This marks the second instalment in a three-part series that delves into essential market dynamics crucial for the success of startups in Kenya. These articles aim at providing insights and recommendations for gaining a competitive advantage in the market. Startups need to be acutely aware of several critical market dynamics, including product, competition, customer, timing, finance,and team. In the previous article we explored the market dynamics "competition" and "customer needs."
In this article, we will focus on the pivotal aspects of "finance" and "team" in the startup landscape, and offer practical recommendations in these areas. The financial aspect plays a pivotal role in determining the fate of a startup. Within this piece, we will thoroughly explore both financing and budgeting as integral components of a startup's financial strategy. It is imperative for entrepreneurs to maintain realistic expectations about what their startup can achieve.
Recruiting Wisely (Building the Team)
While some business experts advise new entrepreneurs to prioritise cultural fit over specific skill sets when hiring, others recommend leveraging freelancers, especially during the initial phases of a startup. The turning point that propels your startup to greater heights often occurs when you seek out the best talent in the market. Sharing responsibilities is key. A well-rounded team might consist of a financial expert, a legal professional, a tech specialist, and a seasoned manager, but these roles often require different individuals to excel. If you have expertise in a particular area, avoid the temptation to take on additional responsibilities. Overburdening oneself can lead to critical oversights in crucial aspects of running a business, such as patent research to ensure product originality or the creation of well-crafted user agreements, among other essential tasks.
With the power of bulk messaging, you can reach out to potential employees or share valuable information about your company’s hiring efforts. Using bulk SMS to reach potential employees is a great way to leverage the power of SMS uniquely. With SimpleSell SMS you can send bulk messages to potential employees or even people on your phonebook. Through this you can tell people about your business and potentially find new talent. Using bulk SMS for hiring is an effective and efficient way to reach out to potential candidates, streamline the hiring process, and keep applicants informed.
Here's a step-by-step guide on how to use bulk SMS for hiring:
- Build a Database: First, you need to compile a database of potential candidates. Ensure you have their phone numbers and consent to contact them via SMS.
- Select a Reliable Bulk SMS Service: Choose a reputable bulk SMS service provider like SimpleSell Bulk SMS to facilitate sending your messages. Utilise features such as message scheduling, delivery reports, and customisation options.
- Craft Engaging Messages: Write clear and concise SMS messages that include essential information about the job opening, such as job title, location, expectations, and application deadline. Make the message engaging to capture the candidate's interest.
- Segment Your Audience: Depending on the positions you're hiring for, segment your candidate database to ensure that the right messages reach the right candidates. For example, you might want to send different messages to entry-level candidates and experienced professionals.
- Send Initial Job Announcements: Use bulk SMS to send out the initial job announcements. Mention key details, such as the job title, location, and a brief description. Include a link to your online application portal or a phone number for candidates to contact for more information.
- Application Reminders: Send application reminders a few days before the deadline to encourage candidates to apply. Include the application link and emphasise the closing date.
- Interview Invitations: Use personalised messages to invite shortlisted candidates for interviews. Include the date, time, location, and any additional instructions. This is a more personal and direct approach compared to email.
- Feedback and Updates: Keep candidates informed throughout the hiring process. Send SMS messages to provide updates on their application status, whether they have moved to the next round or not.
- Pre-Employment Requirements: After selecting a candidate, use SMS to inform them of pre-employment requirements such as background checks, drug tests, or reference checks.
- Onboarding Information: Once the candidate is hired, send an SMS with onboarding information, including start dates, orientation details, and required documentation.
- Compliance with Regulations: Ensure that you comply with all relevant privacy and data protection regulations, such as obtaining consent from candidates to receive SMS communication and providing opt-out options.
Using bulk SMS for hiring streamlines communication, increases response rates, and ensures that candidates receive timely information. It's a powerful tool to enhance your recruitment process and attract top talent.
