The world has seen lots of promising startups entering the market during the last few years. However, most of them were unable to survive thanks to COVID-19 restrictions and lots of financial issues the world has faced since the pandemic. Now the situation is slowly stabilising and, as a result, the business should also be different.
During COVID-19, customers were able to explore what they like and what they don’t, and they became more demanding and accurate in their choices. Running a modern startup can be a tricky challenge, especially for those who don’t know market trends, ICP, and the needs of their customers.
First of all, startups need a lot of capital to get their business going. Second, they have to pack their business with software since it is an essential part of any industry now and the key place to attract clients. Third, marketing has also changed, forcing startups to invest the lion’s share of their funding into branding.
Since the current market requires more from startup owners, fresh businesses have to keep up the speed and thrive. If you are planning to start your own business or just got funding and want to know how to run a successful startup in 2023, explore the tips below:
Say ‘Yes’ to Remote Work
The days of offline work are gone. While some companies are moving back to the office, it isn’t a must-have requirement. In fact, if you plan to hire young specialists, you will quickly understand that they don’t like offline work. Therefore, it will be much easier for you to start your work from remote conditions as most market giants do now.
The thing here is that it also allows you to cut costs significantly. Remote work has many benefits, though you should know how to organise it in an effective way. Use tools like Zoom for daily meetings and Slack for internal communication. And, if you won’t find remote work effective for you, you can always consider flexible working conditions.
Streamline Human Resources
In order to make sure your HR department works efficiently and you can get the best talents in the pool, you need to reduce the paperwork and load on the team. It is a common practice that startups have only one person in the HR department, so the load is high and requires lots of work from a person.
For example, the HR department can also handle financial questions in some companies. This makes the situation even harder for the person. Luckily, you don’t need to worry about hiring another person if that goes over your budget. You can use various software that automates most processes and reduces manual work that takes too much time. For example, software that allows candidates to fill out the form before the interview saves time for HRs. Or you can use a brex corporate card to easily manage the company’s purchases on SaaS products.
Reasonable Hiring
Modern business is seasonal, meaning you don’t always need to hire a full-time salaried staff for these specific positions. For example, you can hire a freelance finance manager to cover invoices only once a week. Bookkeeping will be needed on a monthly basis, especially if you have a few transactions as a startup.
In addition, legal services may only be required in some cases, like when you just start the business, make deals or present your startup to investors, so you don’t need to hire a full-time employee. Reasonable hiring is new, but it is highly convenient.
Invest in Technology
Even though there are some startups that don’t need technology, most of them rely on software to attract more customers, generate higher revenue and stay relevant in the long term. Thanks to these benefits and more that can be named, the need to invest in technology is increasing for all business owners who want to achieve success. Let’s explore some business processes to see how technology can help with them:
Productivity
Since remote work can make it harder for you to check how employees work, you can use several apps and services that help with that task. In addition, it also helps employees working remotely to track their time so they don’t overwork daily since it could be hard for them to stop work when they are at home, and their working lines are erased.
Financial Management
In 2022, almost every financial transaction can be done online with only a tap of your finger. Whether you’re paying invoices, purchasing for office needs, covering device expenses for your employees, or following up on your clients’ payments, use the power of modern banking software. A brex business card is also an excellent choice for any SaaS purchase since it allows you to track expenses and keep your finances in check effortlessly.
Marketing
As we mentioned, modem marketing is different. You need to invest in marketing tools that give you data. Data-driven decisions are best since they allow you to gain insights and cover your customer’s needs in all ways they expect from you. Make sure you use the latest SEO optimisation tools that will also help you get data that shows the user road and actions on your website while also helping you better learn your target audience.
Final Thoughts
Running a modern business is challenging. However, you will not be the only one who did it and not the only one who will probably face issues. That is why there are many ways you can ease the process, boost your business and use software tools that greatly help business owners achieve success.
Interesting Related Article: “9 Steps Software Development Process Used to Build Startups“