At this time of year, many plans for the year 2020 are racing through your mind. You’re determined to make your fledgling internet startup succeed. There’s no better time than now to design the strategies that’ll guide your startup throughout next year and beyond.
As an entrepreneur, you’re wondering what aspects of your business deserve the most focus. This post examines seven aspects and trends every internet startup should consider in 2020.
1. Leverage Artificial Intelligence
Artificial Intelligence has permeated almost every area of existence. It’s a vast branch of computer science, a transformational technology that remains greatly underutilized. At this time, it’s critical to ponder how you might put this capability to work for your startup.
Internet startups that will find creative ways to leverage AI will have a serious advantage over the competition. Think of areas in your business that could benefit from this technology.
Why not involve AI in decision-making, for example? The idea is to discover new ways to harness AI’s limitless potential. Aim to streamline your processes and boost your efficiency.
Increase your productivity. About 54 percent of executives report increased productivity after incorporating AI solutions into their processes, according to PWC. AI is also helping startups all over the world stay ahead of their competitors.
2. Get More Out Of Big Data
Big data often overwhelms businesses by its sheer vastness. But big data conceals extremely important patterns and trends. Only through laser-focused analysis can you pinpoint these patterns and trends.
You’re likely collecting an enormous amount of data each day. But are you extracting from that data valuable insights that can help you fine-tune your processes? Odds are you’re not. A recent survey revealed that 43 percent of businesses derive little benefit from their data.
Businesses are generating data at an unprecedented rate. According to Forbes, the year 2020 will see a whopping 4,300 percent increase in data production. Consider this prediction as an opportunity to amass valuable information and insights that propel your entity forward.
Fortunately, AI is many times more powerful, accurate, and efficient than traditional analytics software. In the coming year, give adequate attention to predictive and behavioral analytics. Abandon by-the-gut decision-making in favor of quantitative decision-making.
3. Improve Your Cash Flow
Cash is king, they say. Naturally, though, startups don’t have much money. They must watch every dollar. They must find new ways to improve cash flow. For without cash, you have no business.
Do you have any ideas for freeing up more cash? Find better suppliers that’ll give you a longer debtor’s collection period. Buy materials in bulk to qualify for discounts. Increase your cash sales.
Most important, reduce overhead. Ensure everyone turns off their computer and other office equipment after work. Open those blinds during the day so you can let in sufficient natural light, saving on electricity. Use recycled paper.
In addition, stop hiring on a permanent basis. At least, hire fewer permanent employees in 2020. One way to fill positions without substantially growing your wage bill is to start using freelancers.
4. Find Reliable Freelancers
Hiring the right person for the job has always been a challenging task. It gets even more challenging when you’re a startup. Maintaining full-time workers is very expensive. Things get worse when those workers turn out to be considerably less productive than you’d imagined.
But have you considered hiring freelancers? Freelancers rarely call in sick. In addition, they’re typically highly motivated individuals. The good news is that every business can find a freelancer whose rates are in their range. What’s more, freelancers tend to be seasoned professionals. They work efficiently and professionally, delivering more and better results faster. Aim to have a mix of hardworking permanent employees and highly competent, result-oriented freelancers.
5. Learn From Past Mistakes
Hidden in every mistake is a gem of wisdom, knowledge that accelerates growth. What hiring mistakes did you make in the past, and what lessons did you learn?
Maybe it’s time to build a more heterogeneous team. Perhaps you should elevate more women to top-level management. Or, maybe you should start cultivating better relations with your employees, managers, suppliers, and even competitors. Resolve to make the most of your past mistakes.
6. Know Your Customers Better
You likely use your recipient’s name in email marketing campaigns. That’s commendable, but you should do more in 2020. Subject existing customer data and behavior to more thorough scrutiny and more extensive analysis.
Dive deeper into customers’ transactional and purchase histories. Develop a complete understanding of your customers and their specific needs. At that point, you’ll easily offer them precise content that sufficiently addresses their pain points.
7. Zealously Guard Your Customer Data
Cybercrime is worsening everywhere, even in the internet startup world. So, shield vulnerable systems with proven anti-virus software. Also, strengthen and update your operational procedures and security policies.
In addition, keep cardholder data protected using highly effective security protocols and impregnable cryptography. Install measures that quickly identify security vulnerabilities. Most important, implement automated solutions that enable your startup to thwart cyberattacks.
The year 2020 is just around the corner. Start readying your startup for it. Embrace emerging technologies, particularly AI. Get more out of big data. Build a leaner organization. Cut expenses and improve cash flow. Finally, protect customer data with utmost diligence. Hopefully, it’ll be a great year for your business.