July 19, 2016
4 Growth Strategy Tips from Business Experts
Wondering how to manage growth and implement a strategy at your young company? Here are several tips from business veterans who have done it:
1. Hire the Right Team
Nothing is more important for business growth than hiring the right people, says Paul May, founder and CEO of BuzzStream, a link building website. May says employers should have a “very rigorous hiring process” to find the right people for the company and the job. Afterwards, the company should provide adequate technical and intellectual support to these people to retain them and to allow them to be successful. There is no magic formula for hiring the right people, but extensive interviewing, checking references and looking at prior work experience would greatly help. Your company could implement an internship program to recruit the best talent fresh after graduation.
2. Any Plan is Better than Nothing
Having a bad plan is better than having no plan. This is a piece of advice widely attributed to Peter Thiel, the legendary co-founder of PayPal and one of the first investors of Facebook. What entrepreneurs can take from this piece of advice is that it’s important to plan for growth. If you worry that your plan would be bad and implement no plan at all, then the growth you hope for would most likely not happen. Don’t expect to “wing it” when it comes to the future of your company. Keep in mind that your competition will have a growth strategy even if you don’t. If you are not sure how to design a growth plan, you can always seek advice from a consultant firm like Global Resources.
3. Narrow Your Focus
This ingenious piece of advice comes from the founder and CEO of Usersthink.com John Turner. He says it’s important to note the difference between scaling up and doing many things. The two doesn’t necessarily mean the same thing. It is possible to hurt growth by focusing on many products, which end up subpar because the resources are unequally shared. Turner’s advice is to focus on a few things that your company is really good at first. Master these core products, and then experiment with other things.That’s real scaling up.
4. Know Thy Market
Seth Shaw, the CRO of Wrike, an online project management software, cannot emphasize the importance of having a data analytics team enough. If you don’t know your market, you simply wouldn’t know how to grow. A data-driven business plan is bound to be stronger and more successful on the long than one that is driven on whims, says Shaw. In the age of Big Data, if your company does not religiously collect market data such as consumer buying habits, you’ll miss out on the opportunity to get to know your customers intimately. If you don’t know your customers, your marketing plans and new projects are bound to fail.
The last piece of advice comes from Martin Senn, CEO of Davinci Virtual Office Solutions, who encourages business owners to self fund for as long as possible. Outside investors and venture
capitalists can meddle in your business plan and the owner could lose focus, which is the worst thing that can happen to a company looking forward to growth.