5 Things The Founder Of A Startup Must know To Soar Profits
Last year, there were almost 40,000 startups in India alone. However, on an average, almost 75-80% of startups fail if not in the first then after the first five years of inception. Why do some startups fail and others soar? The ones who manage to survive must be doing something or the other differently. What could it probably be?
Broadly speaking apart from the vision and innovation, there is something else that matters immensely. It is the way you as a founder form, manage and treat your team.
You may have crammed on a list of bygone tips that startups should follow. Here is the revised and updated one that applies to the startups of today appropriately. Take a look.
Be a master, not the jack - All your life you have been taught be a jack of all trades and master of one. It is undeniably true. However, it doesn’t fit in the startup scenario anymore. The founder should focus on the vision
Multitasking will leave your mind scattered, Human brain just isn’t defined that way. Stay focused. Work on a few but don’t try to manage it all otherwise you would not be able to even complete one perfectly. Startups demand perfection. Whatever you do has to be top-notch. Leaving things half-way or completing them without putting your heart and soul into each one of them won’t be fruitful. Lead the vision, growth and expansion plans not the execution.
Put some software to use- Redundant tasks do nothing more than wasting your time and your team’s time. Better use software to get them done fastly and accurately. Follow this simple rule- If it doesn’t require your brain, don’t give it your time- try to AUTOMATE. Yes, that is what you are supposed to do with it. A Payroll software or a comprehensive HR software can help you manage a lot through automation. Accounting and marketing software can also be used to save time.
Learn to trust your team- Micromanaging isn’t great. Intervening in every work will lead to mere wastage of time and nothing else. Keep a tab on everything that’s been assigned and done through biweekly sprint meetings. Hire such professionals who can lead themselves on their own. The ones who have the capability to work will do it anyway. Just learn to trust your hirings.
Work smart, not hard- A labour works harder than you do but still earns less than you. Working smartly saves your time. It leaves you with time to plan. Leave the payroll related worries to an HR software. Invest more in making new strategies than in executing them. Use tools to monitor the performance. See what works and what doesn’t. This will help you in taking right decisions and making better plans for your budding startup.
Hire a few but the best- You don’t need minds who follow instructions merely but those who can help you with your innovation. You need brains like you who know their work well. Minds with vision, motivation and creativity should be the most preferred ones.
The hire should be able to work independently and in the team when required. Form a team that can multitask. Each employee should be driven enough to push their boundaries, be creative, think out-of-the-box and execute things independently and impeccably. The ones who are willing to work, take the road less travelled and put some extra efforts can contribute to your business growth significantly, treasure them.
Remember, you don’t get the whole recipe to startup success overnight. It is a process that you get as you do it, with time. There isn’t a set rule book that works for every startup but if the vision and management are done right, the profits are bound to soar and your business too!