When you’re still small and fairly young as a startup, making the leap to become a medium-sized business may seem a bit overwhelming. There are, after all, many business owners who grow too fast too soon and end up hurting the future of their business because of it.
Topics: startups, growth
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So how can you transition into a slightly bigger company without letting go of everything you started out with? Here is a handful of tips to startup owners who would like to scale their company in a smart way and without damaging their own brand.
That way, you can keep the identity you’ve built for your business so far while also tapping into new and exciting markets.
#1 Rely on your team
Far too many startup owners try to do everything themselves. This may have worked out for you, in the beginning, but now it’s time to find new ways of innovation and branch out to other markets. You simply won’t be able to do all of this on your own and shouldn’t really try even if think you might be able to do it.
A successful startup is the result of a team effort and you need to have a rigorous hiring process in order to find the team members that suit you. Before you have this in order, there’s no point trying to grow bigger and stronger - if anything, you might just end up damaging your business.
If you’re currently in this situation, you can start by having a look at The Key to Scaling Sales Beyond a Founder for some great insights to exactly why you need to take on a proper team.
#2 Treat your first fans well
Growing into a larger business means that you might stop focusing on those who got you to where you are today. While it may not directly hurt your business, it sure won’t give you the kind of customer base you would have had if you managed to treat them well.
While branching out and exploring the new markets, make sure that your most loyal customers know that you appreciate them.
Implement a reward program, for example, which they can only enjoy after sticking with your for a year or so - and continue to stay in touch with them via social media as well.
#3 Keep your finances in order
Finally, one of the most important things you can do for a business in growth is to make sure that you’re not using up all your backup funds. You never know if something unexpected should happen - and it most likely will since you’re in the middle of growing.
Keep your finances healthy and don’t overspend when you’re trying to expand. That way, you’ll always have something to fall back on in case your expenses should grow more than you anticipated.
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