Starting a venture with enthusiasm is a great first step. Hence it is no surprise when NASSCOM announced that 1000 new tech startups have been added to the nation’s business landscape in 2017. However, taking your startup to the next level of growth is significantly more daunting. Scaling up to the next level of traction depends on a lot of crucial factors.
In this blog, we will discuss the key factors that will enable the next level of growth for a startup
The client relationship is very crucial in creating a memorable brand image for any small business set up. As a business owner, it is imperative to take feedback from customers as to how they perceive the brand. The superimposition of customer perception would indicate where you stand in achieving the business goal.
Product development should be client-centric. Also, the right systems, processes, and plans should find a place to achieve scalability. This process ensures sales continuity even if the account manager hops to another organization.
In today’s modern business world, it is necessary to stay adept with the digital trends in business. Unless you adapt to the latest technological advancements, you run the risks of becoming a dinosaur story.
Think of digital innovation such as – uber cool websites, unparalleled UX for your customers, mobile apps and other technology advancements. Also, it is necessary to embrace digital technology in your marketing and sales efforts. Be innovative in the ways you reach out to your customers on Social media and on the internet in general.
The process of collecting the feedback should not stop with the compilation of crucial data. The need of the day is to deploy high-speed data analysts for effective solutions. With mobile, social media, and big data, you get access to analyze tons of data that can help you make better business decisions.
You will be able to draw growth and brand strategies only when you have analyzed how to use these crucial data points to improve your product/service and address your customer’s pain point.
Today, even angel investors and venture capital funds are secondary options for raising funds. You can opt for Initial Coin Offering (ICO) – a buzzword in the present startup scenario. This route enables you to bypass the regulated capital raising process and rigorous conditions of financial institutions or venture capitalists.
Your organization can achieve higher levels of efficiency when the operational process is set on autopilot mode. Your team should spend more time on ideating and innovation rather than spending time on the operational processes of a business. Automation also comes with a cost-benefit and the productivity levels of your team also increase.
Thus, when you put your business on autopilot mode, you become more agile and responsive to the changing demands in the markets.
To wrap up
The main reason why some startups do not go beyond the take-off stage is that entrepreneurs hesitate in taking the right decisions at the right time. While the above-mentioned strategies may seem risky in the initial phase it will be far more dangerous if you hold back from taking any action at all in a continuously evolving business landscape.