Keep selling your brand to the world even in hard times

The last two years have been difficult for most start-ups. In order to survive, some have had to lay off staff, cut salaries or both. Unlike already established businesses, start-ups are more vulnerable to any instability such as the Covid-19 pandemic. 

Due to their nature, they tend to engage in high-risk activities compared with other small and medium-sized firms (SMEs), they have limited access to traditional funding, and have a formative relationship at best with suppliers and customers. 

They also often crucially rely on a small team which further increased their vulnerability to labour supply instability during the pandemic.

The economic uncertainty caused by the pandemic containment measures has led to  a significant drop in their revenues reducing their chances of survival. Dickens Pesa, the vice president, Micro Small and Medium Enterprises (MSME), Global Council for the Promotion of International Trade (GCPIT), urges entrepreneurs to explore every available option that will enable them keep their businesses open through these difficult times. 

Fragile nature
“With this increased fragility, startups need support and dynamic leadership to survive. They need investment to remain in operation and they need staff to keep innovating, all of which are not easy to come by.  But as long as you are still open, make the most of it by remaining very visible to your potential market.  There is always good will towards a startup that faces challenges and emerges stronger. This success defines its character and consumer image and since the market is driven by consumer demands, a good consumer image is crucial to its success,” says Pesa.  

As companies struggle to recover from the worst months, it is important that they build a strong and lasting emotional connection with their consumers.   Pesa says he has always been passionate about start-ups and believes they have the power to transform an economy for the better. But start-ups cannot survive in a vacuum, they need collaborations and entrepreneurs need mentors and advisers to help them realise their potential. 

“During such times, firms should consider collaboration with others in order to combine resources to launch new products that may be in greater demand than what they have in offer. Transforming your model is something to consider during these changing times,” he notes.

Available support
For start-ups looking for support, Pesa advises reaching out to organisations such as GCPIT.  “Apart from implementing major national development strategies GCPIT promotes foreign trade, bilateral investment, economic and technological cooperation; carries forward cooperation with overseas trade promotion counterparts; receives overseas high-end trade and economic delegations. The body also organises global trade and economy delegations to visit foreign countries and manage and participate in overseas trade exhibitions, among others,” says Pesa.  

Even without global challenges, most start-ups fail because they ignore basic business practices.  “Most times someone gets an idea, they register it and start without the necessary market research. Without research, they will continually experience setbacks caused by a lack of capital, limited networks, product development, marketing and branding, among others,” he notes.

Solutions
Start-ups are also challenged by the failure to learn and adapt to new market trends, fiscal policies, individual mindset, low esteem and the scope of operation for the start-up.

For a start-up to overcome all these challenges, Pesa calls upon entrepreneurs to be open to changes and encourage innovation to keep up with the times. “Take note of the changes in your market and find ways to  benefit from them. For instance, demand for remote working, e-learning and health services may help you come up with a business model that takes your startup to the next level.  Every season of life every day, brings something new.  Keeping yourself able and willing to learn will make a big difference in the success of your company.  Whatever has to be done today must be done with excellence, diligence, hard work and all commitment.

Lastly but not least, you have to commit before you even begin. “If you start anything knowing you probably will not succeed, then you will not. Starting up a company with one leg in and one leg out is setting yourself up for failure. You must show up with full commitment, having faith, true grit, and belief in yourself,” Pesa advises.

Hard times come and are always there in businesses. But with a combination of luck, meticulous planning, and an ability to transform quickly, as well as invaluable support and advice from mentors yours can be the business that changes your community.

“If five people have said no to you in a day, will you stop selling your brand to the world? I believe you have got to keep pushing because the next might be a yes. The reality of every businessman is the vision; it has to be real and tangible to them though they have to work at it daily to see it to fruition,” he says.

[email protected]