Attaining progress as a startup may not happen easily. In fact, no one can go one better than companies with thousands of workers stationed all over the world. But it doesn’t determine your business will not have a positive outcome.
Outmatching or even matching your vast, multi-billion competitors is a difficult thing to do. But, if you’re determined and strong-minded to accomplish your goals, you’re going in the right direction. It is already the first move to compete with full-grown companies. But there are four more things which you will require before you take any other risky actions. You’ll find them on the following list of four small yet effective techniques for startups to outwit huge competitors.
- Pick Your Niche
According to Fortune, 42% of startups can’t survive due to the lack of market demand for their product. What does it describe us about struggling with large organizations as a startup firm? That is producing a product or service for which there is no need will end up awfully for your business.
Firstly, you have to think about who you’re targeting at and how this singular group of possible customers or users would avail from using your product. The fundamental question to ask yourself when you become a startup is, “How can I help people resolve their problems with my product?”.
When it comes to picking your niche, you have to be particular.
- Be Flexible
In times of unstable economy; you can avail the opportunity and turn the table in your favor when it comes to competition with big companies. When things are changing and appear to be unstable, you can quickly modify your policy or temporarily change your business strategies. Or implement various methodologies. However, there’s no need to stick to them forever. What is more, such modifications can turn out to be definite for your startup.
Yet being flexible also pertains to your employees. In today’s world, many people choose to go remote. You can utilize that to your benefit, and when looking for an expert in a given field; you can hire somebody from an entirely different country. With today’s technological advancement, having a remote team is really convenient. There are numerous businesses which depend on freelancers and remote employees, for example, TimeLive!
- Create a Strong Company Culture
You’ve to know what you are basing your business on. The company culture is the fundament of success. Its mission and core values are what workers base their work upon. If they know you care both about the company and them, they’ll pay you off with commitment and passionate performance.
Moreover, where there’s a strong company culture, there’s a sense of belonging. This, consequently, forms a friendly atmosphere. Workers are more willing to develop a strong team in such an environment. And when workers are happy, so are the clients.
- Establish Connections
Sometimes, getting to know the right people is the key to success. When you are a startup, you really need supporters, advisors, and above all, investors. For that reason, it is essential to be open to new connections.
It often happens that we meet nice people in the least expected moments. You never know who will be your future investor, it could e the guy sitting in front of you on the train or the person you helped find the way. The same applies when it comes to finding employees. Sometimes, the people we have hired in the most unexpected situations, turn out to be the best employees.
Do You Have It All to Compete With Big Companies?
Paul Graham, the co-founder of Y Combinator, said, “Bad shit is coming. It always is in a startup. The odds of getting from launch to liquidity without some disaster happening are one n a thousand. So don’t get demoralized.” Failures happen in every company. But these minor mistakes are there to prepare you for the more significant challenges.
If you implement these four ways into your strategy, you will start to climb up the business ladder. Trust us, we know what we’re talking about, we’re a startup!