There are no shortcuts for business success. Whether it is to grow your startup business or take a new plunge on your existing business, you may have to face struggles, contradictions, messiness, and even failures. However, a strategic step may avoid several dire consequences.
Let’s explore some of the tried and tested business strategies from great entrepreneurs who have realized their dream come true.
Ed Sappin, CEO of Sappin Global Strategies says that it is not enough when an idea clicks to a profitable business. Continued success is dependent on different and evolving strategies. It is necessary to prioritize a growth to-do list to grow a business.
Simple steps to grow your startup business
Spot the trend
Spotting the trend, strategizing a business model by solving the problems for others, and transplanting into new markets, are effective ways to start your entrepreneurial journey.
The founders of Slideshare spotted the opportunity for this platform when they noticed that the speakers were finding it difficult to use email and pen-drives while sharing presentations quickly in a camp.
Know your value proposition
Michael Skok, VC and Forbes contributor says that it is crucial to establish a substantive value proposition while translating your ideas into a successful business. A business strategist must explain how the start-up is exclusively qualified in solving or fulfilling the customers’ problems or expectations.
A mixer lid with a handle helps the housewives to hold the lid while opening the jar without damage. A small tweak in the mixer’s jar model can create wonders.
Identify the target audience
Understanding the target audience, showing empathy with the customers, and solving their problems leads to the right product development or enhancement. It is necessary to gather data, analyse the market, review personal networks, and create a buyer persona.
Establish key performance indicators
It is necessary to understand what tweaks should be made to improve the business which will eventually reflect in the KPIs. The growth metrics include customer acquisition cost, customer lifetime value, burn rate, gross profit margin, and conversion rate.
Technology Implementation
It is crucial to imbibe technology in every aspect as possible. The use of deep learning algorithms, development of the content platform, use of analytics, adaptive testing, and other tools enable the business to grow at a faster rate.
Talent and culture
One of the strategist leadership qualities is to enhance talent and culture. Hiring the right people, hiring the freshers to keep the talent pipeline flowing, facilitating people to experiment outside the comfort zone, may look challenging but it is rewarding.
Monitor competition and scale responsibly
It is necessary to analyse the competitive landscape and pivot a new plan for product enhancement. Monitor spending, avoid debts and limit overheads to avoid failures.
If you are looking for support in outlining a start-up strategy, become a business strategy professional or hire a professional. Gaining a business strategy knowledge helps to drive your role in sync with the organization’s demands and directions. It lends you the intellectual confidence that a problem solver needs on spot.
