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5 methods each startup ought to implement to maintain their enterprise going

Implementing a plan at every stage is necessary for companies. Don't navigate aimlessly because you don't know where you are going or what goals you are trying to achieve.

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July
27, 2021

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This article was translated from our Spanish edition using AI technologies. Errors can occur because of this process.

The opinions of entrepreneurs' contributors are their own.

Founding a startup is a complex and challenging task in itself; You have to face challenges such as the financial capacity and knowledge to get a business off the ground, you have to face tough competition, a volatile economy and a changing market. Additionally, 2020 has highlighted the challenges you face as an entrepreneur.

According to various estimates, the Mexican economy fell by around 9%. Many entrepreneurs stopped their activities, others changed their category, many had to face the crisis and make important decisions in order to turn their business around. Measures must be taken to forestall these situations. G2 Consultores, a startup specializing in startups, makes recommendations for strategies you should follow to keep your business going:

Create a marketing strategy from the moment you start your business

Keep in mind that if you are a recently launched business and you are starting to generate income, you need to introduce yourself to your prospects. We know that the initial operating costs are high compared to your income, so we recommend using free online marketing tools. Don't start without a strategy, without knowing the customer's needs and what they are looking for in products or services like yours. Find out which social networks it uses so you can get known.

After testing your customers' behavior and your strategy, define whether it is right or critical, measure your KPIs. There are also tools available to help you know where you are to avoid wasting resources.

When you are in the early stages, remember that your solution must be viable, doable, and desirable

Keep in mind that this requirement is primarily about having peace of mind about what is going to work in your company and then outside of it. If it is feasible, it is because it will work with the technology you have developed, if it is profitable, because it is financially sustainable and the most important thing is that it is desirable for the market you want to enter and you in the future with possible suppliers, investors etc.

Pick the right people

Usually, the people who guide you in the early stages of the business are the co-founders, but as your business grows you will see the need to hire people. Don't take it lightly, design a proper organizational development strategy, hire the right people who will add value to your business and are experts in activities you no longer can or are not an expert in.

Keep doing what works

As you grow, it's because you meet a need that people need and like what you do, so keep doing it for now, don't blur.

Stop doing what isn't working

Once you identify what works, try to do the same with what doesn't produce results, reallocate resources, but first analyze, create a strategy, and turn around as soon as possible.

Implementing strategies at every stage is necessary for companies, do not navigate aimlessly because you do not know where you are going or what goals you are trying to achieve. If you don't know how to develop business strategies for your company, we recommend reaching out to an expert.

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