5 Strategies All Startups Must Have to Sustain Business Growth

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Every startup wants to sustain growth. Unfortunately, not many companies know how to make that happen. If your goal is to grow a successful business, you’ll need to learn how to carefully strategize and plan your next moves.

The marketplace has an unpredictable landscape; however, some situations might be more calculable than others. Hiring top talent to take care of operations and designing services or products that can withstand the ever-changing market demands can strengthen your operational foundation and help your business grow.

That said, here are five strategies all startups must have to sustain business growth.

1. Make Capital Out of Free or Inexpensive Marketing

As a startup, you can’t spend thousands of dollars on expensive marketing and advertising. Fortunately—thanks to technology and social media—there is a myriad of ways you can advertise your products and services for free. This includes influencer partnerships, social media campaigns, app development, and content creation.

Another thing you can do to market your business for free is to fix and verify your Google Business Profile. This is what pops up whenever customers search for your business on Google or Google Maps. All your business information must be accurate and updated. This makes it easier for your clients to locate and contact you.

After updating and verifying your profile, you should also encourage your customers to leave reviews about your services and products. This will help potential clients get a peek into your company culture and service quality.

2. Don’t Avoid Change

Studies show that over 40% of startups fail because they couldn’t effectively adapt to market demands. To avoid experiencing the same fate, you should know and accept when it’s time for your business to change.

A successful business owner knows that change is your best friend. You can’t achieve your goal of growth by staying in the same place forever. Therefore, you need to be able to effectively identify when it’s time for you to shift course.

Before Amazon became one of the biggest marketplaces in the world, its sole focus was on selling and shipping physical books to people online. In 2000, they made a change and diversified their business by allowing third-party sellers into their platform to sell their goods.

So, don’t be afraid to take the plunge and take big leaps for your business.

3. Invest in New Technology

Using high-end technology to take care of everyday business operations is a great way to speed up your business workflow. With gadgets and software getting smarter by each passing day, delegating repetitive tasks such as sending business emails and keeping track of conversions is getting much easier. Plus, it saves you time and money in the process.

If your startup provides online services, one option that you may want to look into is SaaS software. This type of program makes it possible for your clients to access your services online without downloading any heavy applications into their devices. It’s secure and safe; plus, it helps improve business cash flow by providing companies with a consistent revenue stream.

4. Don’t Compromise on Human Capital

Hiring the best talent is a great way to maintain high-quality and relevant products and services. Combining that with industry-leading technology, you have everything you need to unlock human capital and develop your company further. Studies show that hiring the wrong person can lead to a loss in productivity, an increase in organizational costs, and lower staff morale.

You can avoid experiencing the same misfortune by auditing your hiring process. Make it more specific to the position you’re hiring for. Doing so will make it easier for you to screen applicants, weeding out unlikely candidates and keeping only the most promising ones.

On the flip side, if you already have an impressive team of employees with you, it would be wise to invest in ways to ensure that they stay with your company long-term. Offer them training, benefits, and opportunities to rank up in the business.

5. Develop Leadership Skills

Being the owner or manager of a startup business, you need to have more than just the basic leadership skills to ensure company success. As the saying goes, “There’s no more profitable investment than investing in yourself.”

This investment could come in the form of classes or seminars that teach you strategies on how to be a more effective leader. You might also want to consider reading more books and articles about leadership and business ownership.

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