Though there has been a sectoral slowdown in the Indian startup ecosystem and it has been going through a rough patch currently, another way to look at it is that the huge phenomenon is going through a transition stage.
The ecosystem has now entered the second stage of its growth. This is why most startups have stopped chasing customers and raising astronomical values. The aggressive progression has passed; it is time for sustainable growth now, with patience and calculated risk. A lot of changes in the top level executives could be noticed currently and it is exactly because of that.
It is now time for right intellectual capital, carefully selected strategic partnerships, and products and/or services with strong marketplace demand. Here are some ways how you can sustain your business.
1. Top level executives- Lat’s face it, you can’t grow without the right people. One may start with the wrong ones but it becomes difficult to sustain momentum over time. Business is about people and oftentimes, this requires an organisation to refresh its talent pool keeping in view the growth of the company’s business model and the unique needs of its clients.
2. Operational Efficiencies- Stats and figures matter while running a business. If you’ve efficient employees, then they will drive costs down and instil a mindset within the workplace culture. Their presence energises the people around and no matter how difficult is the times, they keep connecting the dots.
The best way to create operational efficiencies is to assure that the workplace culture supports the tools to drive efficiencies within the organisation – by design – not by accident. Success comes most to those who are surrounded by people who want their success to continue.
3. Prospecting the Right Clients- Entrepreneurship a way of life. Gone are the days when anyone could be a client and you were just approaching everyone. Now that you know who are your ‘repeat customers’ and who relates to your services, you must always embrace an entrepreneurial attitude to see and seize the right opportunities. It’s them who will sustain your business over time.
Embracing an entrepreneurial attitude allows you to see beyond the obvious and spot the best clients in support of your business model. This keeps acquisition costs low and assures client relationships are mutually beneficial and goals are in alignment.
4. Sound Decision Making- You’re no more an amateur and new to the game. You have spent a considerable time and have actually survived. It’s time to make sound decisions, where each will root back to the future good of the company rather than the present. The goal is to minimise the occurrence of problems – which means we must be courageous enough to tackle them head-on. With experience comes the ability to anticipate the unexpected and assure that circumstances don’t force their hand.
5. Don’t Be Afraid to Grow- Sustaining does not mean to play safe. It means to play with calculated risks. Many confuse sustaining a company’s growth with no momentum. It is on the contrary. To sustain growth, you must have the mindset of embracing risk as your best friend.
The moment that employees are not encouraged to sharing their ideas and ideals, it becomes difficult to take ownership of the needs of the business. When the diversity of thought is embraced, it serves as a powerful unifier to leverage unique thinking and the opportunities associated with it – to sustain growth.
Sustainability is a mindset and not some central plan. Make it a habit and you’re always five steps ahead of the game. To make it happen, leaders must be risk takers blazing new paths very few would see through to the end, let alone go down in the first place.
