5 Steps to Accelerate the Growth of Your Startup

Published on: 10 October 2018 Last Updated on: 10 September 2024

There are a tremendous amount of obstacles that new businesses face. Statistics say that only three percent of startups make it past five years. Preparation is paramount to growing any business. When developing a startup, you must focus on practically every facet of the company to ascertain whether you are operating to maximum efficiency. Here we will discuss five keys to accelerating the growth of your startup.

1. Find the Right Team Members:

Recruitment is the cornerstone of building any business. Businesses often fail due to trying to make the team with members that are not adequately suited for either the position they are holding, or they are just not right for the team altogether. A thorough and modernized recruitment procedure should be incorporated by your organization. When scouting for fresh talent, there are a host of recruitment models to choose from. Recruitment process software can also help simplify the process.

2. Create a Culture of Success:

Every company has its own internal culture. This happens whether it is intentional or accidental. A culture based around success instills a shared mindset among your team. This is done by creating realistic goals and acknowledging the accomplishments of your team members. Eventually, there becomes an expectation of success that is shared by the entire staff.

3. Stick to the Plan:

Establish a solid plan for your business. In the past, it was almost a requirement that businesses had some sort of business plan. With the advent of online companies, businesses often start with little more than a website and email. The 97 percent of startups that fail within the first five years almost surely were operating without a comprehensive business plan or realistic projections.

4. Research Competition:

How well do you know your competition? It is common for companies to fail to conduct a thorough investigation into the business practices of their competitors. This process begins by looking at the strongest competitors in your industry, and reverse engineering their branding and marketing campaigns to see what is making them so successful. Conducting this type of research on a few of your competitors will give you a strong foundation to study.

5. Incorporate a Customer Management System:

It can be extremely challenging to track manual transactions. It can be a logistical nightmare trying to keep track of sales as your business starts to grow. Customer management systems allow for smooth scaling of companies that rapidly accelerate. There is no shortage of customer management platforms to choose from.

Conclusion:

It should be evident at this point that preparation and planning are tremendously crucial to accelerating the growth of a startup company. Take an objective look at your company and identify what your brand truly stands for. Identifying your target demographic also helps direct your efforts.

Remain aware of how effective (or not) your plan-of-action is. This can be a quarterly evaluation of effectiveness or something less structured that will keep things current. Sticking to a plan that is not working is also a surefire way to fail.

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Talent Acquisition in 2019: Things to Keep in Mind

An organization is only as good as its talent. No wonder, then, that talent acquisition lies at the heart of a business’ success. As hiring trends evolve with time, the process of acquiring top talent shifts too. Perhaps the most prominent shift in recent years has been a growing and continuous engagement with candidates. Today, companies don’t pick talent, but talent picks them. To keep up with the times, here are six things to keep in mind when picking talent in 2019. A candidate-first approach: According to Morgan Stanley Research, millennials make up 46% of India’s workforce. Increasingly, they expect a smooth, engaging, and uniform hiring experience. It’s thus important that recruiters communicate in a way that conveys honesty and openness. Engagement practices like keeping candidates informed of their application status, giving them a mini office tour etc. can go a long way in attracting top talent. Social recruiting: Millennials don’t read the classifieds for jobs anymore. They go to online job portals and more importantly, social media platforms. Most seekers aren’t even actively looking for a job until they come across a promising advertisement. So, don’t limit openings to Indeed or LinkedIn. Spread the word on popular social networks like Facebook and Twitter. Internal mobility: It is only wise to look among employees for talent. Most employers end up wasting precious resources on hiring when a talented pool of employees is already at their disposal. What’s more, they are capable, trustworthy and just might be looking for new job roles. Inclusive hiring: Often, employers miss out on the best talent because of rigid hiring parameters. It is a fact that not every talented candidate has a college degree. Big companies like Apple and Google have already started to make their selection process more inclusive by getting rid of academic excellence or degree criteria. The power of AI: ATS software eases the hiring process, identifying the best-suited candidates for a job role. But it has its shortcomings. For example, ATS does not match old applicants with new positions that they are suitable for. Integrating AI with ATS solves the problem. AI tools like chatbots remove the need for personal interaction with every suitable candidate. Moreover, AI can stack-rank candidates and give the employer a list of the top candidates. Partnering with the right consultancy: Manpower recruitment consultants are in direct touch with candidates as well as employers. This makes them privy to the requirements of both sides, helping organizations get access to suitable talent. Investing in a manpower consultancy means saving additional costs and labour that usually go into hiring candidates. Refining the recruitment process and enhancing candidate experience decides the kind of reviews a company gets. This can go a long way in affecting your image and brand as an employer. Ultimately, it’s important that recruiters embrace the latest trends in talent acquisition to hire the best candidates and expand their business. Read Also: How To Attract The Best Talents For Your Startup Genius Job Interview Tips That Will Guarantee Success

