Let’s be honest: scaling your business is challenging and it requires a great deal of effort to grow your business.
About 75% of start-ups fail due to scalability issues. Scalability isn’t just a blueprint to follow but sustaining an ideal blend of ideas, vision, goals, and strategic business plan to utilize resources to yield incredible outcomes.
This can be quite overwhelming for an entrepreneur, especially in today’s continually evolving business world. These six strategies will act as a guide towards making your startup a success.
1.Know the competition
As a startup business, understanding your competition is extremely important; you should know who your competitors are as well as the products and services they offer.
This information will provide you with better insight into selling your products and services and identify the possible loopholes you can take advantage of. It also helps you know how to stay ahead and motivates you to find innovative ways to make your business stand out.
You can learn new approaches and techniques from your competition as well. After all, if it works for them, it is likely to work for you too.
2. Save cash regardless of how good business is
Save as much as possible. The urge to spend can be very tempting for a business owner, especially when there is a significant increase in sales.
But in a period of constantly changing markets, a conservative approach with spending can prove a game-changer when a difficult period emerges.
Saving some profits made in the bank will assist you with enduring unexpected conditions.
If possible, cut back on traditional advertising favouring low-cost alternatives, outsource, invest in digital storage solutions, and embrace virtual working or telecommuting.
These are several ways to cut back on spending yet maintain business productivity.
3. Leave investors and pursue their connections
This may sound unreasonable at first but let’s discover what it means. Pursuing an investor is a crucial goal for every entrepreneur; however, reaching out to a potential investor can be difficult.
A more effective approach is to build a high point of awareness by associating with an investor’s primary connections.
By so doing, you have a better chance of generating an investor’s interest in your startup business.
This strategy is proven in the case of Grainster, whose owners networked with an investor’s colleagues and associates to stimulate his interest in their company.
An investor is more likely to trust you when they hear about your business from individuals they trust.
4. Listen to customer feedback and adjust accordingly
A business owner must “always be adapting” just as a salesperson should “always be closing.” But how can you adapt when you’re not listening to customer feedback?
Customers are likely to give feedback whenever they use your services or products. It is beneficial to listen to their suggestions and feedback.
It offers you the opportunity to do precisely as the customer wants; they would stay and recommend your business to others, which increases your customer base.
Also, create a loyalty program for your customers. Several studies have suggested that it costs more to gain a new customer than sell to an existing customer.
Therefore, building an attractive customer loyalty program will help you keep customers while attracting new ones in the long run.
5. Create a webinar
A webinar is an extraordinary way to promote your business and is undoubtedly among the fastest ways to grow your business.
Like several online course platforms, a webinar offers an automated selling platform to market a product or service to a broad audience quickly.
It also educates an audience on the expertise you possess in a particular field- making you a capable business owner in their eyes.
This medium is extraordinary; it fascinates a vast audience and captures high sales effortlessly.
A webinar is a smart marketing strategy that exposes your business to investors and business prospects and positions you as an expert.
6. Be responsive to change
Change is inevitable in every business, and those ready to respond accordingly have a greater chance of success.
You must always be adaptable and flexible to change and likewise adjust your business accordingly.
Don’t be left behind if a change in your product or service is justified. Acknowledge from the beginning that where you are is not likely to be where you’ll wind up.
Lack of business flexibility can lead to the loss of customers, revenues, and eventual business failure.
Your willingness to accept change and redesign can prove a big difference between your business success or failure as an entrepreneur.
- DISCLOSURE – This post has been written by an outside source
