At the outset, most entrepreneurs have ambitious plans for their startup. Sometimes, through hard work, dedication and prudent planning, a startup can reach their goals. Other times, these businesses run into a lot of issues and unforeseen problems along the way. These common roadblocks can be characterized as growing pains.
A startup business will, inevitably, experience growing pains as they evolve into a larger company. While some of these issues aren’t that serious, and can easily be resolved, others require more attention. Over time, some problems have become commonplace, and have forced entrepreneurs to adjust on the fly.
One of the biggest and most common pitfalls for startups is effective budgeting. It’s no secret that, at the beginning, startups don’t have a lot of capital. For all startups, it’s important to be shrewd and smart with their money, to ensure that there will always be enough to fund the operation. Also, while the adage goes, “you have to spend money to make money,” it’s vital for startups to practice moderation, and to not overextend themselves.
Additionally, the constant introduction of enhanced technology has created a whole new set of obstacles for startups. Today, there is seemingly a new technological innovation that hits the market every week. A lot of startups are also taking their business to the digital channel right away, without establishing a physical presence. But eventually, these startups develop a reputation, and cultivate a loyal online following.
While that sounds like a good thing, it can have a negative impact if sales volume grows rapidly, to the point that the technology can’t support the influx of sales. It’s more important than ever to monitor growth, and adjust accordingly, to ensure that consumers can easily get what they want. If you don’t want to run into this problem, be sure to build a scalable online store, with a scalable shopping cart that can grow with your business.
Also, in today’s world, startups can get tripped up if they fail to consistently compare prices against their competitors and if they don’t monitor consumer complaints. Today, the pendulum has swung back, in favor of the consumer, so they have an immense amount of influencing power. For a startup, every consumer is valuable, which means you can’t afford to lose a big group of consumers over one disgruntled consumer who decides to share their negative experience on social media or in the review section of your site.
If you work with Cardinal, however, and implement Cardinal Consumer Authentication (CCA), our patented authentication solution, your consumers will be satisfied because their checkout experiences will be fast and easy and they won’t be susceptible to fraud. CCA leverages a bevy of new, enhanced data fields to authenticate consumers, which results in quick, seamless authentication and gives business owners increased control over their transactions. One Connection to Cardinal will Drive Digital Commerce.