5 Steps to Accelerate the Growth of Your Startup

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

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.

Read Also:

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.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Startup Business Loans

Top 5 Types of Startup Business Loans

A business, even in its earliest stages, requires a lot of capital. If it didn’t, we would all be businessmen. However, many entrepreneurs find it extremely difficult to get funding, even for a start-up. Official information actually points out that economic uncertainty is the biggest challenge businesses must cope with. If you’re in this unfortunate position, then you’ll find this article helpful, because we’ll tell you about the solution at hand: business loans. Yes, that’s plural – there is more than one type of business loan. Business Loans You Must be Familiar With  1. Personal loans Personal loans can be used for start-up purposes. In this case, it’s not the business that has to repay the loan, but you. With other words, it’s a type of loan handed out to the business owner (who has to sign) instead of the business itself. Personal loans are usually secured on an asset called “personal guarantee”. If you fail to repay the loan, the lender has the right to confiscate the guarantee. This way, he gets the money back anyway. 2. Installment loans  Installment loans are loans designated to be paid over a certain period of time through a certain number of repayments that have been scheduled by the lender and the borrower. Saying that a loan is an “installment” loan is just a fancy way of saying it’s just a traditional loan. The selling point of installment loans is that they are so much safer than credit cards. 3. Online loans The Internet is a great source of all types of business loans, start-up ones inclusively. Tens – if not hundreds – of websites like Northcash Loans, for instance, are specialized in offering quick start-up business loans. Still, bear in mind that this type of financing should be taken out in the case of emergencies only if you know for sure that you are financially capable of making the repayments. The greatest aspect of online loans is how easy it is to apply for and get one. The terms are a lot more relaxed than those imposed by banks. 4. Line of credit  When you get a line of credit, the lender offers you a certain sum you can access via your credit card at any time you want. The best thing about the line of credit is that you can spend as much as you want. Say you borrowed $10.000 but did not spend it all. That’s not a problem – you’ll be charged interest only on the sum you’ve used. It’s among the most efficient and safest types of business loans out there. 5. Microloan A microloan can amount to $50k, so it’s not really micro, but anyway. $50k is a quite large sum, so you’ll probably manage your start-up costs with a microloan. The choice, of course, is yours. Conclusion No matter what the scale and size of the business, raising capital to fuel expansion has to be done at a given time. When it comes to startups, this process keeps happening after small intervals because of their fast growth strategies. This is why it is essential that financials are always in order. Experts suggest that expert accounting services for startups are necessary to ensure that the balance sheet, taxations, and other financial issues are taken care of methodically and strategically. Did you have any clue that there are so many types of business loans? Probably not. You should pay attention to the fact that all of these come with different requirements. You need to do some proper research and make sure you’ll get a good deal. Don’t underestimate a conversation with your accountant, either. Loans are no joke and a start-up borrowing could actually destroy your company in the cradle instead of nurturing it. You can’t be careful enough. Read  More:  How To Get A Loan On A Day With Bad Credit? Invest In A New Car, Without A Financial Liability Is Fixed Deposit The Right Place To Invest Post-Demonetization? Using Social Media To Promote Start-Up Businesses Six Pointers To Starting A Successful Business

