Many people often talk about how big companies can learn a thing or two from funky little startups, but actually, these two ends of the business spectrum can learn a lot from each other. Here are just some of the practices industry leaders employ that startups should make a part of their business plan to break successfully into the world of big shots.
The importance of audience analysis
One field where big companies are not saving money on is learning about their target audience. For instance, IKEA spends years doing market research before they choose to try their hand at a new market. Sure, your startup might not have as much time and money as IKEA, but you should still try to learn as much as you can about your existing and potential customers. If a startup comes out with a product or a service, place it on the market and figure out nobody wants to buy it, it can easily close its doors.
Stay true to your brand
Don’t be one of those businesses that enter the market without a clear vision of who they are. Changing your voice too many times won’t earn you the affection of the customer, even though you might be giving the people what they want to hear. Industry leaders know that you need to know who you are before you start introducing yourself to customers. And no matter how much things change, the core of your brand (if it’s respectful) should remain the same—it shows integrity.
Invest in new tech
Big companies know that if they want to stay relevant, they need to change with the times and adopt new tech, machinery and tools. Today, even companies in the field of oil and gas extraction are modernizing their equipment and investing in new gate valves and other cutting-edge products, which allows them to improve their production processes and stay in front of their competition. New tech in general provides both startups and big companies with an outlet for innovation—in order to win over a modern customer, one needs to play by the modern rules and keep up with the market demands.
Choose the right HR expert
Big shots usually have entire departments of HR experts responsible for hiring, onboarding and other HR issues. When hiring people, industry leaders can’t take chances, but startups need to be even more careful. If you manage to find the right person for the job, they can turn your little startup into a big name in the field. But on the other hand, if you hire the wrong person, you can lose money, time and other resources on someone who doesn’t bring any value to your startup. You need quality people who can do the work while your company is in its early days and experienced HRs know how to find someone like that.
Work on your missions
Make sure that every goal you set is personally embraced by your team. Everyone needs to be on board with your mission, and in order to achieve that, you need to meet with the team, reinforce your message and create hype. Big companies can achieve the impossible if all members of the team are committed, so they do their best to get everyone on board—next time you’re working on a big startup project, keep that in mind.
Don’t give up
All the biggest names in the business world come across naysayers and skeptics every day of their career. However, these people should be removed from your career mission. You should take their ‘it can’t be done’ attitude to create challenges for your startup and find new and innovative ways to solve problems. If Bill Gates accepted the word ‘can’t’, his little startup would have never left his garage. In business, being persistent and dedicated pays off, and all industry giants know that, so take note.
These tips are very useful for all startups and small companies, so make sure to listen to people who went through where you are right now and built something truly amazing. Of course, big companies also have flaws, but many of them have outstanding cultures and practices that made them so successful. All of these lessons are simple, yet they are the key to the success of any small firm—they just work when it comes to creating a good business.