Starting a business from scratch isn’t easy—if it were, everyone would do it! It’s a risky venture, one that demands a lot of time, money and energy. While there’s no magic formula to bypass any of these challenges, there are certain things that successful start-ups do which consistently put them head and shoulders above the rest.
New research from PwC suggests that the most successful start-ups and scale-ups are “mutually reinforcing investments in their business, operating and technology models, which drive performance factors such as innovation, speed-to-market and flexibility.”
The importance of flexibility and future-proofing was cemented during the global pandemic, where companies that couldn’t pivot quickly to new ways of working were either left behind or forced into administration. But there’s plenty more that can be done to successfully scale a start-up.
A robust business model acts as the foundation of a successful start-up. It should be consistent and clear to everyone involved, not just those in leadership or C-suite positions. A great business model should:
The most prosperous and innovative start-ups use business ecosystems and service partners to improve their functionality. They understand that success doesn’t happen without external support and healthy competition. By using ecosystems and service partners, start-ups are able to increase flows and processes, close any knowledge gaps by outsourcing to experts, and lower transaction costs by getting their revenue from these kinds of third parties.
PwC’s findings show a direct correlation between “increased flows of payments, talent, expertise, and insights [to] create positive feedback loops.” In short, support from partners and ecosystems has a significant, positive impact on a company’s business, operations and technology models.
These days, it’s not enough to have a successful operating model, you have to be able to change it at a moment’s notice. During the pandemic, some of the world’s most profitable companies went bust because they couldn’t switch to online operations or remote work. Operations in 2023 and beyond work best when decisions can be made quickly and effectively. Start-ups typically have the added bonus of fewer people to block the process, so make the most of your ability to think on your feet and act decisively.
Lastly, the power of technology cannot be underestimated when it comes to succeeding as a start-up. In PwC’s report, it was the companies that moved “entirely to cloud-native technologies as opposed to migrating only certain aspects of the business to the cloud”, that felt the biggest benefits. Technologies like cloud-based or remote working solutions are in high demand and aren’t going anywhere, so it’s best to embrace change, rather than hide from or fear it.
At Remotify, we’re all about future-proofing your business, while keeping leaders and employees happy, healthy and thriving at work. Want to find out how we do it? Give our friendly team of experts a call today!
Jump straight to a key chapter