Working in a big corporation can come with many benefits. But sometimes having such a large organization can come with pitfalls. Every business should continue to learn as they grow and sometimes big businesses fall behind.
That’s why it’s a great idea to look at startups. Startups have the energy and drive to bring new ideas into the business landscape. So, as a large corporation, here are five vital lessons you can learn from startups.
1. Learn To Innovate
Unlike large corporations, startups won’t always have support or infrastructure when things go wrong. This means that they have to quickly adapt and innovate their strategies often.
Larger corporations may have been doing business the same way for years, but that’s not going to help them grow. Startups understand that we live in a fast-paced society, and sometimes they have to change their strategies to keep up with that.
As a large corporation, you may be able to benefit from thinking innovatively more often as a startup would. To incorporate this into a large company, you can create innovation teams and rely more on the creativity of your workers. It may feel risky, but that’s the only way to grow.
2. Wear More Hats
Many large corporations have set roles for their workers. Whether you are just starting out or you are in a CEO position. Because of this, there may not be a lot of crossover between different roles and departments.
Startups, however, have many different people wearing many different hats. This can help their teams communicate more effectively. It can also allow people to have a better grasp of what is actually going on throughout the company.
Allowing your CEOs to rotate and work with different teams may give your corporation different perspectives. There is always room for more ideas, and startups know this. They tend to have smaller staffs that can talk to one another. Better integrating into your staff and understanding what’s going on can lead to exceptional new ideas. This can also help your company avoid getting stagnant.
3. Focus On Communication
While it can be good to have people in higher positions wear more hats, it’s also a great idea to focus on communicating throughout a company.
One of the reasons that startups can be so successful is because workers at all levels are constantly communicating with each other. There is room for brainstorming no matter what position you are in a startup.
One of the pitfalls of a large business is doing things the same way all of the time. Ensuring there is open communication throughout your company can result in incredible new ideas. Employees may also feel more valued and eager to contribute.
4. Cut Down On Problem-Solving Time
If there is a problem in a startup, most employees can work directly with someone to figure it out quickly. In a large corporation, you may have to jump through many hoops to solve a problem. The problem occurs, and then you brainstorm, ask a manager, get approval to fix the problem and the list goes on.
Taking a look at your problem-solving process and seeing where you can speed up the process can help streamline the workflow of your large corporation.
5. Collaborating & Sharing Information
Since startups are always looking for innovative strategies for their businesses, they tend to collaborate and share information. They also are always on the lookout for the latest research in their fields to help them get ahead.
Corporations should also be looking out for tips and research from other companies. This is a great way to make sure you are always up to date on the most current trends in your field.
Companies will post blogs and research that can help you keep up to date. Let’s say you work in the beverage industry and want to know what other large beverage companies are doing. You can use resources like Nowcorp to see the latest tips from Coca-Cola when it comes to vending and beverages. There are also many other great business-related resources for any industry.
Doing your research and sharing your resources with your team will help you stay ahead in your industry just like a startup.
By working in such a fast-paced and innovative environment, there is a ton of knowledge that can be gained from startups. Large corporations tend to do things the same way and may get stuck. But by following these vital tips from startups, large corporations can continue to grow and enjoy success.