Do you know that almost 50 per cent of the startups fail every year?
Only a few startups — that really have the potential — survive for more than five years.
Then, what is that one thing which can help you sustain your company in the market for a longer period of time? Well, the only suitable answer to that question is by creating a startup growth strategy.
If you are an entrepreneur who is looking for long-term success, then you need to have a growth strategy. Having just a profitable business is not an achievement and it is not enough to keep it running for long. The continuous path to success depends on various evolving strategies.
You need to make a step by step plan and then add fuel to it to fire as much as possible. Here is your startup growth strategy in 5 simple steps:
- Analyze Your Value Propositions
You must have an understanding of your business. You must know, what sets you apart from your competitors. If you are successful to attain it, then your business is on the way for a long term growth.
You need to find out why customers are coming to you for a product or a service in the first place. How are you different from all the other competitors in the market? By answering these questions, you can easily explain to your customers why they must do business with you. You need to figure out the value proposition, the USP of your business and a few special benefits that only you can provide.
- Identify Your Target Market
You started a business because you saw an opportunity to make a profit from it. You might have seen a few problems for a type of audience. But where are you going to find this audience? Are you sure that the target you are going for will be your ideal customer? If you are wrong, then who are you serving? Where is your potential customer and who is it? Well, make a list of your ideal customer. Make sure that you target those customers. And even if you cannot find them, then make a network of people and let them examine your product or service. You can easily use their feedback to find the right audience.
- Setup Key Performance Indicators
Change is constant and it must be measurable. The best startup founders are going to work on their performance indicators. These indicators are going to have an effect on the growth of the startup. You need to dedicate the required time as well as money to achieve and improve key performance indicators of your business. There is no way you can make your company grow without focusing on your KPIs.
- Review Your Business Model
When you are structuring your business model, you have to make a section that is dedicated to achieving your goals and assumptions. One of the first things that you need to do is to check whether you are achieving your business goals or not? Review them properly and analyze whether your company has made any progress or not? What you need to do is to test your ideas. Also, make a revised business model and update your goals if you think they are becoming outdated.
You also need to update your employees and staff about the updated goals and expectations. They must know the bigger picture and understand their goals. You have to create a strategy that is likely to get where you want yourself in a year’s time. Never hesitate to change the strategy, if you see that things are not working out.
- Always Keep a Check on Your Competitors
It does not matter from which industry you belong, you already have a competition which is prospering at something that you are struggling with. When you are making a growth strategy, take a look at the similar businesses that are growing each and every day. Take a deep look at their growth strategy and learn from them.
You need to question each and everything to make the right choices. Whether they are wrong or are just positioned somewhat different. Do not assume yourself to be the smartest as you always need to learn.
The five above mentioned elements are significant in making a robust startup growth strategy. These strategies are helpful in providing a much-needed boost in the market. They are also very helpful for walking toe to toe with your competitors.
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This Article first appeared in entrepreneur
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