How to Take Your Startup to the Next Level
~by Lizzie Weakley~
There are milestones that are important in the progression of your startup. They include the acquisition of the market share, getting funding, and employing a competent workforce, among others.
Below are some handy tips to take your startup to the next level.
Establish your competency
Identify a market niche that you can effectively serve. Start with a few products to serve the niche until you have established a market share. Many startups erode their competitive advantage by bombarding the market with substitutes and similar products before they have a good standing.
Take advantage of the tax reliefs
Most local and national governments have tax cuts and reliefs that are meant to stimulate the establishment and growth of startups. Consider hiring a tax consultant to help you find tax loopholes that you can utilize to lower the tax burden of your organization.
Rump up your marketing effort
During the initial stages of business formation and growth, the business should invest more on the awareness campaigns. The business can use cheap marketing channels such as the social media, building an email list, posters, and cheap print ads to pass the word about their product offering. It is important to ensure a consistent message across all the marketing channels.
Invest in people
People are the single most important asset that your business has. They are the company’s point of contact with the public and essentially, the clients. Pick employees who you can share your vision with and who are passionate about their work.
Unfortunately, most of businesses just look at the years of experience and academic qualifications without thinking if the particular candidate is a good fit in the company vision and corporate culture.
Consider continuous training
The market is very dynamic. There is no industry that remains starting over the years. New technologies emerge, new niches come into being, and new competitors become a threat. It is important to keep upgrading the skills of your team including the management personnel.
There are several opportunities for learning even if the team is highly occupied with running the business. Your management team can enroll for master’s of business administration online courses to upgrade their management skills. The rest of the teams can take advantage of evening, open and distant learning to improve their skills. Always motivate the team to upgrade their skills by use of benefits, responsibilities, and promotions.
Continuous improvement of your business is the surest way of growing your startup and taking it the next level. Look at areas that require improvement and work on them as the business grows.
Meet the Author: Lizzie Weakley
Lizzie is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky, Snowball.
Connect with Lizzie:
- Twitter: @LizzieWeakley
- Facebook: facebook.com/lizzie.weakley