While we had hoped to have seen the end of the COVID-19 pandemic by 2022, we enter the New Year with the fourth wave of infection continuing. The business landscape will most likely remain volatile for quite some time, even as the rate of infection declines. As customer expectations change, technologies advance and the economy becomes more uncertain, constant change is a given.
As part of *ship, we would like to offer four proactive advice to help early-stage startups grow and thrive in 2022:
1. Leaving the firefighting mode
In the past two years, many startups have been on the back foot, reacting to the outbreak and the state of the local economy. Leaders are taking a more proactive and strategy-based approach that will help the business grow, even in difficult conditions.
At a time when it is difficult to set a firm business strategy, scenario planning is valuable. Thus, as a startup, we need to consider the variety of ways the year might play out and prepare our organizations to handle the unexpected.
2. Connect the business to its purpose
According to Deloitte’s Global Marketing Trends report, having a purpose has gone from an aspiration to a strategic priority for businesses – businesses with a larger purpose than making money outperform our competitors, as well as being more successful with employee and customer engagement. The COVID-19 crisis may, however, have left many startups with a loss of purpose.
It’s a good time for startups, as we enter 2022, to consider what our purpose is – what we do, how we can help customers, employees, and the community – and whether the purpose remains relevant. From there, the step is to embed purpose into a company’s strategy and operations and ensure that every employee understands the company’s mission.
3.Bring digital transformation efforts under one umbrella
As lockdown wore on, most businesses hastily implemented systems to support remote working and online sales and customer service. Now is the time to build a digital enterprise that can support the needs of employees and customers who are more and more connected.
Throughout the months to come, technology will play a critical role in reducing administrative burdens for users and allowing for real-time insights. Nowadays, startups need to be able to access intuitive cloud-based systems from anywhere.
4.Things may not be the same as before
In the coming years, when the economy is able to focus again on growth, startups will need to adapt to new customer demands and needs, and to a dramatically altered competitive landscape. Consequently, a startup that is not able to adapt to new things might not be able to thrive in this environment.
Here are four basic assumptions that entrepreneurs should take into account before starting a business in 2022. If you have any questions, don’t hesitate to send us a message at email@example.com.