Common Growth Strategy Planning – Avoiding Mistakes

Scaling is vital to the long-term positioning of your company in the marketplace. It’s an unknown road for you as the leader of a new firm, but many have traveled this path before, allowing us to reap the benefits of their hard-won knowledge. By familiarizing ourselves with the oversights we’re most likely to encounter, we can plan for optimized continued growth.

 

Use Hard Numbers

When taking steps toward the future, it’s vital to use every resource at your disposal, and today, more than ever, this includes incorporating the raw data into your decisions. Your company’s bottom line is driven by the customers who will purchase your products or services, and you must go with more than just your gut. Too many enterprises fail to do this and pay a steep price.

Your team will need to spend time researching the ins and outs of what most gives you momentum. Every piece of the puzzle must be analyzed and tested with trials that remove components and isolate what is truly working and where. You also need to study the facts surrounding your conversions and can use Google Trends or other public data, Google Analytics, and Facebook pixels.

 

Be Willing To Change Direction

The old adage if its not broken, don’t fix it may sound wise but does not always make the best business sense in the modern world. For lack of course correction, it is a devastating reality that your startup could be left behind, especially if you rehash the same plan year after year after year, and you can set yourself up to become predictably boring.

While it’s true that you should not abruptly change if there’s no reason to, the point here is to be continually examining your path to determine it if remains the best option for your firm. Do not be so committed to one way of doing things that you undermine your chances for innovation as you grow. You can gain a great deal by taking risks and by also being perceived as having the confidence as a brand to do so, as the status quo does not always guarantee perennial rewards.

 

Understand Your Clients

Put simply, your customers are the lifeblood of your organization’s ability to stay afloat and must be viewed as more than numbers or dashes on a screen. Your products and services impact them in meaningful ways and are sought after to offer solutions to problems affecting their lives. People develop relationships with the corporations they come to trust, and these connections must be intentionally fostered to build longevity in the marketplace. Too often, an overeager new startup will put the focus on themselves and not those with whom they would like to do business.

Run your copy through with a fine-toothed comb, looking for specific words that resonate with your core demographic. The human element must be cultivated, as you seek to deeply tease out the why behind your purchasers’ actions. Their buy cycles must be incorporated into your wording and copy, and their motivations and stressors must also be placed at the forefront, as you seek to find answers to what is ailing them. Income level, occupation, education, life choices, and other key information is also essential to building a base to whom you will be able to effectively sell to over and over again.

Fidelman & Co assists startups with the development of their presentation models by giving them valuable oversight during the courting phase with investors and financial institutions. We also offer consultation for those who need financial direction, and we help craft essential management strategies for moving forward in an effective way. Contact us for more information on how we can partner together with you to ensure lasting success.

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Business Continuity