#advice for startup

[boostrapper]

5 Ways for Startups to Survive Recession

Introduction

Major economic forecasting institutions and experts are predicting an economic recession as a series of complex real economic problems such as inflation, supply chain collapse and geopolitical risks have recently emerged one after another. The predicted recession is to put early stage startups at risk, directly. The less activities from VCs recently forced startups to prepare for all the scenarios.

While the current economic recession may present challenges for startups, it can also be an opportunity for them to demonstrate their resilience and adaptability. Here are some strategies that can help your startups that will not only improve your chances of survival but also to attain a healthier and sustainable future growth.

Here are five ways for a tech startup to navigate a recession:

1. Extend your cash runway

As a startup, it is essential to focus on extending your cash runway in order to ensure sustainability and success during recession. This involves making sure that you have enough cash on hand to cover your expenses and maintain operations for as long as possible. According to a survey by the National Venture Capital Association, 82% of startups that fail do so because of premature scaling, or expanding too quickly without adequate resources. By carefully managing your cash flow and taking steps to extend your cash runway, you can avoid this common pitfall and give your startup the best chance of success.

Here are three key steps to help extend your cash runway:

Get a clear overview of your financial standing: Understanding your current cash flow, liquidity, and forecasts is essential to extending your cash runway. You can track your cash flow by looking at your income and expenses on a regular basis. Your liquidity is a measure of how easily you can access your cash and convert it into other assets. You can measure your liquidity by looking at your current assets, such as cash and accounts receivable, compared to your current liabilities, such as accounts payable and short-term debt. Finally, your forecasts are estimates of what your future financial performance might be. You can create financial forecasts by analyzing your past financial data and making assumptions about future economic conditions.

Change approach from optimistic to conservative: By being more cautious in your spending and making more conservative assumptions about your future financial performance, you can reduce your expenses and increase your cash runway. This might include reducing your marketing budget, delaying hiring new employees, or negotiating better terms with suppliers.

Identify unnecessary cost drivers: Unnecessary cost drivers are expenses that are not essential to your business and can be eliminated or reduced. Common examples include unnecessary travel, excessive entertainment expenses, and unnecessary office supplies. By identifying and eliminating unnecessary cost drivers, you can free up cash that can be used to extend your cash runway.

2. Consider creative ways of cost cutting

To maintain financial stability and profitability, you should consider creative ways to cut costs. Although layoffs may seem like a good option at first, they should be considered as a last resort because they can negatively impact morale and productivity. In addition, layoffs come with associated costs such as severance pay and unemployment benefits, which can be both a financial and administrative nightmare. Instead, it is recommended to start with other cost-cutting measures before considering layoffs. Being creative with these strategies can help you achieve better long-term results.

Here are some of them worth considering:

Optimization: Find ways to do things more efficiently, such as streamlining processes, automating tasks, and using technology to improve productivity. By optimizing operations, businesses can reduce their costs without sacrificing quality or productivity.

Minimize operational costs: Another key strategy for cost cutting is to minimize operations costs. This includes finding ways to reduce expenses such as utilities, rent, and transportation. For example, businesses can negotiate lower rates with suppliers, adopt energy-efficient practices, and use public transportation instead of company vehicles. According to a survey by the National Small Business Association, 29% of small businesses reported that their top cost cutting strategy was reducing energy costs, and 27% said they reduced their travel expenses.

Reduce cost of goods sold (COGS): COGS refers to the direct costs associated with producing and selling products or services. By minimizing COGS, businesses can reduce their expenses and increase their profitability. This can be achieved through a variety of strategies, such as negotiating lower prices with suppliers, reducing waste, and finding more efficient production methods.

Stretch R&D projects timeframe: For businesses that rely on research and development (R&D) to innovate and stay competitive, stretching the timeline of R&D projects can be a cost-effective strategy. By taking more time to develop new products or technologies, businesses can spread out their R&D expenses over a longer period of time, which can help to reduce their overall costs.