6 Steps to Starting a Business in Michigan

You’re finally ready to take that plunge, and the great state of Michigan is an ideal place to open a new business. Whether you’re setting up a shop in a quaint small town like Frankenmuth or a thriving metropolis like Detroit, you should take some critical steps to give your business the best chance of success. Every business is different, and no business owner will have the same path to opening day. However, there are a few critical steps that every new enterprise must take to cover their bases and protect their investment, including: 1. Finalize a Concept: Before you invest in opening a business, you need to know your concept, goal, and customer base. This includes how you’ll market yourself, how you’ll distribute your product and provide your services, and how you plan to grow and build on your success. Before you open your doors, know your industry and your place in the market and address all important considerations to ensure you don’t have to course-correct. Having a solid business plan can save you a lot of money, especially when developing your branding and dealing with third parties to design your logos and advertising. 2. Register Your Business: Before you can legally open your doors, you need everything to be in order with the government—both federally and locally. You must pay taxes, so make sure to get online IRS EIN Tax ID. You must pay taxes, so make sure you file with the IRS for a Federal Employee Identification Number. This helps formally identify a business in the eyes of the law. Michigan has one of the more detailed and structured business registration laws in the U.S., so make sure you apply for any necessary licenses and permits before you open your doors. This could avoid costly fines and shutdowns later. It’s common for many businesses to need multiple permits, with specific commercial and industrial activities warranting independent certification. 3. Open a Bank Account: You may have a personal bank account, but this isn't the account you want to run your business out of. A business should have an independent bank account for several reasons, including greater liability protection for your personal assets and purchase protection for your customers. It also comes in handy during tax season when you need to identify business expenses. Business accounts can accept credit card payments more efficiently and allow more opportunities for funding. Setting up a business account with a bank will give you access to a line of credit that can be useful if unexpected costs crop up or you need to make a significant up-front investment to get your business started. 4. Obtain Proper Insurance: This is possibly the most critical step in setting your business up for success. Even if you do everything right, an unexpected disaster could put your business in a tight spot, and insurance gives you a safety net. You should look into property insurance and insurance on any valuable asset you have in the business. However, there’s one type of insurance that’s not only essential—it’s mandatory. Michigan workers' compensation laws require any business with three or more full-time employees or with one or more people for at least 35 hours a week to have workers' compensation insurance. This insurance covers costs if an employee gets injured in the course of the job. This protects the employee and covers you as, in most cases, an employee gives up the right to sue when accepting workers' compensation funds. 5. Hire a Strong Team: A business is only as good as its employees. While many small businesses start with a shoestring team of their owner and maybe their family or some close friends, hiring your first batch of employees is a critical step. You should be able to trust these people with the fate of your business, so make sure to interview and vet each new hire carefully. Ideal characteristics to look for include the ability to think on their feet, a history of commitment, and good people skills. Not every prospective employee has the experience you need for your business, so it's ideal to have specific skills training plans. This also ensures everyone is on the same page when they first start. 6. Spread the News: You’re almost ready to launch, but a business is only off to a good start when people know about it. This is especially important for a startup, and it’s better to spend smart on marketing than to spend big. This means knowing your customer base and knowing how to appeal to them. Targeted advertising, both online and brick-and-mortar, is more effective than mass advertising. Even if you’re operating on a budget, don’t be afraid to start by offering promotions to allow people to sample your product or service for a lower price. This can be a great way to build long-lasting loyalty once they get a taste. A Good Start Pays Dividends: A business’ success or failure is often determined before they open their doors. These tips will protect your investment and increase your brand awareness. If you cover all your bases, you’ll have the tools you need to secure your spot in the market. Read Also: Start-up Business Management: How to Reduce Risk and Guarantee Success Why Virtual Offices Are The Future Of Business Business Pieces of Advice: Stepping Stones for a Startup Owner

