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How to grow a startup company

If you are a budding entrepreneur, you have probably heard all the stories about the small startups that seem to grow overnight into mega companies and household names. The reality is that these companies put in a lot of sweat capital to set up their brands for that growth – and still run a huge risk of failure. To grow a new business, focus your marketing efforts on exposing your brand to as many potential customers as possible. Organize the few employees you have now so you need to hire new people so that you have the structure in place to fit them. With a good product, strong brand and a little luck, you can see your business expand and have the tools to take it to the next level. [1]

[ Edit ] Steps

[ Edit ] Promote your brand

  1. Get your family and friends to help spread the word about yours business. Family and friends are more likely to be loyal to your business because they are loyal to you. Don't be afraid to lean on them, especially when you're just running. Encourage them to tell their friends about your business. [2]
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    • Make sure your family and friends get some benefit from promoting your business (other than the joy of helping you succeed). For example, you can offer them a discount for referrals.
    • You may also want to consider creating a group of friends and family that you call your personal "influencer". Give them access to new products or services before anyone else or give them private access to events or campaigns you have.
  2. Prioritize customer service and interaction to increase customer retention. As you try to grow your startup, strong, personalized customer service helps you keep regular customers and get new ones faster. People are often more likely to tell someone about a new product or service if they had a good experience. [3]
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    • Even if someone is dissatisfied, they can personally reach a big difference. Listen to your customers and do everything you can to ensure that they have a positive experience with your company.
    • Train all the employees you need to interact with the customers in a positive way and help spread the culture and personality of your company. If customers can expect a similar attitude every time they interact with your employees, they will think of your brand as a singular entity rather than a group of distinct people who each have their own way of doing things.
  3. Build a robust website to reach new customers. Give potential customers different areas to explore on your site to find out more about your business and the products or services you offer. Include reviews and testimonials from current customers to encourage new customers to come on board. [4]
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    • You may also want to consider starting a blog with information about your company or industry. You can create very interesting content to drive people to your site. For example, if you started a food delivery service, you can create blog posts about the most popular food types in different regions or profiles at local restaurants.
  4. Keep an active presence on social media. Social media platforms, such as Twitter, Facebook and Instagram, allow you to interact directly with consumers. By posting and commenting, you can introduce consumers to your brand's personality. [5]
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    • In the end, you want to hire a dedicated social media manager to create and schedule 2-3 posts a day for maximum visibility, as well as monitor comments and respond to messages. In the meantime, you can be responsible for managing this yourself.
    • Interacting with established brands can also increase your visibility, especially if these accounts work with you.
  5. Take advantage of the marketing channels where you get the most traction. Many start-ups growing out on stage do so by limiting their marketing and advertising to one channel rather than spreading it over several. Look at your target customer and consider where they spend most of their time. [6]
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    • For example, if you tried to target middle-aged consumers, you might find that Facebook was a great way to reach them. But if you were targeting teenagers, you'd probably want to focus on a social media platform, such as TikTok, which was more popular with the younger demographic.
  6. Partner with other brands to reach more consumers. If you offer a product or service that seems to go hand in hand with an established brand, make an offer to merge. Your startup will benefit from the association with a brand that consumers already know and trust. [7]
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    • For example, if you are developing nutritional supplements to add their coffee in the morning, you might consider partnering with a popular coffee chain, such as Starbucks.
    • Although your startup is still relatively small, you can partner with smaller local and regional independent brands and then branch out into larger brands as you grow.

[ Edit ] Building an organizational structure

  1. Create a structure that reflects how your business will grow. Look at your current employees and determine their strengths and how they can best serve the business as it grows. If you mainly run things completely on your own, think about your own weaknesses and where you can bring someone on board to help when things are getting too big for you to handle on your own. [8]
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    • For example, if your company is focused on delivering new products, you can organize product teams. You may have a product and some ideas right now. But as you develop the new products, bring someone on board to lead a team that focuses solely on that product. As your business continues to grow, each team would have its own leader and work more independently of the others, with you monitoring them all.
    • On the other hand, if your company provides a service, you would want an organizational structure defined by the roles that employees played in the company, with standard departments to handle areas such as human resources, marketing and customer service. As a founder, think about the areas you are strong in and where you can use some help as your business grows.
  2. Group your employees into teams that can grow as your business grows. Assign an employee to lead each group that reports directly to you. The employee will be responsible for assessing the group's needs. This allows you to focus on growth rather than having to look at all aspects of your business yourself. [9]
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    • Develop automatic processes for hiring and onboarding new employees so that this can be done effectively to anticipate growth. Talk to your team leaders about the needs of their groups so that you can develop standard skills for each potential role in your business.
    • If the team members take on a new responsibility as a result of the reorganization, you may want to consider providing additional compensation. This will be a bigger business as your business grows. For example, you can start with an employee who is responsible for sales and marketing. As you grow, you start adding employees. When the original employee supervises 2 or 3 others, they have a more complicated job.
  3. Standardize routine processes to streamline internal operations. When you founded your startup, you probably did most of the operations and management work on your own. But if you want your business to grow, you have to delegate many of these responsibilities to other employees. Establish clear policies for how you want things to be done so that your business continues to reflect your goals as it grows. [10]
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    • Having standard procedures also makes it easier to board new employees because you don't have to worry about being told 5 different things by 5 different people (or worse, nothing of none).
  4. Hire employees to fit your business culture and personality. If your employees are happy working with your company and feel like they fit in, they will be more dedicated to your vision and help grow the growth for your startup. Pay attention to the personality and work ethic of potential employees to make sure they are right for your business. [11]
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    • Make a list of the key values ​​you want your company to embody. When interviewing potential employees, you can ask questions that will help you determine if they value the same things. For example, if you value teamwork, you can ask if the candidate prefers to solve problems on their own as opposed to working with a team.
  5. Create a chain of command as your business starts to grow. When you are just starting out, you probably have a skeleton staff of 2 or 3 employees who all report directly to you and are relatively equal in rank. But you will not have enough time and energy for this as your business grows. Instead, create a command chain based on your basic organizational structure. This ensures that every employee in your staff knows exactly who to report to on a particular issue. [12]
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    • If you have a product-based organizational structure, you probably only have the product managers reporting directly to you and everyone else reporting to their respective product manager.
    • On the other hand, a role-based departmental structure may have different people in charge of different functions. For example, an employee might go to the head of human resources if they had a question about their vacation, but they would go to the head of customer service if they received a complaint from the customer.

