9 Things You Need To Do To Make Your Startup Fly

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While there doesn't exist a sure formula that guarantees success in a business, there are certain things that you may do as an entrepreneur or manager to achieve your business goals and translate it into success. Growth in a business is a long-term process that requires dedication, strategy and hard work. 

Listed below are nine things you can do to make your startup fly and to take it to the next level:

1. Pay attention to who you hire

As a small company, it is essential that you hire the right people from the very beginning of your operations in order to ensure a smooth growth trajectory. Your people and your team is what ultimately causes your company’s success or failure, and only by hiring the best people can you ensure fast growth in your company. 

things to do to make your startup fly

Additionally, you need a great team so that you can delegate tasks to the right person and ensure a collaborative and supportive work culture.

2. Focus on sources of revenue

While you should focus on business development to acquire new customers, you should also pay great attention to your current customers and retain them. Acquiring a new customer costs much more than retaining a customer, and hence you should focus on both of these side by side.

You should opt for a referral program that gives your existing customers an incentive to bring you new customers which would help you increase your customer base while retaining current customers, and improve word of mouth. 

3. Try to minimize risks

While risk is an inevitable part of any business, there are certain steps one can take to limit the associated threats that risk brings for your company. The first and foremost step that you should take is file with an insurance provider. small businesses should take extra steps to ensure that their business can grow without any disruptions and these disruptions can stem from data theft, cyber security problems, faulty product design, etc. 

Even one small instance is enough to destroy your company and exhaust its finances which is why you should get insurance for your business. Insurance would also help you take care of any potential and draining lawsuits.

4. Be presentable

In order to network effectively in your relevant circles, you and your team need to be presentable at all times. While it is a given that startup culture doesn't really emphasize the way employees dress in comparison to corporations, it is necessary that despite being laid-back, a presentable approach is followed amongst all employees. In addition to the way you and your employees dress, the team should know the company’s financials, biggest clients and product or service offering at all times. Your business card should be on you all the time in case you run into a potential stakeholder.

5. Make your business agile and adaptable

Your business should be agile and adaptable in the long run given the dynamic and ever-changing work and industry climate. Startups should be able to change their direction quickly or pivot if the need be. A great example of this would be how many logistics startups that came into being pre-pandemic, decided to pivot and open online grocery and essential delivery services using their existing online platform and logistics set up. 

Businesses that failed to adapt during the pandemic faced a lot of losses and ultimately ceased to exist.

6. Improve customer experience

Your customer service can make or break you - while one happy customer might not tell everyone he/she sees about how good your company’s services are, an unhappy customer will surely tell everyone around them how they should not opt for your company and its services. In addition to delivering quality products, you should have exceptional customer service to maintain long-term customer relationships. The great thing about a startup is that since you have a smaller setup, it is easy to set or introduce new cultures and practices. 

Hence, from the very beginning of your company’s operations, your motive should be to provide the best customer service and impeccable customer experience.

7. Focus on marketing

Social media marketing and digital marketing is all the rage these days, and you should focus on it in order to grow your business. Consumers these days look for all products and services that they may need online, and in order to reach your target audience and customers successfully, you should invest in search engine optimization strategy and maintain profiles on all major social media platforms. 

Your marketing efforts determine how you brand your company and how well can your customers relate to your brand. The better your marketing efforts are, the higher are the chances for you to make profits and grow your company. For instance, if you are using LinkedIn for your online business, it is probably one of the best online platforms. But you need to manage your account so well to keep growing. That's why you may look for suitable LinkedIn automation tools to achieve all your targets.

8. Reinvest in your company

Instead of drawing a salary the moment your company gets any profits, as an entrepreneur you should rather focus on reinvesting profits back in your company. In order to accelerate growth and make your company self-sustaining you should constantly reinvest in it.

While reinvesting you should determine which areas of your business need developments such as whether you need to hire more employees, whether you should invest in marketing, whether you should focus on product development or research and development, etc. Even if you don’t invest the money anywhere, you should let it be in the company account for cash flow purposes.

9. Strategize for the long term

Whenever you create a company strategy, you should think about it in the long term. While planning something for your company you should take all possible scenarios into consideration and prepare accordingly. You should plan in terms of ongoing and potential contracts, estimate taxation rates, seek investments and business deals, and plan your company’s growth trajectory accordingly. 

By doing so you would always stay on par with your competition, if not ahead of it. Also, while creating a strategy keep in mind how you would capitalize on your network.

Growth for any startup can’t be guaranteed - however, given the current business climate, startups that are fuelled by innovation, creativity and hard work stand a strong chance of growing given that they do everything else correctly.

About the author 

Peter Keszegh

Most people write this part in the third person but I won't. You're at the right place if you want to start or grow your online business. When I'm not busy scaling up my own or other people' businesses, you'll find me trying out new things and discovering new places. Connect with me on Facebook, just let me know how I can help.

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