No matter how popular your startup may be initially, there is still a chance of failure. Surprisingly, overwhelming popularity can actually hurt your startup’s prosperity. Therefore, it is important to pay attention to two things when planning and developing your start up so that “good buzz”, does not hurt your new business.
After all, if you experience sudden growth, but you cannot meet the demands of your customer, the startup may will fail quickly. ultimately, this can lead to customers not returning, new customers not willing to give you a chance, and sales decreasing. This situation can be hard to recover from. Pay attention to the two concepts below to help not overwhelm your new popular startup.
Firstly, supply and demand should always be on your mind. This helps you meet the customers needs without maximizing inventory costs. Being aware of these needs will help you make sound decisions toward stocking and replenishment for your startup. Your sales team and key customers can inform you to make predictions about demand and ensure the availability of your products.
No matter where your products are coming from, it is always important to have an efficient manufacturing strategy. If products you are making products off-site, work with a manufacturing facility on production schedules and supply chain process. Make sure you are staying on top of events that may impact production or shipping schedules. An effective plan will keep your business running smoothly, ensuring low inventory costs and high customer service.
This blog post was based of an article from Entrepreneur. Read the full article here