2021 Resolutions For Every Start-Up
The year 2020 was super challenging and hard in so many ways for start-ups. When we look back on the year, we will see how we fought our way through it and made the best of a very negative situation. Now we are at the end of February in 2021. With the New Year already going in full swing, every business should make a few resolutions for the year. Resolutions could be places where the business could improve. Things you may think are good for the business and should continue doing etc. Resolutions will help you identify where and how you want your business to grow and succeed.
The importance of reviewing your business plan.
A start-up’s business plan is an integral cog in the well-oiled machine of the business. The start of the New Year is a great time to review your business plan and add in more or reset some goals. Introspect your business and see if your goals have changed or advanced in any way. It’s imperative to write down these goals because it helps you focus on them. The best way to decide if it requires an angel investor or additional start-up funding is by having a complete business plan.
Your business plan should also include a One-Page Business Plan. I have developed a one-page business plan for all start-up founders and entrepreneurs. This business plan helps you ideate what you would like to achieve the following year as well as the activities you are willing to give up. It helps you to understand the shortcomings of the previous year as well.
The flexibility of the business
2020 was a year where if businesses were not flexible with how they worked, they sank. As such your resolutions should always include different ways to make your business flexible to the changing times. The positive aspects of being a start-up at this time are that you are forced to adapt and change. This change can occur in regards to the fundamental ways you conduct your business, in technology, products, strategy etc. Every start-up advisor will be adamant that you make sure your business model is flexible.
The magic of the internet
Establishing an online presence for your start-up in this day and age is do or die. A website for your business is something that you must have. It helps your customers reach you easier and faster. During this whole pandemic and the lockdown situations worldwide, it was through a business’s online presence that customer was able to reach them.
Social media, another aspect of a company’s online presence is the second arm in helping promote your company to a wider audience. Posting content that your audience and customers can relate to is so important. The more you engage with your customers, the more you will be able to retain them. It’s imperative to create content that not just informs but educates your customers about the niche you serve in. This is why blogging, podcasts etc. are so important.
Blogging is one of the easiest ways to increase traffic to your website. This in turn will help bring in more customers. Since customers make or break a business, this becomes an integral part of your resolutions. Blogging allows you to showcase what your company is about at the same time informing your customers about the niche you work in. Updating a blog regularly is important. Blogging helps with SEO (Search engine optimisation) which is one of the best ways to increase traffic to your website. Blogging also helps you get creative with the way you put out media onto the internet.
To Sum Up
It’s important to understand that these resolutions are some of the things I have implemented in my start-up. That being said, there can be resolutions that are specific to your business only. Do not forget to implement those. After everything, it’s imperative to be positive concerning your business and know that everything will work out in the end.
About Devansh Lakhani
Director of Lakhani Financial Services, and a Chartered Accountant, he helps start-ups raise funds from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies. He has executed fundraising by block deals on the stock exchange and conducted IPOs and right issues on the SME platform to the tune of over Rs. 50 Crore. He is currently working with start-ups from various sectors to help them channelize their business models and investments.