Staying competitive is critical to business success, but with the constantly changing state of today’s market, it can be difficult for established businesses to maintain their competitive edge. Companies are being forced to become more innovative, which can be difficult for those who are focused on maintaining rather than disrupting.
Many people tend to look at things incrementally, building on processes that already exist rather than reimagining them altogether. Because of this, larger, more established companies tend to have a difficult time fostering growth and innovation within their organization.
Startups, on the other hand, are fueled by that innovative mindset that many large organizations are lacking. They aren’t afraid to take risks or to push the boundaries of the status quo, putting them at the forefront of disruptive innovation. In my experience of working with businesses of all sizes, from startups to Fortune 500 companies, I have found that established businesses have a lot to gain by implementing this startup mentality, which can give them a huge advantage over their competitors.
In an effort to alleviate some common pain points that larger companies experience, I have identified the top 5 startup philosophies that businesses of all sizes should adopt. The implementation of these philosophies will help drive revenue growth, increase time to market, attract top talent, and foster industry disruption.
Define personas and pain points
Having a customer-centric approach to product development is the key to success, which makes it increasingly important to research your audience and fully understand their pain points. This is something that startups do remarkably well, as they often start with the pain point and create solutions rather than the other way around. Definition sprints are an effective way to research your target audience and competitors while also establishing the scope of work. These findings should be revisited quarterly and updated with any new information.
Embrace a lean startup methodology
Startups are forced to be lean, working within tight budgets and limited resources. This forces them to think outside of the box, resulting in streamlined processes and increased time to market. Those who adopt this methodology are able to release a minimum viable product (MVP) in an accelerated time frame and without an enormous amount of unvalidated assumptions.
Utilize an agile process
You don’t have to be small to be agile. With proper processes in place, many established businesses can pivot, innovate, and iterate like the best startups. Be flexible and pivot when needed. Take a step back, review your process, gather data, analytics, and user feedback, then start the process over again. It’s not just about improving the product, it’s about creating new processes so that your product and your team are constantly improving.
While it is important to have big goals and plans, you must also remember to think small as to not lose touch with your customers and processes. Smaller autonomous teams can help accelerate the decision-making process in order to avoid the bottleneck that often occurs in large organizations. Smaller teams allow you to focus on quality over quantity and help foster industry disruption.
Embrace remote interactions
Even before the pandemic, we were beginning to see a shift in workforces and workforce planning. New tasks and responsibilities emerged suddenly, outdating role titles and definitions. Work trends driven by COVID-19 — such as remote work, rapid digital transformation, and gig work — are all exacerbating these shifts. Most startups naturally embrace this strategy, and by doing so they are able to increase agility and resilience as well as save money.
Startups are born to scale, and established businesses have a lot to gain by implementing this startup mindset. Staying lean and agile can facilitate innovation within your organization, putting you a step ahead of your competitors.
For more information about startup strategies to transform and grow your business, contact Jody Haneke today and schedule him to speak at your next event. By filling out the contact form, you will automatically receive a summary of his workshop on this topic.