Each year, around 100 million businesses are launching globally. It’s more startups than every second. In the UK alone, a new tech company was established every 30 minutes in 2020. Inevitably, the vast majority of these companies will sadly collapse within five years, with some expecting the down rate to be as high as 90%. It’s not an easy task to succeed globally, as I have seen firsthand from my own business.
When your startup is first launched, it can be easy to get lost in the day-to-day noise and endless to-do lists. Yes, it’s essential to keep the cogs turning with the daily tasks. But it can make it difficult for you to see the larger picture and work towards your long-term strategy.
Through building SMSGlobal from the ground up during the global financial crises, I gained valuable insight into making a business sustainable, profitable, and resilient.
1.You can ensure that your product / service will be future-proof.
Before SMSGlobal, I was involved in a variety of business ventures that I thought would be profitable. Every experience became obsolete with the changing consumer trends and the introduction of new products to the market.
These were very disappointing experiences, but they forced us to reassess our product. I was determined to find a product that would withstand the test.
A friend of mine asked for my advice about a quote that they had received from an SMS company. The cost of the supplier was so high that I was surprised by how high the section was. SMSGlobal was born when I realized that I could offer the same service at a fraction of the cost.
The SMS technology has remained one of the most popular forms of mobile communication for over 15 years. Despite many new applications being developed, SMS is still very popular and widely accepted by people worldwide. Because of its wide accessibility, many businesses still prefer SMS over other apps. Because of this, every phone has SMS functionality, which is not the case with other apps. While there are new technologies every year, SMS remains popular with both end-users and businesses.
There are millions upon millions of entrepreneurs who have good ideas. A business must be able to offer a product that can’t be duplicated to survive.
2.Give the reins over (and make sure you hire the right people).
I learned quickly that you could not micromanage all aspects of your business. It is essential to have experts in your fields.
Hire the best people to help you take control of the business. Your team can either make or break out your company, so it is essential to find people committed to your vision and will work for it.
Your business can grow and mature if you have the right people. They will also help you navigate complex environments. So that you have someone you can depend on when you need to take a break, which we all do from time-to-time, you can be sure that the team that you have built can manage your business.
3.Trust your instinct
Trusting your gut is something that I believe strongly in. It’s what most successful entrepreneurs do. Many people advised me about all aspects of scaling my business, from launching products to market them.
This advice wasn’t always in line with my vision. I learned quickly that not everyone could be pleased. Many things can happen when you start a business. Every step of the journey, you need to consider which products, innovations, or decisions best align with your values.
4. Learn to adapt
The global pandemic of recent years has shown us that adaptability in thought and action is the key to survival. Reports from 2021 suggest that many of those in the S&P 500 could be replaced by companies that embrace the digital revolution and adapt it over the next ten years.
Businesses must understand the changing business goals of their customers and be able to meet their needs. This is because of the competitive nature of business. My company’s success is mainly due to its ability to change with customers. Recently, we identified a need for instant communication between industry and end-users. Our team developed an idea that would allow users to do this within our platform easily. The SMS Conversation window, which enables you to one-on-one messaging, was soon released.
A service that provides a solution to current problems and allows for future growth can help you gain a competitive advantage. It is essential to create a business that can adapt to customer demands, regulatory changes, technological advancements, expectations, and shifting customer needs. The way forward is to constantly adapt to the needs of existing customers while keeping an eye out for the future and keep learning.