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Being a startup firm has its own set of advantages and disadvantages. There are situations when startups sometimes run of cash. Detailed below are few essential tips which startups should consider of in case they run of cash :
- FOCUS ON SUSTAINABLE REVENUE
Whenever your business hits a rough patch it's advisable to focus on the one metric which till date has been the driving force for your business. Startups also need to be aware regarding current investor needs and trends.
- BUILD A SOLID TEAM
Always make sure that you have solid team to rely on. Your employees should firmly believe in the mission of the company. This will ensure success for your startup in the long run.
- ADOPT LEADERSHIP STYLE
You need to make things work when crisis arise. In cade if a particular employee leaves the organisation to shift to another country or city make sure that you try to make things work.
- TAKE HELP WHEN NEEDED
Make sure that you take the help when it is required. Try to adapt the spirit of a team leader rather than having a one-person-do-it-all show.
- FIND OPPORTUNITY IN ADVERSITY
Make sure that you find opportunity in every situation of adversity. Try to solve problems with patience and never lose hope since behind every bad phase a good time is awaiting.