Startups

5 Ways to Ensure the Growth of Your Startup

  • April 12, 2017
Growth of Your Startup

Having a great business idea is something that can happen to anyone. On the other hand, when it comes to its execution, this is what separates the best from the rest. While it is true that there’s no 100 percent efficient way to ensure success, there are a few courses of action that are highly likely to result in a growth. With this in mind, here are five ways in which you can ensure the growth of your startup in the easiest way possible.

Growth of Your Startup

  1. Start making a network
    The first thing you need to do in order to become a recognizable face in any industry is start making a network. The easiest way to do so is to just meet people. In the real world, this would mean going to industry specific events or conventions and just mingling. Online, things are even simpler. Start frequenting blogs of people who are supposed to be a niche authority and try to make their acquaintance. Overall, this is a lot of work but it always pays off in the end.
  2. Take it easy on infrastructure
    Of course, as your business grows, you will need better infrastructure, but sometimes over investing ahead of time can be a bad thing. Expanding your capabilities further than your current needs may require more money than you can afford to spend. This is also why, when faced with increased workload, most startups rather outsource than hire more people. The fact that this business model is much more flexible can sometimes makes all the difference.
  3. Consult financial experts
    It would be an oversimplification to try and say that the income is what you get when you deduct your payable’s from your receivables. There are so many hidden taxes, fees and expenses and a miscalculation when it comes to your budget can be more expensive than you think. This is why it might be for the best if you were to consult financial experts in order to get a few tips and pointers about how to run your company’s finances. Seeing how you probably won’t have a fortune to spend on this ‘favor’, you can always book a free consultation with experts from Pherrus, tax accountants in Sydney.
  4. Performance pay
    This particular move may not be as popular but it definitely does wonders for your motivation. If you offer partnership or just equity in your company to all of its senior membership, you can virtually guarantee that the company’s best interest becomes their interest as well. Just keep in mind that the same interest doesn’t necessarily mean the same vision. As for the team members on entry-level jobs, you can always hold them on a performance pay. Those more ambitious will see this as an opportunity and go above and beyond to deliver the best possible results.
  5. Traction is not growth
    A lot of new business owners make a mistake of believing that traction is the same thing as growth, when in fact these two are completely separate stages. Traction is only there to get you ‘through the door’, while growth is mostly concerned with what happens next. In order for your business to start growing, you need to think about long-term expansion in terms of grooming future management and going from a one- to a multi-channel growth. This, of course, also includes optimizing your business for these new circumstances.

Conclusion
In order to grow your company in the best way possible, you need each and every of the above mentioned five steps. While some of them are up to the interpretation (mostly one about equity and performance pay) the rest are simply non-negotiable. You need to start making a name for yourself in the public, which means getting both your brand image and your finances in best possible order. For those who manage to follow up on this, only the sky’s the limit.
Dan Radak is a marketing professional with eleven years of experience. He is a coauthor on several websites and regular contributor to BizzMark Blog. Currently, he is working with a number of companies in the field of digital marketing, closely collaborating with a couple of e-commerce companies.

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