Startups face many challenges during their first years. In this blog post, we talk about the following common traps:
- Multitasking, maybe not as efficient as you think
- Organizing your activities
- Automating your workflow
Never before has it been harder for starting companies to survive during the first few years. The growing competition is becoming problematic: only 50% of all new companies survive the first five years, and under 30% after 10 years.
Yet, there is still hope for survival as a startup in 2019. To be successful, startups need to have well-answered Peter Thiel’s 7 questions for product innovation. Many startups believe that this suffices. They’ve got a clear idea on what they will do in the future. But, they struggle with the classic complications companies face.
3 Common Traps Startups Struggle With
Trap n°1: Multitasking 🤹♂️
Performing various tasks at the same time, usually done to save time.
If executed correctly, the amount of time saved becomes enormous. This increases the productivity and lowers your costs in the process.
⚠ But, there is a catch.
Even though it increases productivity if done correctly, multitasking is never done properly.
Instead of actually doing tasks at the same time, we end up switching between various small tasks. Each transition between tasks costs time. Time spent realigning our focus from one task to another.
This is counterproductive: we lose more time than we win.
As the wise Adam Smith taught us, countries which specialize in certain activities are more productive. If practised globally, it increases the worldwide yield. This theory is applicable on your daily tasks.
Don’t devote your day to various small tasks. Instead, focus on one big task per day. It’ll increase your overall productivity.
Of course, during the course of the day, many urgent small tasks may occur. For instance, a client could want to meet you in person ASAP to make a deal. It’s important to keep doing these tasks.
Dedicating your day to one task, you and your employees complete tasks faster than if you were to have completed them by multitasking.
Specialize your day to one task, don’t try to be Mr. Do-it-all.
Disclaimer: If you’re a woman, this doesn’t apply. 😉
Trap n°2: Organization
Keeping your business well-structured lays at the core of being productive and efficient. Not devoting the right amount of attention to organising, leads to inefficiency. This leads to a loss in revenue. It’s of crucial importance and is overlooked way too much.
Firstly, you have to digitize your data.
Platforms such as Google Drive enable you to efficiently save data and create ideas on the internet. It allows you to use the documents wherever you are if you have a connection to the internet. A lot of tools, like Google Drive, help you store your files in a structure way by using folder-like systems.
Doing so increases the punctuality and correctness of you and your company.
Next, for startups, the importance of getting things done is immense.
One way to enhance productivity is by creating to-do lists. They give the company and its employees a clear idea of what needs to be done next. More importantly, you won’t forget some “to-do’s” anymore. When you then further define your to-do’s into micro tasks, your to-do’s will be easier to complete. You’ll not only get things done, you’ll also feel good while crushing your small tasks.
A tool often used to create to-do lists is Trello.
It’s a platform which allows you to create to-do lists. You can assign these to-do’s to the right employees. Don’t succumb in the overwhelming amount of burden. Use Trello to make it clear which tasks need prioritization.
Trap n°3: Automation
For start-ups, it’s key to save time in your daily routine. This allows you to devote your precious time to other, more important projects. We’re used to closets crammed with paperwork. It’s important to use the technology that is available to you to your advantage: organisational tools improve time management by 38%.
As stated above: saving time starts with digitization. Keep everything logged in the cloud. This ‘unlocks’ the automation of your sales cycle. Paperwork not only is time-consuming, but, also rather boring and not very trendy for startups to do.
What is trendy, is to program the different platforms you use so they interact with each other. If done correctly, you can create alerts which push you to do important tasks. This way you save time looking for these important tasks.
An application often used for this is Zapier.
Zapier is integrable with apps like Trello, Google Drive, Slack and many others. The tool saves you the time to check what’s the most important news that happened on these tools.
Zapier sounds interesting, right? Check out what we wrote about it in this blog post!
What will the future bring?
We finish our tasks more and more efficiently, time wise and resource-wise.
Yet, the newest and best technologies tend to be very expensive. It makes you think whether they are actually worth your time and money to look into.
Still, while technology is improving, so is the competition. Competition will drive the best platforms to become more affordable. This helps startups in the process. It’s of vital importance that entrepreneurs keep an eye out for the newest technologies. Calculate if the investments are worth it for you company.
If that’s the case, great! 👌
You’ll be saving time and money before the competition does so. It’ll give you the much-needed edge to survive AND stay ahead of the rest.
Common in 2018, are platforms that solve one specific problem very well. Nowadays, there are lots of young businesses which offer such services. They grant their services for free, or for only a small fee. They need to compete with the big software companies. This allows you to take advantage of their less expensive, though competitive, product. Like so, you gain great value out of your invested money.
Meeting scheduling is one of the tasks that absorbs a lot of your time. Let’s say you want to schedule your meetings as fast and as clean as possible, without any failures.
You don’t want to have to call and mail everyone back and forth. You’ll try using a poll system, but this often is a tedious hassle. Each participant has to fill in their availability and has to check their agenda to do so.
Also, it doesn’t take the travel-time into account. It has a huge influence on whether someone will make it in time to the meeting into account.
No-shows are way too common. They’re a waste of energy and time. As a result, avoiding them is key.
A great solution for this is Plann3r.
It’s a platform based meeting scheduler that allows you to save up to 4,8 hours per week on scheduling. This translates to roughly $11.000 each year!
Plann3r analyses its users’ calendars, suggests smart meeting moments based on their location and the traffic. It also makes sure everyone, who needs to be present, can be present at the meeting. Using this tool, you’ll save time scheduling your meetings. This allows you to invest your much-needed time elsewhere in the company.
Plann3r gives you the edge on the competition. 💪
Stop wasting time, start smart scheduling. Click this link now for more information.
Do you have any questions about this blog post, or are do you just want to know more about Plann3r?
Click on the image below and we’ll gladly help you. 👇