Published on September 12th, 2017 | by Jose Vasquez0
Responding to Surprises in Startup Tech Companies
Surprises are a certainty in startup tech company; it’s how you respond that truly matters.
Part of developing a good business is about forecasting and planning ahead; you’ll create a business plan to lay the foundation for your company, predict sales to understand revenue, and use data on your target audience to choose the best path forward. But no matter how well you plan, surprises are going to interfere with your predictions and preparations.
You’re going to face new competitors, emerging seemingly out of nowhere, changing moods and preferences in your target audiences, and of course, changes in staffing and investments that could compromise your original vision for success. So what’s the best way to respond?
Step One: Gather Information
Don’t respond too hastily. If your car drfits off the edge of the road, you’re only going to make things worse if you jerk the wheel in the opposite direction, resulting in overcorrection that could make you lose control. Instead, gather as much information on your latest surprise as possible before responding.
Step Two: Change
After that, make a change. If something in your environment has changed, your strategy has to change as well; otherwise, you aren’t going to survive. That may mean changing your staff, investing in new possibilities, or even redrafting your original business plan, depending on the circumstances.
Step Three: Allow Room for Adjustment
When you change and start planning for the future, it’s wise to plan for the long term. However, don’t make any of your long-term plans concrete; instead, allow for flexibility so you can respond to the sure surprises that will come further down the line.
Making a business successful is less about having all the right pieces in place from the beginning, and more about responding quickly and appropriately to the changes and surprises that come your way throughout your tenure as entrepreneur. Expect the unexpected, and stay nimble if you want to succeed.