Social Media Listening: As we are rolling in the digital era, it is not possible to run a business or startups without the influence of social media. Today, a strong social media presence is the main strategy that tends to boost sales & increase the revenue. So without cultivating the brand image & interacting with the possible consumers effectively results in high risks, especially for startups.

It keeps an eye on your competitors & monitors the rate of potential requirements needed by consumers. Even though spending high capital for advertising, if you don’t have an effective social media presence, startups will be less noticed and less heard & elevates the disability to build customer relationships.

Social media tools such as Locobuzz, Simplify360, Brand24 & Mention are aiding startups to watch & track the online mentions, online reputation, and media monitoring and using advanced technologies across various media platforms which prevents the startups from social media risks.

“To prosper in business sector every organization needs to have some advanced productivity tools to ensure and enhance productivity from day one itself. They should adopt tools to manage compliances”, says Pratik Vaidya, Chief Vision Officer & MD, Karma Management Global Consulting Solutions

To wrap this up, risk management in Startups is not just a protective approach but a fundamental element for threat less innovation & growth of the business. This strategic approach empowers the startups to hop with potential risks to flow beyond the mist of failures & to create a landscape where no more risks can resist success.

So, it is high time to comprehend that startups & SMEs have to aim for not just to survive, but to thrive boldly, tackle risks & navigate the hot-blooded business environment that turns all the threats into cut-throat competitive advantages!