📌 || “ Choosing the right growth strategies for startups or businesses: “ ||

□ If you have already launched your own business platform or your own startup business or your own company working actively for many years, you may probably have to spend a much longer time thinking about the growth of your business.

If you don’t have the right growth strategy basically a planning process for your own business allowing for penetrating the new market segment, having more growth revenue, increasing your customer base, and optimizing your own internal resources in the business, then, you should know that growth is not going to appear on its own in your business if you carry out your own business planning. The basic problem of the business system nowadays is that the starters or entrepreneurs have a different idea of growth strategy like “Marketing Strategy” in case of “Growth Strategy”(For more information refer to the upcoming blog)and others would refer to big business strategy concepts like acquisitions and mergers.

If you ask any successful entrepreneur about their business success, they would definitely point to the right growth strategy which they maintained as they believed their strategy would work solidly and provide high paying off.

For example, Johnathan Dane — The Founder of KlientBoost, a company that grew from 0 to $1,000,000 in 12 months,

He said that if we got obsessed with the business tactics then, we should be careful more about solid growth strategies. So, many startups or businesses would always have a solid growth strategy which they basically follow. Thus, many startups or businesses have failed to achieve their goal for not having a proper growth strategy for business success.

Another entrepreneur such as Ed Sappin- CEO of Sappin Global Strategies.

He said that when an entrepreneur takes an idea and turns it into a profitable business, it is a cause for celebration but it is also not enough to keep doing the same thing continuously for success as it depends much on different and evolving strategies in the business platform. Therefore, in order to grow your own business in a bigger way, business owners or starters need to prioritize and follow the growth strategy list. If we follow the right growth strategy for your own business rightful way then, the time would come that you will be in a top position in the business platform.

Here, are some of the benefits for choosing the right growth strategy which helps in growing your own startups or businesses:-

1.Providing growth in the business platform by opening its business in different locations.

• The main goal of any startup business is the rapid growth of its business platform by expanding its business in different locations. Opening its business in different locations would basically provide gain access to new markets and customers and provide growth on your business platform. For example, opening a new business in a new location would provide a rise in sales and an increase in funds for your business venture. Maintaining an entire business in multiple locations would basically help in branding its products or services continuously.

2. Helps to study the competition in the market sector.

• It is a vital consideration for a business platform for their expansion planning. If the business doesn’t have a basic understanding of their own firm and what their competition is actually doing differently in the market sector, then, it would be much harder to compete with them effectively. So, you need to research the market sector what demographics your competition is appealing to and whether these demographics will overlap with your own customer base or not, and how the competition is allocating its marketing resources(For more information refer to the upcoming blog). So, you should know what markets your rivals are attempting to penetrate as well as how successful they’ve been.

3. Helps in knowing the business’s value proposition. ( For more information refer to the upcoming blog)

• Building up a strong growth strategy helps for understanding your startup’s or business value proposition. It basically tells how your startups or businesses are uniquely qualified to meet up or exceed it’s customer's expectations and therefore, many entrepreneurs who do not know their business’s value proposition basically failed to achieve their goal and they have problems in engaging with the potential investors, generating a positive cash flow, and becoming the market leaders. Thus, the startups or businesses who already know their value propositions basically have a careful analysis of their customer’s behaviors, choices preferences, etc.

4. Identifying targeted customers. ( For more information refer to the upcoming blog)

• Having the right growth strategy allows the business to identify its own targeted customers. If the business doesn’t understand their customer’s needs or preferences, then, the business would iterate on the wrong product enhancements and they would send wrong marketing messages to its targeted customers which will affect their business profits. For identifying your customers, you need to gather survey data by emails or newsletters, analyze your market data who are your competitors and what is a new trend in the market sector.

5. Provides Key Performance Indicators(KPI). (For more information refer to the upcoming blog)

• If the startups cannot define certain key performance indicators, then, it would become very difficult for the business to measure their success whereas, other startup founders who follow the right growth strategy would focus on the key performance indicators, which definitely affects the growth of their startup businesses and would dedicated resources to those areas. But the startups should not focus and limit themselves to the KPI because they have rare measurements of outcomes. There are other popular growth metrics similar to KPI such as customer acquisition cost, customer lifetime value, burn rate, gross profit margin, and conversion rate.

6. Keep tracking your business results.

• If you don’t know how much business growth is there in your business, then, all of your efforts are totally a waste. The best startups or businesses rarely get hit on perfect strategies every time, so it is very important to know when it is useful to analyze and assess the effectiveness of your own business work(For more information refer to the upcoming blog). The businesses need to identify what variables should be measured in order to know how successful your business has been and how much is your business growth increased currently.

Growing your business in a rightful way is very important in order to sustain and maintain the benefits of your business platform.

To help ensure your business is on the road to success in the future, make sure you develop the right startup growth strategy for your business. In most cases, organic growth is preferable overgrowth through acquisitions and other external strategies since it takes more time and effort to grow organically.

Sources:-

• https://blog.ladder.io/growth-strategies/
• https://www.thehartford.com/business-insurance/strategy/startup/expansion
• https://www.rocketspace.com/tech-startups/6-key-steps-to-a-startup-growth-strategy-that-actually-works
• https://www.fatbit.com/fab/business-growth-strategies-for-startups/