The way people go about starting a new business has greatly changed in the past few years, especially since the foundation of Kickstarter in 2009. This business evolution has told numerous success stories of incredible brands that came to life only recently. All these new interesting startup companies have numerous lessons for both people and businesses. According to some of the standards these startup companies are creating, there are numerous things that one could do within a company to significantly improve their profit margins.
Give more power to individuals
All of the awesome startups are so successful thanks to the ideas of a few creative individuals who select great startup domain names. On the other hand, the majority of companies around the globe practice much different policies. Whole teams of people are involved in the decision making process.
Democracy is great for society, but in this context, it can be quite counter-productive. For example, even though the idea is appealing to a higher number of people within the team, it does not necessarily mean that the minority is wrong. Mistakes have been made by a lot of teams in a variety of companies, whereas in some cases, a single employee had much better ideas on how to complete a certain project.
Startup ideas usually come from a very small number of people, if not from solo entrepreneurs. This is a clear indicator that giving more independence to certain people can significantly boost productivity within a company. Of course, this kind of behavior should be kept under control, as not everyone is capable of leading a smaller team of people and turning a great idea into a large and useful project.
Giving the opportunity and time to those who you think have interesting ideas is certainly an approach that big companies should start incorporating. This can increases profits dramatically and turns any company into a serious brand.
Financial shortage can be productive
Yes, startups receive some funding in the beginning, but a majority of them are functioning under a lot of stress and with little resources. Yet somehow, even with such limited resources, these projects become full-blown companies that reach an incredible net worth. This is a lesson for all the big companies out there, but for the small ones as well.
Companies that have been present on the market for a longer period of time can rely on a lot of resources and a different work tempo. This can be rather counter-productive with some projects, as people work on projects leisurely. This is where big companies can shift things in order to stimulate the productivity of their employees.
Creating challenging projects can increase the productivity and efficiency of the whole team. A good idea is to create a very demanding project with a short deadline. Cutting financial resources is also an important part of putting the team under a little bit of pressure. This will make the people who are working on a project think much differently about how to reach a certain goal. It may not work out well at first, but it is certainly going to be effective once people become used to it. This kind of approach can reduce the time needed to finish a variety of projects and increase a company’s profit margins.
Remind people of the starting idea
A majority of startups carry powerful messages behind their names. The power that these messages carry are very motivating for the whole team, as they remind employees of what they are fighting for every day.
A good example is a pet food company based in San Francisco, where people are allowed to bring their pets to work. No matter what the employees are doing, their pets are there to remind them why they are who they are and why the product they are working on should always be the best.
Having a powerful message is a very big motivator and numerous companies around the world should give their best to constantly remind their employees of what they should strive towards. Doing this will create a happier workforce and a team of people who are always going to be motivated to achieve the goals of the company.
The power of branding
This is actually one of the things that all startups are thinking about. Creating and picking out the best eye-catching logo and a great-sounding brand name requires a lot of creativity and research, as it is equally important. These things are also an important part of the whole idea on which a startup is based.
This is an important lesson for all the companies out there. If you didn’t think about the right name and logo for your business, you should take a break and invest some time in envisioning how you would like to be perceived by people who come in contact with your company for the first time. Branding is an important part of a company’s business strategy, so make sure that you take your time when creating a brand name, logo and the message it carries to the world. It is even wise to consider rebranding an existing company, as approaching new customers in a different way can improve its growth potential.
Startups brought a lot of change to the business world of today. It gave people great ideas to create and establish well-known brands. Additionally, these new companies have shown how business can be done in a different way. When it comes to the future, we can only see large companies completely adjusting and accepting these newly developed working principles. This will not only make companies prosper, but it will dramatically improve their employees’ satisfaction as well.