Generally, businesses need to grow fast enough to recover or compensate their investments and become profitable, mostly within a certain timeline. Startup businesses are not exempted from this. In fact, they are the ones that are most vulnerable to lack of growth or slow growth. Startup businesses easily close down and come to an end when there is poor growth.
Rory O’Shea, at one time a visiting professor in innovation and entrepreneurship at MIT Sloan School of Management and a faculty member at the Smurfit Graduate School of Business of University College in Dublin, Ireland, says ‘slow growth isn’t an option’ for internet businesses especially.
With these ideas you can grow any kind of startup business fast enough:
Have what to sell
One of the biggest growth problems that startup businesses face is getting initial customers. Many startup business owners usually find it difficult to come up with something to sell and how to sell it. But this is not something that is avoidable.
It is best to face it. Build something you can sell and try selling it to a few people. Listen to feedbacks from the people you are targeting to sell to, some of these feedbacks can be useful for making what you are selling better or finding something else that would sell and learning how best to sell it. This is creating traction (inward pull) for your business to build and grow upon.
All the work needed to get a startup business running are equally important. Almost no aspect of the business is more important than the other. And even if there is, while you give more attention and resources to one the others might fall and the entire business is at the risk of breaking down.
Give the same level of priority to every task at hand. Although if there is a necessary sequence for tasks to be completed you should follow the order, but the priority for other tasks down that sequence should not drop.
Find a cofounder
Help can make work easier and faster. You must have heard about division of labour. It is based on the idea of getting help in work.
Many successful businesses known today had two or more founders. Like Facebook, Google, Twitter, LinkedIn. Of course, one person took the lead, but that person relied on the cofounders. The quality of skill and energy of cofounders can transfer to the founder and reinforce every member of the business team to perform better.
Be sure to agree on how much each cofounder would put into the business and what reward will go with it.
People are like the blood in the vein of businesses. It is simple, businesses are run by people and they serve people. On either side of the equation, you find people there. So, building relationships is very important for businesses.
It is not just relationship with anybody, the kind of relationships that will help your business grow are the ones that are relevant to it somehow, either on the running or serving side. Ability to build and manage these kind of relationships can help a business grow faster than the owners ever imagine.
Get more assistance now. Click here to sign up for professional business help from Haribita.
*This post was originally published on Haribita