Useful Marketing Tips for Startups

Startups need to use different marketing methods compared to established businesses. The reason for this is simple – startups have a very limited budget and less experience compared to established companies. It is crucial to be aware that, if your marketing is done right, it can have an incredibly positive impact on the success of your business, and its net income. However, if you do it wrong, it may feel as if you are throwing money away. If you want to be successful and profitable, you need to use the right methods of advertising. Don’t copy established businesses as you are surely not able to do all the things that they do. Instead, you should try certain marketing methods that are perfect for small companies with limited budget and experience. These methods will help you increase sales, profits, and avoid wasting money. Different Marketing Tips Startups Must Consider At Their End There are multiple marketing tips startups can consider as their end while developing their business in the right direction. Try to Think Outside the Box: You need to keep in mind that the business field is changing rapidly. The marketing landscape has changed dramatically over the years, especially compared to the time before the internet. If they want to be successful, startups need to combine traditional marketing methods with online advertising. When advertising products and services that you offer, you need to be original and think outside the box. It is crucial to come up with unique and innovative solutions that will be both effective and creative. Whatever you do, you should make sure that it is original, instead of just trying to copy what was already done numerous times before. Provide Useful Information about Your Products: Of course, your products are amazing in your eyes. However, it doesn’t mean that everyone else is delighted by them, and is just waiting to hear about them. You need to be aware that people are not rushing to buy the products that you offer, and if you want to change this, you need to advertise them properly. You shouldn’t push anyone to try them. Instead, it is a wise idea to provide information and tips that people will find useful. If you want to be successful, you should use visuals including images and videos. People will look forward to trying your products if they consider them interesting and useful. Use Powerful Business Signage: Another thing that can improve your success and increase sales and profits is exciting and quality business signage. Many people pay attention to signs and are more likely to buy products that a particular company offers if they notice interesting signs in front of it. You need to keep in mind that many people pass by your business on a regular basis, and all of them are potential customers. However, a significant percentage of these people won’t be aware of your existence if you don’t attract their attention with custom business signs. You should use eye-catching signage if you want to increase your customer base and turn them into loyal clients. Something like this will have a huge positive impact on the success of your startup. Read Also: 7 Startup Ideas For Young Entrepreneurs 5 Marketing Tips To Help Grow Your Business On Instagram

5 Steps to Accelerate the Growth of Your Startup

1. Find the Right Team Members:

2. Create a Culture of Success:

3. Stick to the Plan:

4. Research Competition:

5. Incorporate a Customer Management System:

Conclusion:

7 Startup Ideas for Young Entrepreneurs

Explain Your Solution in 60 Seconds or Less – Here’s How

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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Related

Talent Acquisition in 2019: Things to Keep in Mind

6 Steps to Starting a Business in Michigan

Useful Marketing Tips for Startups

5 Steps to Accelerate the Growth of Your Startup

1. Find the Right Team Members:

2. Create a Culture of Success:

3. Stick to the Plan:

4. Research Competition:

5. Incorporate a Customer Management System:

Conclusion:

Share this Article

7 Startup Ideas for Young Entrepreneurs

Explain Your Solution in 60 Seconds or Less – Here’s How

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

Related