When it comes to running a startup, founders often find themselves in a dilemma of having a short runway and the need to strategically spend their limited resources. With markets in a soft landing trajectory and interest rates high, the pressure is on to make the right decisions for the growth of the business. So, what should founders do when faced with this challenge?
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Stop focusing on the runway length, start focusing on strategy
Instead of purely looking at the current funds in the bank and projecting future financials, founders need to shift their focus to the overall strategy of the startup. Is the minimum viable product truly viable? Is the business unique and offering solutions that solve industry problems? Seeking outside help from brand strategists or industry experts can provide valuable insights into improving key messaging and target audience.
What are the best options for utilizing the right strategy?
When facing a short runway, founders often cut back on marketing spending, which creates a cycle of not being able to spend to earn, but also not being able to earn without spending. To break this cycle, founders should focus on becoming the best known in their industry, ensuring the funnel strategy captures leads efficiently, and building a customer journey that turns clients into advocates.
- Plan out paths to become the best known in your industry.
- Ensure the funnel strategy efficiently captures leads.
- Build a customer journey that turns clients into brand advocates.
By focusing on key messaging, improving the funnel strategy, and creating a seamless customer journey, startups can create a strong foundation for growth.
You took a risk with your startup; why give up on that risk now?
Trust in your strategy and continue to build on it. By ensuring that key messaging resonates with the right audience, the funnel strategy captures leads effectively, and the customer journey process builds on itself, startups can overcome the challenges of a short runway and achieve success.
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