If you’re launching your new business, think about this: 50% of start-ups fail within the first 5 years. How do you make sure that your new venture makes it to the winning half? The answer is simple. Have a growth strategy in place, even before you start the business. At The Startup Expert ®, we compiled a list that entrepreneurs should remember when planning for business growth.
Strategic planning for start-up businesses is not about envisioning and preparing for long term success. Start-ups need to be honest with themselves to identify what will hinder their company from growing. Then, they need determination to eliminate these challenges. However, facing these things will involve several steps:
Identify What You Want to Solve
That is the question that you need to ask yourself and the team. You must understand how you can help your customers. Start-ups need to understand how their product becomes relevant to their target users’ daily lives. Being specific can help too. For example, some companies harp on niche. Whole Foods Market becomes relevant to those who want to have access to healthier food choices in different convenient locations. You should stick to this value proposition and incorporate it in all your marketing and messaging efforts.
Launching Your New Business Means Anticipating Failure
You’ll never know what your challenges are unless you test your idea. A business won’t be a business unless it’s operational. Having challenges means failing at one thing. We at The Startup Expert ®, encourage our clients to do a beta testing. This will help them see what will stop them from growing. Knowing what you’re up against means being able to find a solution for it.
Market and Sell Aggressively
Once your venture is operational, you have to let people know what your product is, when and where they can find you. There are a lot of strategies you can do to market your product. Digital marketing is a tool that helps you reach 80% of the population. Reviews, social media and other online efforts changed the consumer behavior. In fact, most buyers would search for more information on the Internet before buying online. Make sure to focus on your strength and value proposition. Strategic planning for businesses often includes an integrated sales and marketing plan spanning from 6 months to 1 year.
Invest in Talent
A lot of mistakes entrepreneur makes is thinking they can do it all on their own. Most start-ups shy away from investing in talent. However, wise spending will help you save time. How can time be gold? A new business who hires a great salesman can achieve his 6 month sales goal in 3 months time making room for more sales. However, if you sell on your own you might not be able to focus on that since you need to make time for other tasks that can grow your company like research and development.
There are too many things to consider when launching your new business, however it shouldn’t overwhelm you. Remember the other 50% who became successful? They risked it, they also failed and they tried again. Make your business the next success story today. Contact The Startup Expert® and learn how we helped others launch their ventures successfully.