3. Strategic Partnerships

Strategic partnerships are an important tool for growing startups. They help you to access new markets, share resources, improve competitiveness, and gain access to a wider network of industry contacts. Partnerships can help you save time and money and accelerate your growth by leveraging the resources and expertise of your partners. They can also help you differentiate yourself from competitors and gain a competitive edge in the market by leveraging the reputation and credibility of your partners. Overall, strategic partnerships can be an important part of your growth strategy and can help you succeed in the market. McKinsey & Company found that successful strategic partnerships can lead to a variety of benefits, including increased market access (cited by 74% of respondents), cost savings (cited by 67%), and access to new technologies (cited by 59%).

Here are three ways that you could:

Communicate with your key partners about how they are handling the downturn: Effective communication is key to the success of any partnership, and it's especially important during times of economic downturn. By staying in touch with your key partners and asking how they are handling the challenges of the current environment, you can better understand their needs and find ways to support each other.

Focus on building stronger relationships: In times of uncertainty, it's important to focus on building stronger relationships with your strategic partners. This means investing time and effort into understanding their business needs and goals, and finding ways to work together more closely. By building stronger relationships, you can create a sense of trust and mutual support that can help your business weather any economic challenges.

Consider new strategic partners to combine efforts for shared results: Another way to grow your tech business through strategic partnerships is to consider new partners who can help you achieve shared results. For example, you might look for partners who can help you access new markets, leverage new technologies, or bring new skills and expertise to your business. By entering into win-win agreements with these partners, you can combine efforts and achieve shared results that benefit both parties.

4. Pivot business model

During times of economic recession, it's important for businesses to be flexible and adaptable in order to survive and thrive. One key strategy for navigating these challenges is to pivot your business model, which involves making changes to the way your business operates in order to better meet the needs of the market.

Here are two key approaches to pivoting your business model and thriving during a recession include:

Adapt the current business model to the changing market needs: A key approach to pivoting your business model and thriving during a recession is to adapt it to the changing needs of the market. This could involve revising your product or service offerings, shifting your focus to new customer segments, or finding new ways to deliver value to your customers. Experts say, 70% of tech startups reported successfully pivoting their business model in response to the COVID-19 pandemic, resulting in increased revenue and market share. By proactively adapting your business model to the changing needs of the market, you can stay relevant and competitive in the face of economic challenges.

Identify new revenue streams: Another way to pivot your business model is to identify new revenue streams. This might involve exploring new business opportunities, such as offering new products or services, entering new markets, or finding new ways to monetize your existing offerings. According to a survey by the U.S. Census Bureau, 47% of small businesses reported introducing new products or services in response to the COVID-19 pandemic. By diversifying your revenue streams, you can reduce your reliance on any one source of income and improve the resilience of your business.

5. Use agencies to outsource business processes

Outsourcing certain business processes to agencies and freelance contractors can be an effective way to improve profitability and increase efficiency. According to a survey by the National Association of Small Business Owners, 41% of small businesses reported outsourcing at least one business function, with the most common functions being marketing, accounting, and human resources.

Here are three key benefits that outsourcing business processes can help a business improve profitability:

Avoid administrative burden: One of the main benefits of outsourcing business processes is that it allows businesses to avoid the administrative burden of managing these functions in-house. By outsourcing tasks such as marketing, accounting, and human resources, businesses can free up time and resources to focus on their core competencies and drive growth.

Work with agencies and freelance contractors: Another key advantage of outsourcing business processes is the ability to work with agencies and freelance contractors who have expertise in specific areas. For example, a marketing agency may have specialized knowledge and experience in social media marketing, while a freelance accountant may have a strong understanding of tax laws. By outsourcing these tasks to experts, businesses can ensure that they are receiving high-quality work and maximizing their profitability.

Attain flexibility to scale up or down as per uncertain market dynamics: In addition to avoiding administrative burden and accessing expertise, outsourcing business processes can also provide businesses with flexibility to scale up or down as needed. This is particularly important in times of economic uncertainty, when market conditions can change rapidly. According to a survey by the National Small Business Association, 52% of small businesses reported being negatively impacted by the COVID-19 pandemic, and 48% said that they had experienced a decline in sales. By outsourcing certain functions, businesses can quickly adjust their operations to meet the needs of the market, which can help to improve profitability.

Conclusion

It is crucial for businesses to take proactive steps to increase their chances of survival during a recession. This can be achieved through a combination of strategies, including extending your cash runway, implementing creative cost cutting measures, forming strategic partnerships, pivoting your business model, and outsourcing certain business processes to agencies. By carefully managing your finances, accessing new markets and resources, and adapting to changing market conditions, you can weather the downturn and position your business for long-term success. Don't let a recession hold you back – take action now and set yourself up for success.

