With more than 90% of startups failing within the first 3 years of business, it seems like entrepreneurship is an uphill battle that many are losing. Despite the tales of those who overcame the struggles and difficulties to succeed in their venture, many entrepreneurs simply lose both time and money developing their startup.
If you truly want to succeed with your business venture, you must be able to scale up your organisation’s income growth and positive cash flow as quickly as possible. In this post, we’ll discuss the core areas to focus on to 3x your startup’s growth in the next 12 months.
Establish your organisation with co-founders.
Many entrepreneurs believe that they can develop a successful business on their own, when in fact they need to work with a team that can help them grow. By partnering with co-founders, you can split the amount of risk that you take on, whilst also increasing the productivity of your organisation by having each team member specialise on certain aspects.
Ideally, there should be 2-3 co-founders, of which at least one of the co-founders can dedicate their time to business development.
Invest in equipment and technology that will boost productivity.
This is critical to your organisation’s development. Many startups simply won’t have the resources or time to be as productive as they need to for successful growth. That’s why it’s important for organisations to refine their processes and leverage technology to scale their growth.
Your organisation will need to invest in technology that will aid with:
- Time management
- Project management
- Administrative management
- Research tools
- Office equipment (Laptops, mobile devices, printers and print cartridges.)
Refine your organisation’s sales processes.
In order for your organisation to make an income, it must have a sales funnel that converts to extract money from potential customers. Check the sales process to ensure that your organisation:
- Has a compelling value proposition that will incentivise leads to do business with you.
- That there is a process that will maximise the experience that people will have with you.
- The website presents your company the exact way that you want your business to be portrayed.
- That the web copy is actually converting people to become qualified leads and that will ultimately generate sales.
Establish your product or service’s unique value proposition.
This is one of the things your organisation must get right before anything else is pursued. When you ask many business owners what sets their product or service apart from the competition, they often stutter or come up with something vague. Most people are polite in their response by showing an interest, but there is no follow up afterwards.
The unique value proposition cannot be vague. It must appeal to a specific micro-niche and solve a specific problem or desire that they have. This will get them excited and create a “buzz” around the product.
There are a few organisations that have successfully done this. For example:
- Tinder eliminated the icebreaker when meeting new people by allowing two people to show interest in each other before meeting.
- Uber allowed people to use a car sharing community on a grand scale.
- Paypal allowed people to earn and transfer money electronically on the web.
Put in place a referral process.
Word of mouth will allow your business to explode. Once you’ve nailed the value-proposition and the experience, encourage people to share it with their peers on social media. Make it simple for them to share with customised share buttons and messages. This will create a multiplier effect for your business.
Taking these actions will greatly multiply the chances of your business succeeding and growing at a rapid pace. Take a look at your current business setup to see where improvements can be made. Apply them, test them for 90 days and then track the growth.