[ Edit ] Measuring Your Growth

  1. Set a timeline for your goals to strategize effectively. If growth is your priority, create measurable and achievable goals for your business with specific dates you want to achieve them. This allows you to plan a controlled growth strategy and put the resources in place to reach those goals within the timeline you set. [13]
      Grow a Startup Business Step 12.jpg
    • Specific growth norms can also be used to trigger related actions or events. For example, you can set up job ads to be released when you meet a certain number of customers.
    • Delegate specific tasks for each team member to achieve each goal in your timeline. Find out what these team members need to complete their tasks and allocate company resources accordingly. This also ensures that everyone is working towards the same goals rather than potentially working with cross-purposes.
  2. Streamline your efforts by focusing on 1 or 2 growth indicators at a time. Although you may be following many different growth indicators, work only to improve 1 or 2 at a time. This enables a significant improvement in an area rather than marginal growth across the board. Once you have reached your target for that indicator, move on to the next one. [14]
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    • For example, if you have designed a smartphone app, you may first focus on the number of users you have. Then, once you reach the 100,000 user mark, you will focus on increasing the average time a user is on your app to 5 minutes.
  3. Use software to effectively track growth metrics. While you can manually track your performance indicators (KPIs or "key performance indicators") in a spreadsheet, this tracking method will take up too much of your time as your business grows. Instead, you can watch subscribe to a software platform that can connect to your business and track these metrics for you and give you real-time data. [15]
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    • Software like SimpleKPI is streamlined and easy to use, while other products, such as Salesforce, have a bit more of a learning curve but allow for more customization.
  4. Track and report on growth daily to keep employees motivated. Keep your employees informed about the startup's progress in the area you have decided to focus on. If you report on growth in that area every day, your employees will understand its importance and do what they can to improve growth in that area as well. [16]
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    • Note the specific actions employees take to further grow and point them out for the rest of the team. This will encourage competition.
  5. Evaluate the market for your product or service at all times to remain flexible. When trying to grow up a startup quickly, you must be able to adapt to the changing market for the product or service you offer. The demand that existed when you first founded your business can change after a year or two, especially if other competitors have entered the arena. [17]
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    • As the market changes, you have to be willing and able to respond and change with it. Otherwise, your company's growth will stagnate.
    • For example, suppose you started a food delivery service. But another company has started doing the same thing and is more efficient and charges lower delivery fees. If you do not act quickly to improve your efficiency and adjust your pricing, the other company will probably take you out of business.
  6. Look at your finances at least once a week to identify problems. Keeping an eye on what's happening with your company's finances daily is crucial if your business is growing fast. Otherwise, a small problem can quickly turn into a huge problem. Set up a meeting with your accountant or CFO for a weekly review of the company's income and cash flow. [18]
      Grow a Startup Business Step 17.jpg
    • This also helps you identify problem areas or parts of your business that are holding you back or using more resources than they should be. If you are focused on growing your business, you must be able to respond quickly to these problems as they arise.
    • If you have investors in your startup, you can keep an eye on your finances every week also to interact more savvy with your investors and let them know exactly how their money is being spent.

[ Edit ] References

  1. [1945 https://thenextweb.com/ contributors / 2017/08/13/5-actually-useful-tips-grow-start /
  2. https://thenextweb.com/contributors/2017/08/13/5-actually-useful-tips -grow-startup /
  3. https://www.inc .com / bill-green / 7-tips-for-startups-that-want-to-grow-faster.html
  4. [1945 https://www.entrepreneur.com/article/321710
  5. https://www.entrepreneur.com/article/321710
  6. [1945 https://thenextweb.com/ contributors / 2017/08/13/5-actually-useful-tips-grow-start /
  7. [1945 https: //www.entreprene ur.com/article/249314vud19659080vard↑ https://firstround.com/review/What-It-Takes-to-Grow-Your-Startup- 500-in-Less-Than-a-Year /
  8. https://firstround.com/review/What-It-Takes-to-Grow-Your-Startup-500-in-Less-Than -a-Year /
  9. https://www.inc .com / bill-green / 7-tips-for-startups-that-want-to-grow-faster.html Tu 1919909083 ↑↑ https://www.inc.com/ clate-mask / 7-step- to-grow-your-start-the-right-way.html
  10. https://www.entrepreneur.com/article/334833
  11. [1945 https://www.inc. com / clate-mask / 7-steps-to-growing-your-startup-the-right-way.html Tu 1919909086 ↑↑ https://thenextweb.com/contributors/ 2017/08/08/13-actually -usable-tips-grow-start /
  12. https://www.business.com/articles/14-tools-to-track-key-performance-indicators -for-your-business / [19659085] ↑ https://thenextweb.com/contributors/2017/08/13/5-actually-useful-tips-grow-startup/
  13. https://www.i nc.com / bill-green / 7-tips-for-startups-as-want-to-grow-faster.html Tu 191990909090 ↑ https://www.entrepreneur.com/article/249314

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