In Africa, SMEs continue to be major drivers of the continent’s economy.
The harsh reality is that we are now faced with uncertain times in Africa and around the world. The COVID-19 pandemic has jolted the world economy to its knees, and for startups, action must be taken towards ensuring that they succeed despite the uncertainty in the world.
SMEs in Africa must ask themselves: what are the qualities of startups who succeed? How can I thrive even during uncertain times? How do I attract new customers and investors?
Effective strategies must be built to sail through the tides of uncertainties.
In this article, we would dive into the 7 qualities of startups who succeed in uncertain times. These qualities will guide SMEs in Africa towards running a successful business even amid uncertain times. Let’s dive in!
Ability to adapt to changes:
Startups who succeed can adapt to changes. As an SME in Africa, it is important to have a dynamic approach to strategising for your business. Technology and data are major considerations for building a more dynamic strategy for your business. What new technologies are available? The best startups can adapt quickly to changes in data, technology, or human behaviour. Due to the pandemic, it is clear that there are certain changes in the way consumers now behave. For example, online shopping has become the norm. If you are in retail, you might want to switch from in-store shopping alone to both install and online shopping and delivery to compete.
Determination:
Having strong determination is another important quality for startups who succeed. Running a startup during uncertain times isn’t easy. Many challenges come with it. However, Determination is a quality that can help overcome such challenges. Even when the road gets bumpy, a successful startup emphasises determination and keeps the vision in view. As an SME in Africa, it is important to emphasise determination as a culture and motivate your team towards achieving the set goals as a business.
Social Skills:
This is an important quality for startups who succeed. Nothing spells success like having a network of influential people as a startup. Guess what? This can open doors to investors and partners who are interested in your business. As a startup, having strong social and networking skills is key to running a successful startup.
Innovation:
In a completely saturated market, innovation sets a business apart. As a startup, it is important to provide products or services that add value to the customer. Creating innovative products that respond to consumer behaviour and overall market changes is an important quality for startups who succeed. Businesses that are thriving during these uncertain times are businesses that have been able to innovate. Startups must ask themselves. What real value can I offer consumers? What makes my business stand out?
Empathy:
During uncertain times, fear becomes real, and people begin to wonder what lies ahead. Empathy is a powerful way to connect on a deeper level with customers and employees. Gone are the days when simply selling your product was enough. Founders must empathise with employees, as during uncertain times, they might have to deal with salary cuts, longer hours of work, and lower outputs. Showing empathy could come in the form of appreciation and recognition of customers and employees, respect, understanding and care.
Financial planning skills:
The global pandemic has caused a major economic downturn as well as financial losses. Startups who succeed know how to drive their business. Startups must now review budgets and focus on generating cash flow. Productivity level can be increased by becoming more KPI driven. Startups must also look for creative ways to cut down on costs. They must have the right mindset and take action swiftly, bearing in mind that the actions taken today will influence future success.
Teamwork:
A business is only as great as a team that sees it through. Developing a great team is crucial for startups who succeed in uncertain times. Factors that determine success must be clearly stated for every team member to understand. Having a well-integrated team will increase productivity and even attract investors. Founders and CEOs must plan for conflict resolution and ensure that the team is working with one mind and goal. Founders who can manage and inspire their team members are set for success!
Startups who succeed in uncertain times have these qualities deeply engraved. Startups must be able to think outside the box and come up with real-life solutions to problems. They must be able to learn from mistakes and adapt quickly to change. Which of these qualities are you developing?
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