Mastering the basics: Five tips for startup success

Starting a business is a thrilling journey filled with twists and turns. As a company grows, managing day-to-day operations becomes more challenging. To succeed, businesses must be comfortable with uncertainty and change and ready to evolve beyond their original framework.

As the Chief Business Officer at Infobip, a bootstrapped company that has grown into a global tech giant, I have experienced navigating this journey firsthand.

Infobip started as a family business in a garage and now stands as a leading global cloud communications powerhouse, generating $1.75 billion in revenue last year.

In an article published on RealClear Markets, I’ve shared several tips and lessons that can help startups build a strong foundation for long-term success. Read on to find out more about my journey and the lessons I’ve learned.

The key to success lies in meticulous planning and organization. Take your time to build well-structured, data-driven systems. This will help you navigate through unpredictable situations.

By investing in data collection, creating models, and considering different scenarios, you’ll be better prepared to handle curveballs that come your way. At Infobip, we learned that negotiating deals in isolation wasn’t sustainable. Implementing a dynamic pricing model helped us optimize our pricing strategies and maximize profitability.

In the early stages, sales teams focus on building customer relationships and closing deals, which is vital for growth. However, as the company grows, it’s crucial to evaluate how sales teams negotiate and ensure they have a long-term perspective.

For example, if your sales team is using generous rebates to close deals, financial managers can assess when and how these rebates are being offered to avoid sacrificing revenue. Updating sales processes can help focus on profitability and create more sustainable strategies.

The business landscape is changing, and the days of endless growth without profitability are over. Aim to be self-sustaining while expanding your core business and learn how to allocate capital effectively. With money being more expensive now, having financial systems in place to assess and re-allocate capital is key for innovation.

Your finance and HR departments are key drivers of growth for your business. By taking a strategic approach to finance and HR, founders can make better decisions and focus on long-term value over short-term sales.

Don’t just see these roles as compliance functions – finance can help allocate resources effectively and provide CEOs with valuable data. HR plays a vital role in recruiting top talent who understand the business and can help execute strategic goals.

Taking a broader perspective on these roles can help address revenue challenges and human capital issues, ultimately supporting business growth.

Building a culture of shared success across teams and functions is key. Leaders should have a deep understanding of all aspects of the business and actively participate in cross-functional teams.

This builds trust and fosters a cohesive culture aligned with the company’s strategy, reducing unnecessary bureaucracy that can hinder early growth. Delaying this process leads to siloed teams, making communication and collaboration around shared values more challenging.

By incorporating these tips into your business strategy, you’ll be well-equipped to build winning teams and steer your organization towards sustainable growth. Embrace the journey, learn from our experiences, and set yourself up for success in the competitive world of business.