[bootleg-nessie]

Looking for investors for my new startup company, PigeonJuice. We will be making juice out of pigeons. Serious inquiries only

[raining-at-ease]

[sara-jilani]

It sucks 💔 when you put so much effort into something, hoping to see results, but they never come. But, remember, oftentimes, it just boils down into the number of times you do the same thing over and over again to get that result you wanted. It's just like throwing darts 🎯 over and over again until you finally hit that bullseye. But, in reality, that dart doesn't take one second to throw. Each try or attempt you take or "dart" you throw can take hours or even days to do. What if you needed to do the same thing 30 times to get the result you wanted, and each thing took 5 or 10 hours to do? What if it was 100 times or a 1000 times? You may never know until you get that result. But, what you do know is that you can keep trying and keep throwing those darts. :)

Trust yourself and stay relentless.

Love 💞,

Sara Jilani

P.S. Here's a picture of me (metaphorically) throwing a dart 🎯. :)

[globallegalassociation]

August 22-23: GLA Patent and Legal Conference

The GLA Patent and Legal Conference on August 22-23 is an essential event for professionals navigating the complex landscape of intellectual property and legal regulations. Hosted by the Global Law Association (GLA), this conference brings together industry leaders, legal experts, and patent professionals for two days of intensive discussions, insightful presentations, and networking opportunities.

This year’s conference will feature a series of keynote speeches and panel discussions led by renowned experts in patent law, intellectual property rights, and legal innovations. Attendees will gain valuable insights into emerging trends, recent case studies, and best practices in patent management and legal strategy. 

Whether you are a seasoned professional or new to the field, the GLA Patent and Legal Conference promises to be an invaluable experience. Don’t miss this chance to stay at the forefront of patent and legal developments and to enhance your understanding of the evolving landscape. Join us on August 22-23 to engage with experts, expand your network, and advance your knowledge in this critical field.

Address- Global Legal Association Suite-427,425 Broadhollow Road, Melville, New York, USA- 11747 Website: https://www.globallegalassociation.org/ Mail id: events@globallegalassociation.org US: +1 716 941 7798

[youtubevideopromotion]

Join CEO Tamika Peters on this episode of the Grow Your Non-Profit Podcast as she unravels "The Myths of Starting a Nonprofit." Tamika delves into essential topics, including the crucial need for startup capital and the benefits of hiring professionals to set up your nonprofit to avoid costly pitfalls. She discusses the significance of a diverse board matrix, effective budget creation, and developing a strategic plan. Learn how to create and manage an annual activities calendar, covering key aspects such as filing your 990 (nonprofit taxes), organizing fundraising activities, scheduling board meetings, and ensuring compliance with necessary documents. For more click here

[amalgamezz]

is there aplatonic label for being repulsed with irl friendship

[multipassionat]

great things take time, it’s worth it to keep working on your projects & goals — even if you aren’t seeing external validation yet

be okay without instant gratification, fast growth, thousands of followers/views/customers from the jump - make an effort, do the work, and you’ll make progress toward your goals.

i’ve been working on several projects lately and i’m really proud of how far i’ve come. one of them is a website, blog, shop, and social media presence entitled “hopeful narratives.” it’s a place where i feel like i’m contributing to the world and could potentially positively impact peoples lives. part of my purpose, i feel like, is to show people that you can take shit you’ve been through and turn it into something positive for yourself and others for years to come. it’s to create beautiful from the depths of my darkness — whether that’s in the form of blog posts, designs, art, poetry, music, whatever.

i have so many dreams that i’ve set out to follow and i believe in myself enough to pursue them and my personal development. and that’s what hopeful narratives is all about. i have some posts about self care, productivity, life, etc and it’s written from my neurodivergent, healing/recovery lens. i hope it helps at least one person to have hope and get motivated to go after their dreams too!

[dc-looking-for-a-shopify-expert]

Where and how to find a Shopify Expert?

