Tips on how startups can turn their business into a success
Since its launch in 2012, leading global e-learning platform, Preply has experienced huge global growth, especially across the last 12 months during the peak of the pandemic.
Having just announced two further senior hires to support its plan to recruit an additional 150-200 positions across its offices in Barcelona and Kyiv in the next 12 months, Kirill Bigai, CEO and co-founder at Preply, shares his tips on how other startups can elevate their business to the next level.
1. Invest in the right people
“This is my utmost important tip. Each person you hire must share the same vision as you, and want to see the business grow,” Says Kirill. “Always look to hire passionate, ambitious, and hard-working individuals. Individuals you know you can trust. If you’re interviewing a lot of different candidates, have a checklist with factors that are imperative to your business to make sure they meet the requirements. Another tip of mine would be to ask why they want to work for you and what they can bring to the table.”
2. Build trust
“People want to use a business they know and trust. Therefore, building up a credible reputation among your target audience is essential for growth. Be authoritative in your sector and a thought-leader,” Kirill explains. “Always make sure you offer great customer service. Experience and first impressions are vital, so ensure people have an enjoyable experience when using your offering, they’ll likely return this way, whilst also giving you a great review.”
3. Personalise your brand
“Putting a face behind your brand is a great way to establish a human connection with your target audience,” Kirill says. “A brand that showcases real people behind the scenes goes a long way, customers want human connection after all. Share content written by your employees on your website or blog or share pictures on your social media channel. This will help your brand seem relatable and give your audience the connection they want.”
4. Set goals
“Setting goals is an essential part of business success, a strategy that has really helped Preply grow,” Says Kirill. “Set goals and use them as ongoing planning tools to ensure you continue to move forward, and ultimately stay ahead of the competition. Refer back to your goals every so often with your team, and if you have succeeded, set new ones.”
5. Stay on top of your finances
“Know your numbers. You must stay on top of your cash flow,” Kirill explains. “Managing money sensibly is critical as it’ll provide you with a clear indication of how your business is performing. Spend the necessary time keeping an eye on your cash flow, various strategies can be implemented if you’re finances aren’t great, however, it’s best to act sooner rather than later if this is the case.”
6. Don’t be afraid to ask for help
“If this is your first business, don’t be too stubborn to ask for help from your peers and mentors who may have more experience than you,” Says Kirill. “Speaking to someone with more experience and knowledge will help you learn and gain the skills you need to take your business to the next level.”
7. Take a moment to yourself
“Know how far you have come,” Kirill explains. “As business owners, we spend a lot of time working around the clock, juggling many different tasks to ensure our business is always moving forward. However, it’s important to take a minute to yourself and reflect on how far you have come. Very often we get stuck in the moment and forget to look at the bigger picture to help celebrate our success to date.”
To conclude, Kirill says: “Business owners will undoubtedly face many challenges, especially whilst they’re starting up. However, it’s essential they put clear plans in place to help safeguard their current position and future growth plans. Starting a business is a challenge, but it’s worth it in the long run once you meet your vision.”
