5 Essential Strategies to Boost Your Startup’s Growth
The success of a well-run small companies can normally be reflected in the manner of its growth. Growth almost always changes the nature of management problems that the company will face, as well as the knowledge and skills necessary to make the company cope with the arising problems.
The company’s growth will be reflected in all aspects of its business: sales growth, number of employees, increase of inventories, increase of production capacities, the organizational structure becomes more complex, there is a permanent capital shortage etc.
The earlier problems become more complex, creating numerous new problems. At the same time the faster growth of the company, the greater the possibility of occurrence of these problems due to various pressures, haste, confusion, loss of control, etc.
In this article we will expose the advices that can assist you in accelerating the growth of your startup.
1. Try to build a brand
Building corporate branding begins even before the company is founded. The first function, is to define corporate identification via the personality of the brand. This includes activities that aim to define the corporate personality, planning, property, corporate mission and corporate philosophy, the definition of fundamental values, developing ideas, planning the structure and characteristics of the company and opinion on behalf of the company. A successful process of building a brand based on common corporate values will define the brand and coherent activities across the organization. Although the basic values are viewed as relatively static, they are changing over time, especially in dynamic environments that are characterized by advanced technology.
Strategic brand planning refers to the use of brands in strategic planning. This includes generating visions of a brand and connecting this vision with the organizational culture and corporate image. This leads to a conversion of the business concepts, values and philosophy of why a corporate brand is an important strategic value for the company. A well established brand is able to improve the company’s competitiveness and generate growth and profitability if the strategic orientation is based on the brand.
2. Attract more users
The most expensive move for any business is finding new clients. It takes time, money and effort to build confidence Therefore, once you manage to persuade the customer to invest their hard-infested money – instead of your efforts in finding new clients – turn to an existing customer base and give them what they want.
When you develop trust and credibility with existing customers offer them additional products, services or treatments. Begin to develop products that are related to the already existing product. It has always been easier – and cheaper – to go back to existing customers and offer them more.
You’re dealing with people, talk about their plans as talking to a friend. Do not hold strict “corporate” behavior. Clearly, concisely and persuasively present your ideas. If you just use your brand to promote and not demonstrate anything, you will never arouse a reaction than just “awareness.” The same applies to offers and prices that are about to launch. Can you improve them? Can you offer potential customers more valuable offer that will cost you a bit? Will it improve the sales? In other words, fasten your offer-price with one another. Test and raise prices together with higher and better offers.
3. Don’t spend too much
Create a culture within the organization where all of your employees control costs, starting with the lowest-ranking employees up to the top management. Look forward to any reduction in costs as much as you look forward to every business success. Create an internal system of rewarding each employee who is in any way able to reduce costs. Make simple and understandable simulation to educate employees on how cost reduction has an impact on the profitability of the organization.
It is important that you start to worry about the costs before the situation becomes critical within the organization, i.e. before you will be required to make difficult decisions. You should involve your suppliers during the implementation of cost reduction programs.
Forensically review your costs, one by one. Experience shows that this is the barrier in the way of cost management and stated that it requires large resources. The large costs can occur in outsourcing, i.e. when you start engaging a variety of external consultants to define your own expenses. Try to do it yourselves within the organization.
4. Make the best product you can
The software product is a set of computer programs and associated documentation, created in order to be sold. It can be developed for a particular user (customized product), or for the general market (generic product). The software product is often called software system.
For today’s software it is implied that it must be of the best quality. More specifically, the software product is expected to be characterized with the following quality attributes:
- Maintenance. The software must be changed in accordance with the changing needs of the users.
- Reliability and safety. The software must behave in a predictable manner, and may not cause physical or economic damage.
- Efficiency. The software must satisfy performance measures, and it needs to manage the machine resources in a sparing manner.
- Usability. The software should do what people expected of it, its interface should be intuitive, and it must provide documentation.
5. Establish routines in your company
People always blame the external factors for their failures and successes. When your company is successful, many people will think that you tried the perfect idea at the perfect time. In reality, the great companies are successful because of the internal processes, not the external.