In 2020, coronavirus pandemic changed the lives of many people around the world. It has been equally challenging year for businesses and startups. The pandemic has contributed to the decline of some businesses and the growth of others, while leaving the rest of them to deal with the changes. The pandemic has proven that the digital world has even more potential than expected. Practices or solutions relying on technology can have faster growth.
While larger businesses can survive for years even when struggling, startups and entrepreneurs are always the ones that need to adapt quickly to survive. Today, startups need to cope with changes the pandemic has caused. In this article, we discuss some tips that can help Arab startups to survive and grow in these tough market conditions.
Customer retention is a crucial aspect for Arab startups to prioritize. Since the start of the lockdown, many businesses have been able to survive thanks to customer retention. People have brands and services they trust more than others. Good customer service and trusted products make people go back to them, even during difficult times. This increases businesses' ability to survive.One example is Amazon, which thrived since the start of the pandemic. Amazon is a big company and widely trusted by people. When many countries entered lockdown, people didn't hesitate to buy from Amazon.
Investing in customer retention can help to accelerate the growth of a startup. There's less need to spend on marketing as sales are coming in continuously.
Every entrepreneur in the Arab world should remember that people are the most important asset for a business. When the competition is tough, people can make real difference.
With some businesses having more competitors online, investing in people can be one of the wisest decisions to survive and keep growing. Better talents offer better services, are more effective in marketing, build relationships with people and so on. Investing in people can extend to training and offering them greater opportunities for development. This is easily done with high value online courses available for personal and professional development.
One of the best practices for sustaining growth and making your business survive is to protect your assets. Prevention is better than trying to fix problems after they happen.
Protecting assets can start with complying with the laws and regulations to avoid lawsuits. Investing in knowledge about laws and regulations is always worth it. Data protection should be on top of your priorities. With more businesses going online, there are more victims who will suffer from the actions of cyber criminals.
Investing in security comes in various forms. The best practices include keeping software and operating systems updated, investing in safe storage and considering cloud solutions. Every year corporations and startups lose a lot of money due to data breaches. That either leads to getting their data ransomed by hackers or leaking online. Every chance of these happening should be eliminated.
While previous planning didn't save many businesses from the consequences of the pandemic, they should keep investing in planning and utilizing their finances in the best way.
Every startup should take into consideration what happened in 2020 when planning for the future. For instance taking into account lowered incomes and how to utilize every available resource. Setting strict and detailed budgets can help in sustaining the business, until larger resources and finances are available for expanding.
Every business was affected in 2020 as no one could foresee a pandemic that would turn the world upside down. Understandably it wasn't taken into consideration in most strategies. However, what differentiated some businesses from others is their adaptability. Whether it's remote work, digital marketing or selling products online, it determines who survives and who won't.
Businesses relying on brick and mortar stores can adapt and integrate ecommerce and start utilizing the benefits of online stores. Businesses can adapt and explore opportunities of online marketing, and also start building relationships with their audiences online. Not even trying to adapt can mean the collapse of the business.
This year, there are more things startups have to keep in mind to survive. In this article, we listed some tips to focus on to keep your startup alive this year. Planning, quick adaptation and investing in customer relationship are the way to survive.