From SpaceX to Microsoft, tech startups have given the world some of the most exciting success stories, and if you’re a tech entrepreneur, you might be wondering how you can drive your business to dazzling new heights. While concentrating your efforts on your product or service can temporarily be a highly effective strategy, there are some actions that you should be completing in the background that can significantly help you to futureproof your operations. In this guide, we’ll be discussing the best four steps that you can take from day one.
Identify Risks Early On
Even at the earliest stages of your business’s lifecycle, you should be proactively working to identify any risks that you could run into further down the line. In the excitement of launching a successful new startup, it’s easy to forget how fast the world of business can move, and there are a number of risks that you should consider every step of the way. These can include product, market, team, and execution risks, so it’s vital that you educate yourself about the potential pitfalls that you could encounter, and then create a strategic plan to appropriately manage these if you do encounter them.
By being proactive and teaching your team members to integrate risk management into their working practices, you can futureproof your company, especially as your employees become more experienced and knowledgeable around your brand.
Speak to Your Clients
One of the best ways to futureproof your tech startup is by going to the people who use your product or service day in, and day out. Your clients will be the most reliable sources of feedback if you’re looking to gain an overview of the customer journey, and taking the time to ask for this feedback will pay off dividends when used as part of your futureproofing strategy. There are a number of feedback questions that you can ask your existing clients with the future in mind, such as:
- What do you like or dislike about our product?
- How frequently do you use the product?
- Do you have any experience using a competitors’ product or service?
- If so, what do you like or dislike about what they have to offer?
Getting a clear understanding of what your clients value, and whether they’d consider taking their business elsewhere for certain new features, gives you the chance to be proactive with your business development and drive growth in a sustainable way.
Get Insured
As a tech startup, there is a huge number of different functions that your business could be performing, and we understand that these functions can vary greatly even on a daily basis. From mistakenly advising a client on how best to use your app, to providing a service that comes with a significant period of unexpected downtime, you might find yourself liable for events that are completely out of your control. That’s why errors and omissions insurance can be a welcome lifejacket during uncertain times.
Errors and omissions insurance, sometimes known as professional liability insurance, is designed to work with businesses that might be facing legal action as a result of professional mistakes. Not only can an E&O insurance payout cover court settlement costs, but you can also build a package that covers attorney fees or administrative costs. Whether you’re in the early days of trading, or your business is expanding, and you want to protect yourself from future economic and reputational harm, errors and omissions insurance is the way to go.
On top of setting your business up with reliable E&O insurance, there are several other ways you can further futureproof your brand, such as securing your idea through a patent. This will give you control over who can use your work and reduce the risk of losing your niche to a cheaper competitor. If you want to learn more about patenting your idea, then you can find comprehensive, government-issued advice online.
Prioritize Innovation
Even if your product or service is a one-of-a-kind invention that has taken the world by storm, you should still be looking for new ways to innovate and upgrade your existing offering. The tech industry moves fast, and the last thing you want is to get left behind.
To promote innovation in your workplace, there are several approaches you can take, but one of the simplest is to make sure that all employees feel like their voices are heard and respected. This means that if someone on your team has the next million-dollar idea, they’ll be willing to share it and help you make it a reality.
Running a startup is a demanding task that requires you to consistently perform at your best, but it’s vital that the work you do each day is getting you closer to long-term success in the tech industry. By following these four top tips, you can see your business grow to new heights for years to come.
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