5 ways to grow your startup fast
It isn’t easy achieving fast growth when starting your own business, and there is no definitive way of accomplishing it.
But the benefits of growing your business quickly are immense. It puts your products and services on the map and provides income in an often expensive process.
Follow our tips below to help your business grow, fast!
Spending time and money on yourself or your staff when you’re just starting out can seem like an out-of-reach luxury. However, improved skills, gaining accreditations and inward investment can go a long way in both attracting and retaining customers who expect quality and consistency.
Another benefit of up-skilling professionally is that you may discover improved ways of doing business – whether that’s saving time, money or just a less complex internal process – and therefore benefiting your business from the inside out.
Use the same approach when hiring into your team. Hire for quality, not the lowest price, and invest in the skills and equipment your team will need to do their job properly – avoiding corner-cutting errors and loss of quality.
Going a step further, dedicate time and budget to developing and maintaining a strong employer brand. By doing so, your employees will naturally become advocates of your business, catching the attention of both customers and new talent going forward.
Network to get noticed
Making and nurturing connections can make a significant impact on how quickly and successfully your new business gets noticed. And there are a multitude of ways you can do it.
Attending events, approaching like-minded entrepreneurs, and collaborating with more well-known brands on content such as downloads or webinars all help to spread the word on your business and attract new customers. Don’t be afraid to put yourself out there.
Alternatively, apply to an accelerator programme such as our own, where you will be provided with a mentor and introduced to a range of contacts that can help your business grow.
Bolster existing revenue streams
Enhancing your existing customer spend is often easier than trying to attract new ones. Your customers already know of your business and the quality and service you provide. Equally importantly, you understand them.
Use your data and monitor market trends, as well as competitors, to ensure that you adapt to changing needs and wants. Customer pain points can evolve over even the shortest amount of time, so make sure to review this knowledge regularly. Social media can be a great listening tool for this, as well as more in-depth market research.
Utilising your sales forecasting to understand when your business should be making profit and where from while doing this will further bolster your success.
Also consider your approach when confronted with a negative experience or review, as this can go a long way in being known for excellent customer service. Be consistent in your approach and acknowledge any failings, whilst offering a resolution that exceeds expectations.
When a customer is loyal to your brand, they aren’t easily swayed to competitors regardless of price and range of products or services. They’re often repeat buyers and can become advocates of your brand, proving your efforts in this area worthwhile.
Loyalty is grown through a consistent and attractive brand identity which ticks the boxes of your customer needs. We discuss how to achieve this more in our Establishing your brand article, but in summary your brand understands and targets your audience in the most suitable manner in which to translate into sales. Think like your customers and make decisions with them in mind.
Some brands offer loyalty programmes, with customers earning discounts or freebies, which work extremely well for customers as well as for collecting data for your business. However, if this isn’t for you, work behind the scenes to make sure your customers wouldn’t even think about going elsewhere.
Develop your corporate social responsibility strategy
Now more than ever, consumers believe and buy into a brand’s purpose, as we explain in this article, so it is worthwhile considering integrating a CSR strategy into your purpose and values over the long-term.
Research what your customers are passionate about. Would a local team or charity work to please them, or is there a wider-scoping cause that you should align your brand to?
Each business will have a different solution, but the important thing is that it is consistent support (whether financially or otherwise) and you stay true to your brand.
Helping young businesses grow fast is one of the aims of our incubator programme. If you’re interested in a helping hand achieving this and more, you can apply for our enrolment on our Apply Now page. In the meantime, grow your knowledge through the varied library of blogs we have, or contact us with any questions.