Need help in this economy? Start thinking like a startup!

According to Shama Hyder, founder and CEO of PR agency Zen Media, startups are positioned to thrive in rough economic times because they are agile. 

Because they are young in the business world, they learn to embrace the advantages of low overhead, simplified operations, and a do-what-it-takes mentality. 

With the global economy on the brink of a recession, Hyder said enterprises and mid-size companies must replicate this system. 

Here’s how to start.

Analyze the essential processes

Companies miss out on agility when they settle into old processes. They often have systems that are considered old-fashioned and impractical. 

Hyder suggests reviewing your essential processes and systems — such as payments, workflow management, and communications — to regain agility. Keep these processes working without hindering other responsibilities in your company. 

Think beyond the basics

Startup leaders are known for their willingness to try new systems for digital project management, admin work, HR, and information management systems. But to be truly agile, you must think beyond the basics.

Whether your company is in a newer or traditional field, you should look for platforms and systems that can speed up your workflows. Nine times out of 10, you can find an industry-specific technology to do just that. 

Digitize, digitize, digitize

Yes! it has to be said three times to emphasize its importance.

Many legacy companies forget about modernization and will likely hold onto tech they’ve owned for years. Why? Because they think that digitalization is daunting. And besides, why change something that is still working? Right? 

WRONG!

In today’s market, digitization is non-negotiable. Don’t waste your time and effort on manual practices when you can find a tech to do that for you. 

Develop your team

Developing your team is essential to ensuring that they can collaborate, innovate, and take on cross-functional roles. Train in the digital space and leverage digital assets others create that are relevant to your business. 

Skills training and mentorship programs built through the company’s platform could help develop teams and add value to the employee experience.

Read more here.