Tips to Grow Your Startup
By: Rachel Pollard 03/12/2015
Anytime an entrepreneur starts a new business, he or she will, of course, hope that it grows quickly and successfully. In most cases, rapid growth is one of the main priorities that a startup has. Unfortunately, instant success is not usually the status quo for new businesses. Although there is no real secret formula to growing a startup, there are tips which can help you nurture it into growing. Here are a few of those tips from small business experts and entrepreneurs all over the world.
Be Careful Who You Hire
As Business News Daily shares, hiring the right people is essential to the growth of your startup. The CEO of business software provider Tradeshift, Christian Lanng states, “Hiring the absolute best people you can is a surefire way to ensure fast growth. It's all about having the right team.” April Davis, the founder of Cupid's Cronies, an online dating service, added, “With a small business looking to grow it's important to have the right players at the table. They need to be people who aren't afraid to roll up their sleeves. The words, 'That's not my job,' do not exist in their vocabulary. They have to be dedicated to the mission.”
Have Medium-Term Goals
Entrepreneur Magazine points out that while business owners often have short-term and long-term goals, they often skip medium-term goals, which are just as important. Henry Hsu, the General Manager for Growth and New Markets at NerdWallet shares that all full career plans need to include a long-term vision, a series of medium-term objectives, and short-term plateaus. He explains that a series of medium-term goals can all add up to one long-term one, and keep your company from growing faster than it can keep up. As entrepreneur Iain Johnson shares, “Many fast-growth business leaders change their goal too often, never quite completing a plan before starting the next one. So set a medium-term goal and deliver it.”
Recognize Your Weaknesses
Forbes shares that you should know what your weaknesses are. For example, “If you are extremely uncomfortable dealing with customers, doing your books, or going on sales calls, whatever your weaknesses are you need to recognize them first. Once you recognize them, you need to compensate for them. Compensation may be that you take extra time to prepare for a sales call, rehearsing it until you’re as comfortable as you can be, take sales training or Toastmaster’s courses, take bookkeeping classes, hire somebody to do that function for you or a variety of other compensation methods, but the key is to know your weaknesses, face them, and compensate. Often, depending upon how much effort you put into it, a weakness can become a strength.”
Anytime an entrepreneur starts a business, there will be risks. Since there is no way to control every aspect of a startup, it is impossible to do so with no risks. It is possible, however, to start a new business with limited risk to your company and its growth. Mike DeHetre, the Vice President of Product Development at the small business insurance provider known as “Travelers” explained to Business News Daily, “Small businesses need to manage their growth to avert disruptions that can bring business to a grinding halt. For example ... the theft of employee data, customer records and product designs can destroy a small business, generating significant costs and eroding customer confidence and loyalty. Not every business owner's policy covers data breaches or other cyber losses. Small businesses should be prepared by seeking insurance products that help them recover, including those that cover the cost of remediation and lawsuits.”
Set and Keep Deadlines
Setting deadlines and keeping them is very important to the success of your business. Forbes suggests that you complete a list of goals for your business, and give that list to a friend whom you trust. After six months, you should review the list with your friend and see where you stand on adhering to your deadlines. The same is true of daily goals...a list should be made each day and reviewed at day's end to see if they have been met. Those who stay too busy to keep the deadlines which they have set often suffer from stagnation, but those who keep to their deadlines tend to celebrate growth.