Startups and businesses in 2020 and 2021 have undergone many changes, some positive and some not so positive. While the pandemic halted businesses worldwide, a sense of normalcy has been restored by remote work, online meeting platforms and e-commerce channels. Despite restrictions imposed, India has witnessed a commendable growth in the number of members of the startup unicorn club in 2021 itself- proving that with the right mindset and a great team, external environments cannot serve as a major impediment to success.
However, while some businesses soared to new heights and others struggled, the key learnings are unanimous across organizations- and these are the resolutions every budding entrepreneur must make for 2022:
1.‘Flexibility and Adaptability’ — The Motto of The New Normal
Be it cyclical variations of the economy, unexpected ‘Acts of God’ or changing consumer behaviour, it is very important for the vision of an organization to be open to change without altering its true essence. With a variety of modern day problems to be addressed, there is plenty of scope for innovating on solutions and with a rise in various technological tools, businesses can and should utilize the opportunities to broaden their prospects.
2. Empowerment Is For Everyone
No matter how spectacular or grandiose an idea may be, money is the variable that completes the conversion of an idea into reality. This is where a lot of businesses struggle, be it raising funds, taking loans or working on their expenses. However, a gradual rise in innovation is being rewarded graciously by institutions apart from traditional banks. Alternative credit lenders, venture capitalists and digital record keepers are just a few of many answers to these pertinent questions entrepreneurs find asking themselves.
3. Intuition is Old School
Simply trusting your gut feeling regarding important strategic decisions is just not enough in markets as competitive as the present ones. While market analysis, surveys and reports can help you understand the position of your respective competitors, true growth comes from analyzing your performance indicators and zeroing in on the domains that can be transformed positively with holistic decisions. This is where data is becoming an increasingly useful asset to leverage, as not only can it help you identify your weak spots but also rectify them and improve the performance of other aspects of your business which are already doing well.
4. Supporting Each Other
The pandemic has helped us find newfound appreciation in a lot of things, and this is certainly true when it comes to people in our immediate circles, health workers and neighbouring essential stores. Similarly, businesses must lend a supporting hand to other businesses on the ladder of growth. The sum of parts is greater than the whole, and cooperation between businesses of cross domains have the potential to revolutionize more than one industry at a time.
Appreciating all the little things in life has already geared us for inevitable success, and perhaps 2022 is the year where both- luck and compliance with resolutions can help businesses grow and prosper!