If you’ve recently launched a startup business, there are probably a lot of things on your plate. You’re no doubt thinking of different operational requirements, how to grow your teams, or the best ways to approach the market.

Then there’s the financial element of growing a business. You’ll need to have enough funds to grow the business and have a safety net in place in case things don’t go the way you hope. There is always a never-ending list of things to worry about when running a business.

But instead of letting these things hold you back, there are some impactful strategies you can follow to help you establish more resilience as you grow.

Embrace a Growth Mindset

Embracing a growth mindset means viewing any business challenges that come up as an opportunity to improve your processes. Look for the important lessons that come with going through different trials.

Although it can be hard to think of any good coming out of challenges as you’re going through them, this doesn’t mean those insights don’t exist. Wait until the dust settles and try to analyze what went wrong, why, and how you can adjust moving forward.

Build a Strong and Adaptable Team

Having the right team by your side can make all the difference when trying to grow a successful startup business. Focus on finding the right set of individuals who have a good mix of soft and hard skills, and are willing to grow along with the business.

Remember to search for individuals who are willing to wear a variety of hats, since there is a good chance you may need them to help drive new initiatives outside of their scope during periods of rapid growth.

Master Financial Discipline and Flexibility

Managing your funds responsibly is an important component of running a startup business. In the early stages, you’ll likely need to make significant upfront investments when getting things up and running. 

Just like before you start a home renovation project, having a strict budget and sticking to it will help you avoid overspending in all the wrong areas. Run your business in the same way, and make sure to justify all your spending.

Prioritize Customer-Centricity and Feedback

An important part of sustaining your business long term is listening closely to your customers. Look for opportunities to gather feedback from your customers whenever possible. But even more important than collecting the feedback is actually acting on it.

Really dig into the points being made and look for patterns between one customer’s comments and the next. While not all the feedback you receive may be immediately actionable, showing your customers you’re listening by making changes to your processes, when applicable, can really help to increase loyalty to your brand.

Develop Effective Risk Management and Contingency Planning

Keeping your business viable, especially during those first critical years of growth, is essential for startups. This means taking a proactive approach to risk management and threat analysis while creating effective contingency plans in the event that things go south.

Contingency planning can involve having backup funding sources, pivoting to more cost-effective services or solutions when necessary, or implementing a disaster recovery plan in the event of a cyberattack or natural disaster.

Just like in home renovation projects, the more prepared you are, the better your business will be able to weather any unexpected setbacks.

Keep Your Startup Business Resilient
There is no way to avoid certain challenges that your startup will face as it grows. However, you can be better prepared for them. By following the strategies discussed, you’ll create a more resilient business foundation to build on that lets you scale sustainably.

Photo by Sarah Sheedy on Unsplash