HOW STARTUP CULTURE CAN SAVE YOUR BUSINESS

Despite consistently hearing the term “startup”, its definition eludes many however, its ideas and implications aren’t as elusive. “A startup is a company working to solve a problem where the solution is not obvious and success is not guaranteed,” says Neil Blumenthal, co-founder and co-CEO of Warby Parker[1]. Whereas Wikipedia says: “A startup or start-up is a company or project initiated by an entrepreneur to seek, effectively develop, and validate a scalable business model. Startups refer to the new businesses that intend to grow large beyond the solo founder[2].” Whatever description you prefer, one thing is clear start-ups are built to solve problems creatively and effectively. Here’s how startup culture can save your business:

Forget the Silos and ditch the hierarchy

The term ‘Silo’ in corporate culture refers to the isolation between departments and/or sections within an organisation. For instance, can your finance team answer any questions about your marketing department? How about your HR department? Does your IT team regularly communicate outside their department or simply solve connectivity issues?

Silos are the product of a time when communication was slow and tedious and the corporate culture boded on obedience and loyalty. Why still have them when the world has moved on? One man jobs are a myth and businesses are quickly catching up. Encourage all your employees to mingle and discuss ideas and potential solutions. Take it a step further and build inter-departmental R&D (Research and Development) teams and watch as your company’s blind spots are filled. As a result, your solutions and products will be holistic and better adept for the market.

Don’t be afraid of investors

A common characteristic start-ups share is the willingness to look beyond their resources to scale their ventures. Their ability to continually procure funding is the reason they are so scalable. In spite of this, they’re excellent at stretching their budgets as funding isn’t guaranteed.

The key take away here is not to raise an absurd amount of money but to instead let go of the fear holding back your company’s growth. Lose the belief that only you have the skill and will to meaningfully contribute to your company. A common misconception is that letting in other parties will result in your removal, dismissal or loss of title – and yes it is a risk. However, you should trust your ability to judge character and choose investors who want the best for your business. Fear did not build Microsoft! If you truly believe in your product or service, then you ought to help as many people as you can and that means growing.

Finally, the race for funding and angel investors requires your business to be adaptable. i.e. built for the 21^st century. Having a board of advisors to report to keeps businesses relevant and growing – Startup culture is innovation. Consider the industry you’re in and the trends driving it. Are you racing to catch up or leading the pack? What demographic makes up the majority of your clients – how can you expand beyond that audience?

People then Profit

Startup culture is touted to be person-centric. It celebrates individuality and encourages creativity. In a start-up everybody is vital. Radical isn’t it? Not really actually – startup culture has made immense strides in growing employee engagement and spiking job satisfaction. Startup’s simply invest in people. Much like everything else, time has changed the landscape we’re operating in (Hello COVID). Priorities have shifted for every working generation. Whereas financial stability and owning a home are important to older workers, social responsibility and environmental conservation are key concerns for the newly inducted workforce. Unsurprisingly consumer concerns have shifted as well. As a matter of fact, Accenture found that 52% of consumers choose brands that align with their values and stand for something bigger than products and services.

Melding these priorities and unlocking contribution from all your staff is what will keep your business growing . Similarly, your staff’s trust in your abilities and leadership is what we’ll get you through this difficult period. Return to your roots and open your office door once more. Really focus on your staff’s biggest concerns and stressors, you won’t solve all their problems but you’ll solve some of them – creatively.

Starting a business is not easy in any shape or form. Startup’s are just the small fraction of businesses whose journey we can follow. They go through the same hurdles, struggles and stresses as any other business – they’ve just revolutionised solutions. Startup culture is not fixed, it’s dynamic and adaptable. Just as any business should be. Apply these simple tips and let us know how your operations, goals and results have shifted.