Tips to transform your start-up constraints into benefits
Constraints are there in every part of your business. It is even so at a higher scale in a start-up. A start-up has enough of uncertainties in all the aspects of its activities. They have limitations in terms of funds, customers, the right people, well-developed solutions to name a few. Hence the start-ups have a higher quotient of constraints.
As start-up founders, we will have to face all of these and make sure that we convert as many of the constraints as possible into tangible benefits for our organization.
Constantly evolve to increase productivity
Looking at the past helps us to change for the better. Let us talk about a few aspects of how we evolve as an individual. We have to look at focussing on finishing smaller tasks that are important. Look at the outcome that is coming out. Let us also look at the time-wasting activities we do on a daily basis that make us work for extra hours. On the team front, we will have to constantly look at implementing productivity tools to make the performance better. We will also have to keep looking at optimizing the processes and making the output much better.
Look for ways to increase the outcome
Constraints in one area of the organization will lead to building strengths in another area. The typical constraints any start-up would face will be a combination of people, funding, and the product. This would mean, that the start-up will have to hire people who may not be the right people fit for the job. The productivity hence would take a beating as the team may not be functioning to the fullest capacity. The founders need to hence look at taking some external help with the assurance of compensation a bit later. Sometimes, the founders will have to look at an external stream of revenue to increase the cash flow to be able to infuse more funds in the venture.
Look for partners to bridge the gaps
Customers often look for a solution that will fit in a bigger picture. They would like to solve a bigger problem. Your product or solution may not fit into the bigger picture. Your product will have limited functionalities. Hence it makes sense that you align with some other company that has a bigger solution. However, they may not have the functionality that your solution has. It will be a win-win situation for both of you. You will also begin getting the initial traction with your customers. You can use these experiences with direct customers later.
Always strive for innovation
Customers do not buy products. They buy solutions that will solve their problems. The problems will also keep increasing constantly that the existing solutions may not be able to solve. The customers may always be looking out for new solutions. Sometimes, the customers may also be looking at a faster, cheaper, and better way to solve the same problem. Hence, you will always need to look at innovation when you would look at building products. You will now be able to create a niche for yourself and can quickly get customers.
Create multiple types of solutions
As we know, the one who is most responsive to changes wins the game than the one who is the strongest. We would have to evolve rapidly to the market conditions. So, developing two or more products will definitely be a challenge because of the split in the attention, resources, and funding. Having a separate set of solutions allows you to build a broader portfolio and lets you service multiple markets. This will be handy where there could be a certain amount of uncertainty in the start-up on the markets. Sometimes, this might also help in pivoting and servicing a larger customer base to grow and scale.
Build new business models
If we are thinking that running one business model and executing a plan, then running multiple business models will be a bit unimaginable. The reason why we might have to consider is the fact that we will have to deal with multiple customer segments. Each segment will necessitate that we will have to operate on different models. You can, for example, look at reaching out to a set of customers directly, a set of customers through channel partners, and a set of customers using the internet. The charges for these solutions can also be different based on the minor changes in functionalities and depth. This will help you tide over uncertainties with one market or with one business model.
To conclude, we all know that the start-up situation is filled with uncertainties and challenges. We will have to ensure that we take all possible measures to optimize what we do and increase our productivity to get in to the market faster. We will have to evolve as fast as we can and scale our organization.