10 years on - key lessons from a tech start up
Revive celebrates entering 10th operational year. 10 years on – Revive Management shares the key lessons learnt from being a tech start-up
Here at Revive, we’re delighted to announce that the 1st of April 2021 marks the start of our 10th operational year. In this blog, we’d like to share some of our key lessons we have learnt over the last 10 years in business. We will discuss how we’ve developed our products and skills to become a leader in this industry, and how the landscape has changed.
Trusting in technological advances
In the last decade, we’ve seen significant evolution in the field of customer communications. What started as simple letters and phone calls has now includes a whole host of different digital and analog communications options and dedicated platforms that can very much be tailored to the needs of individual companies and customers.
We have technological advances to thank for this broadening of customer options, and we’re now working in a landscape that rewards flexibility and a greater understanding of customer needs. The convenience of customer communication has played a vital role in the rapid evolution of our industry. Businesses have to respond with greater choice and options to ensure survival. We’ve always rejected the idea that one product will suit everyone and have taken full advantage of evolving technology to develop solutions for our clients that fit with their current needs while also evolving and growing with them as they move forward as a business.
Think of the end-user - The importance of customer experience
Customer experience has been climbing up the priority list for some time now, driven by greater competition between businesses, that has only been reinforced by recent industry regulations. Protecting our vulnerable customers is a key focus for us and is more important than ever due to the impact of coronavirus (Covid-19). According to a recent survey carried out by the Financial Conduct Authority 53% of adults are now displaying a characteristic of vulnerability.
This past year has shifted the focus back to needs of the customer forcing businesses to reevaluate the way that their customers interact with them. This reevaluation has accelerated the technology needs for many and enabled them to make customer experience central to their plans.
The rate of change in the digital landscape is always accelerating. We know how important it is to keep up with those changes for our clients, offering them the most relevant and exciting innovations in their field.
Manage your cash flow correctly
Government support has been essential this year enabling many start-ups to remain afloat. However, these measures are temporary and a long term cash-flow management plan is fundamental for any budding start-up. Among the biggest causes of business failure is poor financial planning and a lack of understanding around what’s needed to generate enough revenue or raise external capital.
We have learnt that managing your cash flow correctly is the catalyst to start-up success and will help you to truly understand your business. You can be delivering excellent results for customers but if you’re spending more than you’re bringing in then your business will be unsustainable.
Look after your employees
Over the last 9 years, we’ve learned that the challenges will never stop coming. You can overcome one difficult period and have no time to rest on your laurels before another challenge comes around the corner. Success is built on your ability to ride the highs and lows with a level head.
Surround yourself with people that will make the difference to your business succeeding or failing. A great team of people makes great things achievable, and we’ve been incredibly fortunate to hire and work with some truly great individuals at Revive. In turn, I hope we’ve provided a positive working environment for our team.
Trust in your gut
And lastly, we’ve learned to trust our intuition. Over the last 9 years, we’ve had to make a lot of decisions. Some were easy and some were much harder, but in the end, our logic and decision-making procedures have usually steered us in the right direction.
What does the future hold?
Technology has become integral to customer contact, and all customers are different. Being able to flexibly respond to your customers’ communication needs will be central for all businesses now and in the future, and Revive will be here to help our clients navigate this.
Geoff Boudin, Director at Revive Management comments “We have always been driven forward by a desire to build a successful business in an honest and ethical way, and look forward to continued growth over the coming years. We’ll continue to develop our technology and invest in our fantastic team so we can carry on delivering excellent results for our clients and their customers.”