Finding a Shopify Expert: Your Guide to E-Commerce Success

As the e-commerce landscape continues to grow, finding a Shopify Expert has become increasingly essential for businesses looking to thrive in the digital marketplace. A Shopify Expert possesses specialized knowledge and skills that can enhance your online store's performance, design, and functionality. This guide will walk you through where and how to find a Shopify Expert to help you make the most of your e-commerce journey.

Where to Find a Shopify Expert:

Shopify Experts Marketplace:

The most direct and official way to find a Shopify Expert is through the Shopify Experts Marketplace. Shopify maintains a directory of experienced professionals with various specialties, such as design, development, marketing, and strategy. You can browse through profiles, view past work, and directly contact experts who match your needs. Shopify vets these experts to ensure their qualifications.

Freelance Marketplaces:

Popular freelance platforms like Upwork, Freelancer, and Fiverr also host a multitude of Shopify Experts. These platforms offer a broad range of expertise and price points. You can post your project, receive proposals, and choose the expert whose skills align with your requirements. Keep in mind that due diligence is crucial when selecting freelancers to ensure their credibility and capabilities.

Agencies and Web Development Firms:

Many web development agencies and firms specialize in Shopify services. They employ teams of experts who can manage your project from start to finish. While this option may be more expensive than hiring an individual expert, it often guarantees a comprehensive and professional approach.

Shopify Meetups and Events:

Shopify holds various events and meetups where experts, developers, and businesses come together. Attending these events can be an excellent way to connect with Shopify professionals. These experts are often up to date with the latest trends and best practices.

Referrals and Recommendations:

Inquire within your professional network, colleagues, or friends who run e-commerce businesses. They may have worked with or know of experienced Shopify Experts and can provide valuable recommendations.

How to Find the Right Shopify Expert:

Clearly Define Your Needs:

Before starting your search, identify what you need from a Shopify Expert. Are you looking for web design, technical development, marketing, or a combination of these services? Understanding your specific requirements will help you find an expert with the right skills.

Review Portfolios and Case Studies:

When evaluating Shopify Experts, review their portfolios and case studies. This will give your insight into their past work, style, and expertise. Pay attention to projects like yours.

Check Reviews and Ratings:

If you're considering using freelance platforms, check the reviews and ratings of Shopify Experts. This feedback can provide valuable insights into their work quality and professionalism.

Interview and Assess Expertise:

Before finalizing your decision, interview potential Shopify Experts to assess their expertise, communication skills, and compatibility with your project. Ask about their approach, timelines, and pricing.

Get References:

Don't hesitate to ask for references from previous clients. Speaking with those who have worked with the expert can provide a clearer picture of what to expect.

Set Clear Expectations:

Once you've chosen an expert, ensure that you set clear expectations and objectives for your project. Clearly outline deliverables, timelines, and any other specifics to prevent misunderstandings.

Finding the right Shopify Expert is a pivotal step in your e-commerce journey. Whether you need technical development, design, marketing, or a combination of these services, the right expert can make a significant difference in your online store's success. Don't hesitate to explore the Shopify Experts Marketplace, freelance platforms, or web development agencies to discover professionals who can help you achieve your e-commerce goals. By making an informed choice and collaborating effectively, you can harness the expertise of a Shopify Expert to drive your business forward.

For More insights visit- https://www.distancecoding.agency/ or Book a meeting-https://calendly.com/distancecoding/30min

[nissaanimist]

Trying to open my own LGS

Quick clarification, what kind of LGS I'm talking about trading cards (Magic: the Gathering, Pokemon, Yu-Gi-Oh), table top RPGs (Dungeons and Dragons, Pathfinder, Call of Cthulhu), board games (not your father's board games, stuff that gets a start on Kickstarter), and Miniatures (stuff like Warhammer 40,000)

So ever since I picked up card games in my teens and set foot in a Game Store. I knew that I wanted to do something like it. But for me it's not about making money (though being my own boss and such is a plus) what I want to do is create a space for people of all ages to gather and bond and have a great time. Because I never had that growing up. I had two or three friends that we sometimes had a sleepover and stayed up playing video games. Never did I go out and make friends, it was hard for me.

I wanna change the fact that there isn't a place for people like me and kids growing up like I did. I want a place for a community of people to be able to buy what they want exactly, and then play with their friends or make new ones. I know me personally I hate giving my money to places like Walmart for these kinds of products cause it almost feels a little hollow. Cause I'm just getting product with no interaction with a store owner or other customers saying "Oh hey you like that game too!"

