These Tactics will Help Startups Accelerate in India

The business landscape is altering as the health crisis is progressing. As vaccines are rolled out against COVID-19, things have started normalizing a bit again. In the corporate sphere, companies are still taking precautions, which resulted in employees working remotely. 

As per the latest report "India's Job Market: The Pandemic And White-Collar Migration", it has been revealed that 90 per cent of small and medium-sized enterprises and startups are not willing to continue remote working post-pandemic. This shows that small companies would not be able to keep up with WFH conditions for long. 

While startups are thinking to call back employees and work traditionally, they have to replay their game to toss their competitors. Over the last year, the startup ecosystem has dramatically varied, in turn, making survival even more difficult. In the novel business sphere, the parameters of success will be changing wholly.

In these tough times, the success mantra has changed for startups, they are focusing on seeking investors and subsequently, increasing the valuation of their companies. Nonetheless, it is not the only parameter to elevate a business. There are a plethora of other ways to uphold a startup and survive the hailstorm.

Here are tips on how startups in India can accelerate themselves in the post-pandemic world. 

Value Creation 

Lucrative startups are presently focusing on increasing their business valuation. Startups in the field of edtech, Medtech, and e-commerce have caught investors’ eye during adversity. This resulted in the rise of such companies, in turn, increasing their valuation in aggregate. 

However, it is not the case with other companies in the startup ecosystem. Emerging startups that sail through these tough times should focus on value creation. They have to concentrate on fortifying the underpinnings of the business, stabilising profits, creating revenue, and adding more customers to the nexus. 

Think Institutionally 

Startup entrepreneurs invariably aim at sustenance or exiting the business. They do not think as an institution thereby, failing to create values. The transition from a startup to a well-established company is a strenuous one. A startup founder has to overcome challenges, break preconceptions and disrupt the market. 

As the founder goes higher, heading up would become difficult for them. They not only have to cope up with competitors but also have to adopt novel techniques. 

Calibrate the Value 

Once the startup begins creating the value, it has to keep building it and meanwhile, assess the value that it has captured. Suppose an edtech company boosted organically during the pandemic and collected huge revenue. It means it generated value in the form of profit. At that time, it should measure the value that it has created and also, capture it. Otherwise, it may not have enough resources left to sustain or stabilise in adverse conditions.

Thus, startups in India have to prioritize value creation and retain the value. This will help them in survival and ultimately, aid them in creating a foothold. 

Retain Customers 

To reinforce a brand, startup founders have to create strong rapports with customers. Streamlining customer experience, creating an effective user interface, and meeting customers’ needs are some methods to keep the customer-company bond intact. 

Nonetheless, startups need to test this rapport and ascertain its longevity. One such way is by increasing the products' price and observing customers’ response to it. If customers buy the product at an increased price, then the customer-company bond is strong enough or vice versa. 

The approach will also answer if the company can retain customers if their product varies or strategies change. 

These ideas should be implemented to accelerate startups in the post-pandemic phase. It will give clarity to the startup entrepreneurs and give them a perception of where they want their company to be.