One of the most daunting challenges for any startup is growth. It is presumed that small to medium enterprises have more scope for growth since they do not have to deal with an inherent market saturation or legacy issues but that is simply not true. Most startups fail because they do not become financially sustainable and the primary reason for that is lack of swift growth. A company cannot take ten years to attain substantial growth. However, a company that keeps growing can sustain losses for ten years. The venture capitalists and hedge fund managers will bank on the growth and not the fact that the enterprise is yet to be profitable. Here are some proven routes to successful business growth.
- Understand the needs of the target audience and deliver accordingly. Every business comes up with something that they think their prospective customers need. A startup is not necessarily disruptive but it does challenge the status quo. If the product or service is what people need, then growth will be a byproduct. Else, a startup will have to quickly review its strategy and start catering to the needs of the consumers. One way many businesses make their products or services relevant to the needs of customers is through personalization.
- Regardless of the size of the business, the type of product or service, the nature of operation and the revenue model, a company must offer ever reliable customer service. No company can grow and it cannot sustain its existing growth if it fails to attend to the needs of its customers. It is not just about the existing customers but also about the prospects.
- Business growth will be quantifiable only when the existing customers are retained. Whether it is a product that has to be purchased time and again or it is a service that the customers are expected to use every day, the existing customers should be the priority. Their retention alone can fuel enough word of mouth to trigger the desired growth.
- Social media is an amplifier for startups and small to medium enterprises. The potential outreach to millions of people is unprecedented. Social media is free for anyone to use. Whether or not you use online advertising, you should capitalize on social media and make your presence felt. Startups or small to medium businesses don’t have to spend a fortune on advertising any more. Search engine optimization, content marketing, social media marketing and pay per click advertising have made branding an inexpensive exercise.
- While search engines and social media have their phenomenal relevance, the good old networking is not obsolete. Businesses should still reach out to potential partners, associates and customers through networking events. They could be industry specific events or self hosted networking. From tradeshows to webinars, a business must explore every medium that offers some networking potential.
- Finally, a business should get involved with its immediate community. Participating in local events, hosting charity events and adding some value to the lives of people in proximity of the business will always establish the priceless goodwill that a company needs for growth.
About the Author
Morris Edwards is a content writer at Company Registrationin Singapore.com.sg, he writes different topics like How to tweak your small business for success and all topics related to Singapore Business, if you are interested about Singapore Business Setup visit our website.
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