These days, people like to say we are living in the golden age of startups. And truly, the development of tech, inclusive regulations, and an open global market did make the job of starting a company easier than ever before. However, launching a gig is only the first step you need to make in this long journey.
The goal of any successful company is to grow and cover new grounds. The startups that play too safe and don’t take any active steps to meet these goals are making themselves vulnerable to the harsh realities of the globalized economy.
Let us take a look then at a couple of tips that should help you avoid this problem and build the tools and strategies for sustainable growth right into the very core of your company.
Hire the top-tier employees
Employees are the engine that will drive your company to success. So, you need to make sure all the positions are filled in by the top-tier talent even if that means postponing the launch. Also, don’t limit your consideration only to technical competencies, work experience, and professional credentials. Since you are starting from scratch your initial employees are expected to take senior positions as your startup keeps evolving. Keeping that in mind you should look for individuals with high leadership skills who share the same passion for the industry and have a sense of collaborative work culture.
Prioritize repeat purchases
This may sound counterintuitive but there is more than one way to grow a company. Besides, taking any shot at moving to new territory or expanding the product portfolio requires strong financial foundations. Keeping that in mind, we would like to remind you of the recent research saying that almost 65% of SMBs’ revenue comes from repeat business. These resources are invaluable for any kind of semblance of sustainable growth. That is why you should do your best to maximize this revenue stream by investing in top-tier customer services, loyalty and referral programs, as well as personalized marketing campaigns.
Establish a strong brand from the get-go
Relying on the quality of your products and services to get you from local anonymity to global fame has a very good chance of leaving you disappointed. Modern consumers are becoming more and more motivated by emotions and connections with superficial brand qualities than the actual value they are getting from the goods. Therefore, all the money you are going to invest in hiring an experienced branding agency will be money well spent. Ideally, your brand should rise above the simple service provider and position itself as an influential voice, source of knowledge, and conversation starter.
Make the company adaptable
The present-day business world is incredibly volatile and unpredictable. If you want to succeed in such an environment your startup should be able to quickly close in on the favorable opportunities and back down when things start to go downhill. The ways for achieving such flexibility are numerous but we say that moving your infrastructure to the cloud where you’ll have the benefit of subscription-based or pay-as-you-go services and outsourcing the non-critical departments make a good place to start. Sudden demand spikes can be easily mitigated with the help of contingent workforce teams and hiring third-party help.
Focus your attention on social media
When it comes to startups, there is really no bad way to reach out to new customers. So we encourage you to try as many different marketing approaches like SEO, content marketing, PPCs, and email marketing as your strategy allows you. But, social media is where the important two-way conversations are being held, and, keeping in mind that your main goal should be developing a strong brand voice, this is where the focus of your attention should be. An active profile and strong following both serve as great launching platforms for all sorts of promotions, calls to action, publications, and similar initiatives.
Encourage a culture of growth and innovation
Last but not least, we would like to remind you that sitting on the laurels of a single amazing idea is the privilege of established brands like Coca-Cola. The newcomers need to constantly evolve end disrupt the market in order to find their way to the top. That is the reason why your startup should foster a culture of growth and innovation where everyone will be free to express their opinion and use startup resources for personal projects. You should also do your best to keep the roster fresh and pick up and groom the local talents through internship and career development programs as soon as they become eligible.
So, there you have it – the top six strategies to make sure your startup has what it takes to accomplish sustainable growth and reach beyond its local borders as soon as possible. The reality of the present-day economy is that the companies that want to survive their infancy and establish a strong market presence have no way to go but forward. Therefore, growing your startup shouldn’t be seen as an option but rather an imperative. That will not be an easy task but not, but now you know where to start.