The Silicon Valley Insider published an article worth reading if you’re running a startup. In a nutshell: Recessions can be opportunities to position yourself for success, refocus the business, fix what’s wrong, and get yourself on the right track.
And it’s true…to a point. Standing with another dad at my son’s baseball game, I heard a perfect rundown of how hard it is to keep a startup going these days — cash flow issues, missed payroll, missed opportunities and an unwillingness to adapt the sales strategy. Success hinges on being clear eyed to the opportunities in front of you, ruthless in managing assets and resources, and willing to go all out after opportunities that are real.
Focus and passion are key, but more critical is the willingness and ability to outwork the competition. As the Insider notes, big competitors will probably advertise less — with less overt noise crowding the marketplace, tactics like influencer outreach and addressing potential customers and influencers via social media can be even more powerful. It’s a lot of work, but you can open channels to the right people, spread your message, and make yourself more easily found by the people and communities you want to reach.
Not to minimize the challenges — you either have the money and the talent and the strategy and the time and the right answer — or you don’t. But if your startup can invest today — dollars, time, talent or hustle — good things will happen.