Almost all startup founders face the downtime at some point in their journey. If you are also going through the same pain, here are the tips to make the best use of this time.
As an Entrepreneur, being jack-of-all-the-trades might be your nickname. You might be addicted to seeing a lot many tasks on your bucket list on daily basis. However, entrepreneurship is not about rising above always. There are many times when you find nothing in your task list or feel as if you are doing nothing productive enough to appreciate your efforts or brag in front of others. Your startup that has been observing skyrocketed performance is suddenly falling down and you are unable to make the situation under control. In such a downtime, you add value to your startup by considering the following steps:
Believe it or not, making a list of tasks you have done or planning to do can help you to work for a more stable situation. When you make a list and set priority for all the tasks as per the outcomes, you can achieve more in lesser time. For example, as we all know team meetings is more of a time wastage than brainstorming the newer ideas. So, if you reduce the team meeting from one hour of chatting to 30-40 minutes, you can invest the saved time at something more productive.
Besides, you can make a timeline and see the impact on a larger scale. While setting a timeline, it’s better to set achievable due dates. This will help you to gather and pour your energy into the right tasks, stay tuned with the plan and feel good. On the flip side, setting unachievable timelines might make the project management at every stage impossible and you might end up frustrated and hopeless.
Assess Your Team
As a startup founder, it’s wise to turn towards your employees and evaluate your team. It’s not enough to check their daily reports and determine their efficiency. You need to focus on their strengths and shortcomings and put your efforts in polishing their skills. Remember, if you help them grow, they will go an extra mile to bring higher productivity to the startup. So, go for it.
Reorganize the Tasks and Responsibilities
In the startup downtime, you can easily bring more productive outcomes from shoestring budget and time by re-evaluating the strengths and weaknesses of your staff and replan how to use their skills. For example, an employee might be good at something beyond his assigned task. You can encourage him to do the other task in return for some incentives, instead of hiring someone else. This will cut down the cost of searching, hiring and training the new recruited employee. Also, it will make the existing employee feel good and appreciated, which in turn will help him to put his best efforts into the task.
Research, Learn and Act
The best way to utilize the downtime is to learn and rework your strategies. Study your competitor's strategies, pick the right skills/plans and research more about your target audience. Prepare a SWOT chart of your startup and consider your strengths and weaknesses. Study the market trends and figure out where your startup is lacking. Observe and understand how can you improve the situation and work upon for a better future.
Besides learning everything related to your business, you should also invest your time in reading novels and a wide range of articles/contents. This will empower you to regain creativity as well as remain calm.
Participate in Different Events and Conferences
Attending different events and conferences means interacting with a new group of people and promoting your brand. So, don’t miss the opportunity. Make a list of events, conferences, conventions, and meetsup where you can go and showcase your brand, or learn something new about the market trends. Plan for the whole month/year, check the guidelines of all the events and act accordingly.
It is wiser to keep a track of this list throughout the month/year and update this list with upcoming events. This will help you to better enjoy the perks of the time and events.
This might sound odd, especially during the startup downtime. But, it is the most effective method to step up with more enthusiasm and energy. When you distract your mind and focus on different leisure and encouraging activities, you can refresh your mind and make better plans. Thus, work efficiently and add value to your mobile app development company.
Remain Calm and Motivated
Many times, it happens that you put the best of your efforts in some task, but end up with nothing productive. You are supposed to begin from scratch once more. This time can be frustrating and you might feel as if you are just wasting your time. In such circumstances, don’t lose your patience.
Building a startup needs patience. You might not find any productive outcome as a whole, but you might have achieved a lot at the smaller scale. Consider on those small achievements and remain motivated for accomplishing your goals at a larger scale.
What are your hacks to deal with the startup downtime? Do share in the comment section below!