, no matter how fun your workplace is, people always come and go for whatever reasons they see fit. And while lose that one talented man is truly sucks (we know the feeling), we still don’t have to worry too much, because we will be always up to handle his / her job description, while still be optimistic that someone will eventually come and take the tasks just as good (or even better).
The main point is, managing a Startup Business is truly challenging. Manage it efficiently and effectively is the key point. And remember that you are the owner, thus utilize your pride as the business owner to handle your own business wisely and responsibly. :)