Having a nice idea can make it relatively easy to start a startup, but to turn initial momentum into lasting success, business growth must be sustained.
Recall, in this regard, the teaching of Paul Graham:
“A startup may have a great idea, but it is the continued growth that makes it a great company.”
But how, in practical terms, does this business growth translate? That is, what are the actions to put in place to maintain the initial momentum and develop the business? In the next few lines you will find the answer to these questions and many other useful tips on how to grow a business.
Strategies for continued business development
It should be clear to you, first of all, that to maintain the initial momentum and turn it into continuous and lasting business growth there is no specific process. That said, however, you can (or, rather, should) follow some certainly valuable pointers.
Set goals in the business development plan
Carrying out a business growth plan means achieving the goals set within the Business Plan. It is essential that the goals are shared among all those involved in the business and that the results of individual goals are constantly measured.
There is another very important aspect that you must take into consideration: do not be blinded by short-term successes and, on the contrary, continue to develop your enterprise steadily.
The role of marketing in maintaining growth
Specifically, to grow your business you need to improve what you do and how you do it, finding new strategies to contain costs and increase profits. Focus your attentions on developing new products or services but also worry about perfecting those you already have.
It is precisely with regard to this last aspect that the marketing sector plays a key role: customers, in fact, are wont to lose interest quickly and turn their attentions to the competition. Reviving that interest is, therefore, crucial.
Keeping an eye on the competition
We have not mentioned the competition at random: remember that it is precisely your most successful competitors that can offer you the right cue to improve your offering. In fact, analyzing your competition allows you to see where you can and should improve, to identify new trends for success, and to evaluate new opportunities for growth.
7 Practical actions for continued growth
We promised you 7 useful tips to keep the initial momentum going and achieve lasting success with your startup, and now it’s time to live up to your word: get comfortable and pay close attention to these practical actions to implement in your business growth strategies.
Creating an effective marketing plan
As already pointed out, marketing plays in a key role in this game: in your business development plan you must necessarily develop an marketing plan effective.
You should know that there are unfortunately many startups, even among those with excellent potential, that fail within a short period of time because they are unable to go beyond the innovative idea behind them. A good marketing and communication plan studied in the smallest details is what allows you to define the goals to be achieved (and the resources to be used) in the short term but also in the medium to long term, so that you can ensure a good positioning in the market.
Calendaring events and promotions
In concrete terms, a very useful practical action is to create a calendar that keeps note of promotional initiatives and deadlines. Keep in mind that such notations should not be tied exclusively to online activity but also, where scheduled, to industry events and trade shows, which represent valuable opportunities to promote your business.
Networking and partnership building
In addition to promoting your business, events and trade fairs are also useful opportunities to build a network with other business owners and, more generally, industry players. Networking and creating partnerships is a great low-cost marketing strategy because it gives you the opportunity to find new sales channels (as well as, where possible, new, more affordable supplies).
A key tip in this regard is to seek out and choose only companies that are willing and able to truly enhance your brand.
Develop customer loyalty and retention
Sustaining business growth by no means means forgetting about existing customers in order to find new ones. On the contrary, a key step in fueling the drive for success is precisely to try to create lasting bonds with customers by developing their loyalty.
Always remember that loyal customers are a more stable source of income than that provided by new customers.
Among the most widely used customer retention strategies, special mention goes to loyalty programs, which provide exclusive incentives and rewards useful in convincing customers to return to purchase the company’s products or services.
Sales management and optimization
Sales are another crucial step in business growth: to manage them optimally, you must accurately identify your target audience, know your existing and potential customers, study and measure your campaigns, and devote special attention to customer service.
Innovation and new product development
We have already emphasized it: improving the products or services already offered is important, but so is developing new ones.
Keep in mind that new ideas can come from a variety of sources-from customers to competitors, from friends and family to articles in the media. Study the market for new trends and test it by making your new ideas available to consumers so that you can also use their feedback to offer even better products or services. It may seem like an expensive and risky process, but also consider that it can be very, very profitable.
Set performance indicators and review results
Measuring is, as always, an important (indeed, indispensable) action. Set your goals and reevaluate them periodically (with specific deadlines) in light of achieved (or unachieved) milestones, so you can identify the most successful aspects and reinforce them.
Conclusions and next steps
As you must have realized by now, sustaining business growth means taking precise action in a number of management areas. For it to work, don’t forget to share this need with the entire team, don’t stop after early successes, and keep an ever-watchful eye on your competition.
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