Networking and financing
Professional networking is the way forward. Business is about the connections you have because your network will push your company to the next level. Networking and financing are intrinsically linked in the startup ecosystem. Networking plays a pivotal role in a startup's ability to secure the necessary funding for growth and success. By building relationships with potential investors, mentors, and industry peers, startups gain access to invaluable opportunities and resources. Investors often rely on personal connections and recommendations when considering where to allocate their capital.
A strong network can not only introduce startups to potential investors but also enhance their credibility, instilling trust in those providing financial support. Additionally, networking can lead to strategic partnerships that offer both financial backing and access to new markets, customers, and resources, further bolstering a startup's financial prospects. Startups that cultivate a robust network increase their chances of attracting the right investors and partners, ultimately facilitating their path to securing vital financing.
Furthermore, networking provides startups with insights, validation, and market feedback that can make them more appealing to potential investors. As they engage with industry professionals and peers, startups refine their business ideas and strategies based on the feedback received. This validation of their concepts and business models serves as a powerful signal to investors, making them more willing to provide financial support to ventures with demonstrated market traction. In this way, networking not only opens doors to funding sources but also equips startups with the market knowledge and competitive edge needed to attract investment.
Overall, the connection between networking and financing is symbiotic: networking empowers startups to access capital, while securing funding also often hinges on the strength of the startup's network and the trust it has built within the entrepreneurial ecosystem. As with the issue of hiring, bulk SMS is a great tool for networking. Utilising SimpleSell SMS for networking as a startup can be a game-changer, helping you connect with potential clients, partners, and stakeholders effectively.
Here are some ways to leverage SimpleSell SMS for networking:
- Event Promotion: Use SimpleSell SMS to promote your startup's networking events, such as product launches, seminars, webinars, or workshops. Send out invitations, event reminders, and updates to registered attendees.
- Business Introductions: When you meet potential business partners, clients, or investors, exchange contact information and send a follow-up SMS introducing yourself and your startup. This personalised approach can leave a lasting impression.
- Thank You Messages: After attending or hosting networking events, send thank-you messages to the people you've connected with. Express your appreciation for their time and interest in your startup.
- Announcements and Updates: Keep your network/ shareholders informed about important developments within your startup that may be relevant to them. Share news, milestones, and achievements via SMS. For instance, if you secure a new client, launch a new product, or receive an award, send out an announcement.
- Appointment Scheduling: Use SMS to arrange meetings with potential partners, clients, or investors. It's a quick and direct way to confirm appointments and share necessary details.
- Surveys and Feedback: Use SMS to conduct quick surveys or request feedback from your network. This can help you gather valuable insights and improve your startup's offerings.
- Networking Event Updates: If you're organising a networking event, keep participants informed about agenda changes, speakers, or any last-minute updates. This ensures a smooth and informative experience for attendees.
- Holiday Greetings: On special occasions, send holiday greetings or best wishes to your network. This personal touch can strengthen relationships and keep you top of mind.
- Lead Generation: Use SimpleSell SMS to capture leads at networking events by offering attendees the option to opt in to your SMS communication. Provide an incentive, such as exclusive content or discounts, to encourage sign-ups.
- Collaboration Opportunities: If you identify potential collaboration opportunities with other startups or businesses in your network, reach out via SMS to discuss partnership possibilities.
- Networking Group Creation: create your own networking group and invite relevant contacts to join. Use SMS to facilitate discussions, share information, and organise meetings within the group.
- Regular Updates: Keep your network engaged by sending regular updates on industry trends, news, or other relevant information. This positions you as a valuable source of knowledge and expertise.
- Event Reminders and Follow-Ups: If you plan to attend industry-specific events or conferences, send out reminders to your network in advance. After the event, send follow-up messages to discuss key takeaways and potential opportunities.
By incorporating SimpleSell SMS into your networking strategy, you can establish meaningful connections, stay top of mind, and create opportunities for collaboration and growth for your startup.
By Christine Njoki - Published 1st Nov 2023, 11:00pm
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