I am at square zero, I've just been digging around online like a dog trying to find that bone he buried last spring. I'm taking notes on what I can and trying to figure out what I need to do and the steps to get there. I have read many posts all over the place, but I figured it was time to go in and ask myself to get the specific answers I've been looking for.

[kay1believe]

How to Memorize Everything You Read

Are you tired of reading books and forgetting everything you just learned? Do you struggle to retain information from your reading materials? If so, this video is for you. In this video, we'll share tips and techniques to help you memorize everything you read. From active reading strategies to memory retention exercises, we'll cover everything you need to know to improve your memory and recall. First, we'll discuss the importance of active reading and how to engage with the material you're reading. We'll share tips for highlighting, taking notes, and summarizing the material to help you better understand and retain the information. Next, we'll dive into memory retention exercises that you can use to reinforce what you've learned. We'll discuss techniques like repetition, visualization, and association to help you cement the information in your brain. Finally, we'll share some tips for practicing and testing your memory. We'll talk about ways to review the material you've learned, as well as how to quiz yourself to make sure you're retaining the information. By the end of this video, you'll have a comprehensive understanding of how to memorize everything you read. You'll be equipped with the knowledge and tools to improve your memory retention and become a more effective reader. So, grab a notebook and a pen, and let's get started on the journey to better memory retention and improved learning. Don't forget to like and subscribe for more videos like this!

[reallyhardydraws]

caught a cold 😷 oof. was gonna work today and be like ayyy grindset no days off! but uhhh i might just upload the leftovers from yesterday's market onto my online shop and then call it for the day: anyone waiting on commissions (i think its just 2 people right now) i'll start up working on those tomorrow

commissions are absolutely open though and i think if you want something specifically in time for the 25th december i can still get them done if you email me on or before the 21st.

[newkiqx]

Installed a sensor on my girl so i know when

[nestwik]

LIFE ADVICE: ...

1)not to be dependent on people's opinions about me

2)do not judge people only by their appearance

3)not to ideals and not to look at the world through "rose-colored glasses"

4)not be dependent

5)do not sacrifice your interests for the sake of others

6)not to have small and narrow views on unpreparedness, to look for different exits and ways

7)not to impose will and opinion on others

8)not to be too focused on clean lines

9)share knowledge and development

10) doesn't argue much

11) do not close in yourself

12)get information in different ways

13)to retain emotional stability and wise composure

14)be patient

15)be constant, strong and free

16)don't be afraid to take risks, feel easy and free

17)self-realization and learning something new

18)read aloud and practice self-expression

Conclusion

While you are leaning things you need to think about them and examine them from many sides. By connecting them in many ways with what you already know…. you can later retrieve them in unusual situations. It took me a long time to realize that each time I learned something I should put “hooks” on it. This is another face of the extra effort, the studying more deeply, the going the extra mile, that seems to be characteristic of great scientists.

[ovaerenu-blog]

When Your Back is up Against the Wall, Just Bust Some Noggins! Even if it means you have to spill some blood...

There’s a concept called ‘noggin’ in a map called ‘Fastest’ in the popular game StarCraft. Normal gameplay in StarCraft requires the player to mine minerals far away from the main headquarters. Workers traverse to and from the resources back to the base. The game regulates the minimum distance that main bases can be built in order to prevent players from mining resources too fast. Each base only…

[play-bigfaster-podcast]

Are you a founder stuck working IN your business instead of ON it? In this eye-opening episode, organizational change expert Jurriaan Kamer reveals how to unblock your company's growth potential and scale faster through better leadership. Learn the six critical elements blocking most organizations and discover the "safe to try" framework that can revolutionize your decision-making process. Whether you're leading a startup or managing teams in a larger organization, you'll discover: • How to transition from founder-centric to team-enabled decision making • Why most organizational transformations fail (and how to succeed) • The secret to creating autonomous teams that think like CEOs • A practical approach to accelerating organizational change Jurriaan shares insights from his new book "Unblock" and provides actionable strategies to help you clear the path for better results and develop a thriving organization. Stop letting organizational roadblocks hold you back - learn how to play big faster with systems that scale.