Having more than 9+ years of experience in startup firms as well as trained number of colleagues in Digital Marketing in the global market. I ponder upon why more than 50% start up firms shutdown. The reason behind this is a question mark for all employees but management knows better than my way of thinking as listed -
a) Work Culture - Define your business hours for each and every department even if your company strength is below 50. Try to discuss with each and every employee in a friendly manner and find out loop-holes in each department. If loop holes not found that means something wrong during your discussion with your employee.
b) Hiring Process - Talent search for a start-up would be 100% different as compared to well-established company. For a start-up firm, we have to search talent having vast knowledge and worked in different sectors so that he/she can easily find number of wrong process or loop-hole is going on and how to enhance efficiency and quality within the same resource and even no more business hours within time frame.
c) Define your Product - Need to be reviewed product before launching in the market as per SWOT analysis. Product is the strength and execution process as per Blue Ocean Strategy i.e. pre-sales to post sales is a way to enhance your sales. A single loop-hole is going to decrease your market demand even your product is 99% accurate. Customer issues/queries are one of the most reason where any product sale depends.
d) Mass Customization - As per customer feedback, need to be reviewed your product quarterly and try to enhance product before as per your niche and global competitors . POEM is the best way to enhance your reach and sale with Tie up promotions.
e) Retain your Talent - To retain your talent in your organization is not a minor risk factor but a major risk factor even you are able to find number of talent but training period for start up firm is going to reduce work efficiency for the whole process same as demand of your product in the market. If your competitors are going to hire your left or right hand, not able to continue with you then you should have to think for other options. Emotional marketing and emotional feelings both are good way to retain your product and employee same as Tie up promotions.
Talent A - Joined Jan 2016 - Training and Work Culture - 2 Months Able to Understand - Exit - Dec. 2016
Talent B - Joined Jan 2017 - Training and Work Culture - 2 Months Able to Understand - Exit - Mar. 2017 - Not Happy with Culture
Talent C - Joined Apr. 2017 - Training and Work Culture - 2 Months Able to Understand - Exit - Dec. 2017 - Not Happy with Culture
In 2 Years - 6 Months - Training and Work Culture - ZERO OUTPUT - Full Paid
Talent A left due to Work Culture or No Increment in Salary.
4 Months Training and Work Culture - ZERO OUTPUT - Full Paid if increment for Talent A - Going to enhance process flow. Need to RETHINK about Talent A or too LATE.
If a Talent is like a Star even you don't THINK, check progress in his/her expertise area you HIRED and Fringe benefits before his/her DECISION.
f) Work Culture - Culture in your society and inside office is same but a way to think how much time you need to spend where and how to balance your personal with professional life. If any of the working hours would be disturbed, that may going to hinder each other. Business hours would be as per requirement and shift-wise work culture even for a small team-size if 24/7. Coordination between team members with different department is a key factor to enhance efficiency. Work culture must be reviewed weekly as well as monthly so that you are able to retain your employee. Silent is the sign of Danger as well as going to enhance loop-hole and looking for another JOB. Multitasking is good to go with all Employee so that they are going to learn but for Employer multitasking is not less than Poison and 101% is going to reduce Efficiency of Work in a particular expertise area due to Willingness to Learn. Work culture with different timing for each employee, multitasking as well as paying on time but do you think good to go for a long time and coordination with each other not going to disturb others personal or professional life.
g) Patience - Be Positive, Track your Process Flow and Patience - Success is in front of You.
Statistical Analysis for your own company or KPI for your Employee - WHICH is the most IMPORTANT factor for YOU? Select your COIN Side or Both COIN Side you need to Review. Review your strategy i.e. GTM/SWOT analysis.
Source - Growth Hacker (DigiKnol.com)