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26 Sep 2020, Edition - 1901, Saturday

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Business

10 Strategies to Improve the Growth of Your Startup

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According to a report by Startup Genome, 9 out of 10 startups fail every year. Yes, it’s the bitter truth! If you own a startup, you surely don’t want to be one among the 9 failed ones. But, to succeed as a startup, it takes considerable and constant effort. And, it is no secret that success cannot be achieved without efforts.

We have to admit it! Improving the growth of a startup is hard! But, what is more hard is planning proper strategies that will lead to the company’s growth. Hence, by coming up with smart growth strategies, you can create a long-term road map to success.

One such example of a booming startup is GrabOn. Launched in 2013, the company reached great height within a short span of time. Completely bootstrapped, GrabOn soon became the pioneering leader in the online couponing world. It made the lives of online shoppers easy by helping them save on everything! And, all this was possible because of its outstanding business strategies and ideas.

In this article, we have compiled 10 best strategies that can be used by you to improve the growth of your startup.

Table of contents

●10 Strategies to Improve the Growth of Your Startup
●Other strategies you can implement for your startup’s growth
●What must be included in every growth plan?
●Conclusion

10 Strategies to Improve the Growth of Your Startup

If you are looking forward to improving your newly formed business. These strategies will definitely help you scale up your business and get more revenue.

1.Develop a proper vision

First things first! For your business to grow big, it is very important to have a proper vision. A vision is nothing but a fair idea of how you imagine your business to be in the future. Having a vision gives the motivation to work relentlessly and stop you if you are heading in the wrong direction.

2.Know your competitors

The next important thing to keep in mind while planning a strategy for your business is your competition. It is very crucial to know about your competitors in order to survive in the market. A thorough competitor analysis will no doubt help you construct a strong growth strategy, making you the number one player in the industry.

3.Identify your customers

Your business is nothing without your customers. Identifying the right customer base, their nature and behaviour. It will help the company to plan the business according to the needs of the customers. Targeting the right audience will only get you more lead and business.

4.Build a smart team

The true assets of every organization are its employees. The employees are the ones that lead the company to success by working collaboratively and effectively. So, it is very pivotal to make smart hires who can contribute the best and help the company grow by leaps and bounds.

5.Promote an easy communication culture

Communication is the key. An easy and open communication system in an organization is a must for the business to flourish. Encouragement of open communication among the employees must be promoted if you want some revolutionary and out-of-the-box ideas from them. The flow of ideas between the departments and the entire office in whole will make a productive and cooperative team.

6.Measure everyday task

Yet another significant step to uplift your company’s growth is keeping a track on your employees’ everyday tasks. You can use a task management software to measure the daily, weekly or monthly tasks of your employees. Afterall, the tasks done by the employees will ultimately expand your business.

7.Stick to the company goals

While you dive deep into creating plans for your company’s development, don’t forget to stick to the company goals. Not only the future plans, but each and every employee of the organization must be aware of the goals of the company and strive to achieve. Deviating from the goals will have an adverse impact on the company’s growth.

8.Keep a track of key metrics

Business metrics are nothing but the company’s sales, revenue, costs and customers. While drafting any strategy, the company must keep in all the metrics. Not only you, your employees must also be aware of the metrics in order to work efficiently. Taking the metrics into consideration and working will take your company closer to its vision and goals.

9.Explore new opportunities within your niche

Rule no. 1 of doing business is to work with an open mind. Never draw a line or limit yourself to anything. Business is all about innovation and exploration. Do a competitor analysis. Know what your customers want. Always stay open to new opportunities and ideas. Plan what more you can do within your niche to attract a huge customer base and increase your business.

10.Indulge in partnerships, mergers and acquisitions

If you are looking to grow your company real quick, one of the best ways is to acquire other businesses that would complete your own. You can also merge with other companies within your industry to scale fast. Indulging in strategic partnerships with other brands can also be very helpful to create a unique image of your startup in the market and gain tremendous growth.

Other strategies you can implement for your startup’s growth

Let’s accept it! Planning the growth strategy for a startup is a daunting task. If you are already using the above listed strategies and looking for some more ideas to make your business a prosperous one, below are a few of them.

●Automate whatever work you can

●Create a sales funnel

●International expansion

●Plan for passive income sources

Every growth plan must include the following

While you are planning the growth strategy for your business, make sure that every plan must include the following points.

●Value addition to the business

●Potential customer base

●Critical financial planning

Conclusion

No startup can ever be successful without a solid plan and exceptional strategies. Let’s face it! Dire hard work and dedication is all you need to surpass your competitors and rank #number 1 in the market. Moreover, what is more important is sticking to the plan to stay at the top and never fall back. Hope these strategies help you to improve your startup’s growth. Do let us know which strategy turned out to be the most helpful one!

Author Bio:

Anushka Oza is a journalism student, a free spirited package of positive energies! Extremely social and fun to be around, this wordsmith takes her work seriously. She is an avid reader, big foodie and travel junkie.

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