7 strategies all startups must have to sustain business growth
Growth is not a one-time achievement. It is an ongoing process. It needs to be sustained through constant efforts. You need to create a sure shot strategy to make sure your growth is sustained over time. This is the most important piece of advice for any startup.
The startup failure rate in the U.S. is devastating. According to stats, fifty percent of the startups fail in the first four years of their business. One can identify hundreds of reasons why startups fail,but if you analyze those reasons closely, it all boils down to strategy.
Without a sustainable strategy, you won’t be able to makethe growth chart go upwards. When growth stops, failure ensues. So, it all begins with a sustainable business growth strategy. Here are the 7most important aspects to keep in mind:
1. Define a purpose
Most startups start off with one purpose – to make money.
Ultimately, that should be the goal, but it is definitely not a purpose. A business without purpose is bound to fail. You don’t need to ask yourself what you do, but in fact, inquire about why you do it. If you are unable to answer this simple question, you need to rethink your entire business plan.
Your business purpose is imperative for sustained growth. It aligns all your efforts and thoughts in one direction. Without a purpose, you won’t be able to define your USPs. Without USPS, you won’t be able to compete.
2. Build a brand
World’s leading consumer brand Coca Cola was initially sold at local pharmacies in Atlanta. Today, its net worth stands at $191.39 B. In a blind sip test, Pepsi often beats Coke in terms of taste, but Coca Cola manages more sales solely because of its brand image. That is the power of branding. The founder of Coca Cola was smart enough to know they need to distinguish their product and create an image that is more consumer friendly.
Small businesses often think they are too small for branding. Imagine if the founder of Coca Cola had the same mindset. The key rule of branding is to know who you serve and focus on what matters to them. So, build a brand. Think of a tagline. Invest in custom logo design services. Give your business a face, a personality that lasts forever.
3. Establish partnerships
DIY is the death of small businesses. We can’t emphasize it enough. Entrepreneurs need to understand the importance of their time. It is in no way less important than your money. When you try to do everything on your own, you end up wasting a lot of time on doing a mediocre, or even a bad, job. By delegating it to someone else, you can save your time and get better results at a small price.
Don’t refrain from collaborating and forming partnerships when necessary. If you don’t have the skillset and expertise for a task, seek help from a service provider. You can even hire freelancers and consultants to help you with critical tasks that aren’t a part of your core business function.
4. Value customers
If you have seen the U.S. television show The Office, you must remember how Steve Carell’s character used to win over customers by telling them Dunder Mifflin is a small company. That is right; you can use your size to your advantage. Not everyone is looking for a mega-corporation to deal with. They prefer smaller businesses for more personalized customer care and support.
No matter how new or small you are, you need to show your customers how much you care. Apart from sound customer service, you need a marketing approach that focuses not on only acquisition but also on retention. A 10 percent increase in retention translates to a 30 percent increase in a company’s worth.
5. Invest in tech
Technology and tools are developed to support businesses. It may seem like an investment, but there are effective tools that can improve your overall business potential. One of the main reasons startups fail is because they see technology as an expense and not an investment. They consider it a choice. It isn’t a choice. It is one of the most crucial needs of the time.
According to stats, a technology as simple as a chatbot has the potential to increase a small business profit by 25 percent. Similarly, there are tools that can help you manage your business better, and even secure it against common risks and threats such as breaches. You can also use AI-based solutions to get a better insight into your customer base.
6. Be a leader
There are different types of leaders in the world. It is important to know which leadership style you choose. In today’s environment, the only leader who succeeds is one who is flexible. You cannot force people to work, you can only motivate them. And the best way to motivate people is to lead by example.
Be an inspiration to your team. Make them a part of your dream. Share your vision. That’s the only way to get them to work towards your goal.
7. Face your fears
Do you know why many businesses don’t experience growth? It is because they are afraid of it.
It is natural to have second thoughts about every next step. You stop and wonder whether you are prepared to take things to the next level or not. But again, what if the founder of Coca Cola had paid heed to such voices? What if he hadn’t sailed ahead with his plans to take his drink beyond Atlanta and eventually beyond the U.S.?
Don’t just let the fear stop you from succeeding. You gotta go there to see for yourself. Take the next step.Consider this online leather jacket storethat caters to the US clientele successfully. Likewise, you should also expand your outreach beyond the borders and introduce more products. Always think of the next step.
If we have to sum up all these strategies, it all boils down to one thing: dream big and never stop. Decide on your purpose and plan everything according to it. Involve your team in your dream and share your vision with them. Seek every bit of support from people as well as from technology.https://www.cosplayshot.com/7-strategies-all-startups-must-have-to-sustain-business-growth/Business