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Research shows that between 60 percent and 90 percent of startup ventures globally fail just within the first 2 to 3 years of commencement. Varied reasons are attached to such failure which also differs from country to country. However, there are some entrepreneurs who have comprehensive knowledge and follow a certain procedure that helps them to gain huge profit and reach higher growth.
This article explains the four most secret steps for startups and established entrepreneurs to gain higher growth and success in their businesses. Launching a startup can be comparatively easier nowadays with an innumerable consultancy firm and simplified licensing procedures. Furthermore, support systems like startup accelerators or startup incubators are needed to expand globally.
Whether you're funded or bootstrapped by investors, it's extremely gratifying and dream-come-true, seeing your company growing at the faster pace where you've to invest day-in-and-out. However, if your product is faulty and you are a growing business, such exposure could irreparably affect your brand.
Moreover, if your hiring processes are weak, this could also damage your brand image and decrease the service quality. After inclusive research on startup challenges, growth, statistics, crises, etc. I have emerged with four essential strategies all businesses should follow to gain repeated growth. You can leverage these procedures to improve and enhance preparation for high growth rate.
1. Stable and organized internal processes: How fast your business grows depends on the company's maturity. Firstly, ensure that the company is internally organized and stable enough to handle any complex matter effortlessly and is able to satisfy external demand. This comprises recruiting and training employees, updating and establishing processes, etc.
2. Assessment of the business's financial stability: Along with operational needs, there are other aspects of the business that equally needs to be focused. As the business grows, simultaneously the financial expenditure increases which keep changing according to the business need and requirements. To enhance their financial health, businesses must have a financial model that helps them to adjust, explore, tackle and have backup solutions with varied scenarios or hurdles.
Some essential areas to concentrate on are the cost of acquisition in marketing /sales, refunds, sales risks (defaults on returns, orders, etc.), the capacity of the existing sourcing solution, your retention rates, and your overall customer experience.
3. Don’t rush, look for long-term growth: Most of the time, entrepreneurs rush after growth and forget the basic requirement. They also become too impassioned and meshed up running after success and profit, which lead to failure. Growth can be really devastating if not correctly handled. For example, if your product is growing but you are delivering the defective or bad-quality product, it can be damage your business brand and reputation. You need to avoid short-term growth and put effort into long-term internal challenges. This includes reallocating financial resources, expanding your internal team, automating or building new processes, etc.
4. Don't take shortcuts, have a proper plan: Organized activities, decision-making, existing of objective, the relationship among resources, working with and through people, planning, cooperation, goal, etc. is mandatory for higher business growth. More factors that should be considered are human resources, operations, sales, finance, marketing, management, admin, etc.
If some challenges occur, you should instantly fix the problem, so they don't threaten you in the future. The shortcut might save your time, but it takes a similar time to fall down. You may consult the business adviser to avail consultancy service during challenges. They help businesses to become a successful entrepreneur and assess internal preparedness.
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