How To Grow Your Startup

💡 Tip 1: Monitor Your Startup Strategy

Let’s say that you’ve already put in the effort to create a strategic plan for your startup. Using metrics to track its development ensures it stays on track — it is, for this reason, our first tip.

  • For tracking — Performance dashboards are a great way to keep track of your key performance indicators (KPIs). It can take many forms — it can be as simple as whiteboards or an electronic screen.
  1. Customer Metrics: Customer-centric KPIs are typically concerned with customer efficiency, experience, and retention.
  2. Metrics for Process Performance: Process metrics are used to track and measure operational performance across the company.

📌 Note

Keep in mind that the leaders should celebrate little victories with the rest of the team!

💡 Tip 2: Not to Sell Too Many Products

Most startups begin small, intending to expand after learning some key lessons, such as avoiding poor product launches that could sink the company or making poor judgments that could do the same. Most businesses work toward this goal by testing a few products at a time, but not too many. The point is that these products should have a common denominator. It can be the same target market or marketing effort!

📌 Did you know?

In Professor Sheena Lyengar’s famous jam study, when 24 types of jam were provided, just 3% of those who tasted the samples bought the jam. But when given only six types of jam, 30% purchased at least one jar of jam.

Honestbee Case Study 🐝 Takeaway

Failure Point #1: Lack of Focus

💡 Tip 3: Keep an Eye on Your Competitors

Of course, as a startup, your goal is to be ahead of your competitors. They’ll either beat you up, or you’re the one who will beat them. It’s natural for businesses to be in constant competition with each other. Keeping track of your competitors’ moves can help formulate ideas and plan to grow your business. It will also keep you updated on the trends in the market.

  • Hunt for critical financial data on them — this includes the amount of capital raised, revenue, pre-and post-money valuations, financing history, deal multiples, and series terms.
  • Determine the investors behind a competitor’s funding round(s).
  • Keep tabs on your competitors’ internet influence. For example, Sprout Social helps a company manage its social media while emphasising competitive analysis. SEMrush is an SEO tool that allows users to check the health of competitors’ websites.

💡 Tip 4: Establish Partnerships

However, your competitor may not always need to be a competition. You may establish partnerships through which both parties gain. You can also make each other’s business expand another. For instance, merging your business also means connecting your resources to accommodate what you lack. A pizzeria or restaurant may also partner with a courier business to deliver. It doesn’t just lessen competition but decreases the cost as well.

  • Have a clear vision for the company, its network of relationships, and how they all work together to help it expand.
  • Be clear about what you can provide and what your partners can provide.

💡 Tip 5: Evaluate Results

As a new startup business, everything is trial-and-error. First, you need to assess if your business growth strategies are effective. You can hire experts to evaluate each aspect of your business from product cost, processing, sales volume, and marketing. But in the end, you’re the chief responsible for carrying out market research and management plans. When you have a clear view of your business’s financial and marketing data, you can now decide whether you should modify, retain, or completely change your strategies.

About Why Startups Fail Newsletter

Why Startups Fail is a bi-weekly newsletter where curated insights on startup failures and what you can learn from them are delivered straight from Southeast Asia’s boutique Business Scalers to your inbox.

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BlackStorm Consulting

BlackStorm Consulting

BlackStorm is boutique growth consultancy firm that specialises in corporate strategy, profit management and investment management.