READ MOREDetails
Office Chair

7 Tips to Choose Ergonomic Office Chair

Did you know that the average person spends 1,700 hours each year behind their desk? What does this mean for you? It means that your daily office habits are slowly killing you. If you're not using a comfortable office chair, you'll end up with long-term health and pain issues. Your posture could be affected as well. You've become prone to other chronic health and pain problems. Your spine will twist and transform as a result. Chronic back pain is an ongoing problem that can lead to other problems with other areas of your body. Common problems related to back pain include muscle ligaments and spinal strain. Finding the right office chair can pose a challenge when there are so many manufacturers on the market. It can be hard to find the right one when there are hundreds of ergonomic chairs. Not every chair is made the same way. Some of the ergonomic chairs don't live up to the hype and performance in regards to performance. They hardly provide you with a comfortable place to sit at work. Not only should you find an office chair that meets your ends, but it should also meet your business's budget. It's one of the most important investments you'll make. The right office chair can impact the health and productivity of your employees. Office chairs are important for productivity since they can reduce the hours lost from pain or injury. You no longer have to take time out of work because of your back pain or health problems. When shopping for the right ergonomic chair, you should keep the following factors in mind. This guide can help you shop for the right ergonomic office chair. Here are seven tips for choosing an office chair. Adjustability & Height When shopping around for the right ergonomic chair at Melbourne Outlet, you should look into its adjustability. An adjustable chair allows you to explore numerous levels of comfort. Are you someone who's taller than average? While average height may feel comfortable at first, you may want to adjust it to your liking. One of the most important keys to an ideal ergonomic chair is that it should be adjustable. The seat should be able to adjust up and down as well as side to side. This is important for achieving the right height and posture for when you're sitting all day long. Find an ergonomic chair that adjusts to your height. There are chairs that come with limited adjustability. But there are some chairs that use gas cylinders that provide height adjustment. This allows you to adjust the seat to reduce pressure on your knees and lumbar spine. But adjusting your chair shouldn't be complicated. Since you know the importance of adjustable ergonomics chairs for health and productivity, it's important to have a chair that's easily adjustable without the use of tools. Don't be afraid to ask the salesperson for a demonstration or see if you can adjust the chair yourself before buying. Depth & Width Next, you need to look into the depth and width of the chair. Place two fingers between your knees and the front of your seat. If it's less than 1 inch, then it's not the right chair. The right ergonomic chair should provide you 1 inch of width. The average width on some of the best ergonomic chairs ranges between 17 inches and 230 inches. Back Support You can't have an ergonomic chair if it doesn't support your back. The backrest is the most important feature of the chair. The ideal backrest should be 12 inches. In addition, the backrest adjustability should lock into place to provide your back with stable support. Every office chair should come with a full back. It should also provide you with a wide variety of positions, such as height, lumbar support, and recline settings. It prevents slouching and places less pressure on your spine. The chair's adjustability should come in a recline function that ranges from 110 to 130 degrees that accommodates your body weight. This reduces pressure, thus preventing back pain. Armrests It's important to find an ergonomic chair that comes with adjustable or removable armrests. What's even more ideal is finding armrests that are padded. When shopping around, test out a chair that has armrests that can range from a height of 7.1 and 10.6 that provides enough support for your arms. Padded armrests that adjust to different widths offer maximum comfort. Head Support The ideal ergonomic chair will provide you with head support. Every office chair should come with an active headrest. It should also adjust to prevent neck pain. Swivel Swiveling is imperative for getting around your office. Does your office chair have swiveling capabilities? Staying in the same position all day long is not healthy. You need an office chair that allows you to swivel around as you conduct work. These swiveling capabilities encourage blood flow and prevent fatigue which could lead to health problems. When you have an ergonomic chair that rotates, you won't strain to reach certain areas of your desk. Weight Capacity & Stability You need to find an office chair that's able to hold your weight. It should also be able to support different weights in case you gain some extra weight. The manufacturers of these office chairs provide weight specifications. Most office chairs can accommodate up to 330 pounds. Stability is also important. There's no way to sit comfortably in a chair if it doesn't support your weight. Stability prevents accidents and increases its durability. Key features in stable office chairs include five spokes and a rubber base. In addition to stability, you can slide your chair across the floor without ruining it. Read Also: 9 Cool Things Every Marketer Should Have In Their Office Staying Safe In The Office: 8 Workplace Safety Tips Everyone Should Know Ready To Take The Leap Into Self-Employment? Here’s How To Set Up An Awesome Home Office

READ MOREDetails
Talent Acquisition

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

READ MOREDetails