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7 Definitive Ways to Grow Your Startup

by
Frank Jenkins Jr
on
6/21/2017
7 Definitive Ways to Grow Your Startup

Your business is performing well. Perhaps you’ve turned a profit or your startup is heading in the right direction with user acquisition. Now, it’s time to scale. But scaling isn’t a simple process, nor one that should be taken lightly. It’s all about being in the right frame of mind and business.

First Round Review states, “When your startup enters a growth stage, you want to make sure you’re not just thinking about the numbers — customers, users, headcount. You need to have the right mindset for your current phase of development, and you need to make sure the people you’re working with are on the same page.” And, that’s an important step towards the right direction.

To help you make the right decisions, consider these key factors. What do you need to grow your startup properly?

#1: Laser Focus

Focusing on a narrow offering helps you differentiate your brand to your market. No company is good at everything. When you align your focus on those areas that are doing well, you can scale more effectively. For example, put your focus on client acquisition channels if you’re seeing a positive growth here. When you focus on one area, you can put more time, effort, and money into an area with the most profit potential. You’re not spreading what you have over multiple channels. No matter how many directions your business is going, you simply must focus on what’s working the best for you.

#2: Improve Cash Flow

Money is always a factor for startups, especially as they scale. Improving your cash flow is important now, before you get too deep into the process. At this stage, you’re likely just spending money without much management. If that continues further, you’ll fail. Establish some best practices for your company in managing and monitoring finances. For example, make the process of invoicing and getting paid as automated as possible. This ensures money is coming in and you don’t have to think about how.

#3: Create an Organization Built on Processes

Here’s another common area where startups stumble. If you don’t have processes in place – for accounting, hiring, investing, etc. – you will have a harder time scaling. Take the time to establish a methodology and stick with it. This makes it easier for teams to work on projects without a bottle neck if one person is out.

#4: Onboard Leadership

You cannot scale without a team to help you do it. However, you’re not just hiring. You are onboarding the best talent to help lead your company in this new direction. Generally, you’ll want to hire individuals that have specializations or characteristics that your company is lacking but needs to move forward. That’s tough – many founders feel they can do it all. Instead, look for team members with the ability to help you excel. You also need to hire a professional that fits your startup’s culture. Whoever you hire will attract like-minded people.

#5: It’s the Pivot

Many startups dread being told it’s time to pivot and many wait far too long to make that happen. Pivoting doesn’t mean giving up or failing. It means being smart. When you see an opportunity that will help your organization to grow, don’t be afraid to move on it. By allowing your company to adapt and change like this – and do so quickly – you can test various approaches and learn which is ultimately the best path forward. Many a business plan was changed based on client feedback and demand.

#6: Become an Industry Influencer

The web has changed the way businesses grow. By focusing your efforts on building your online authority, it is more likely that both consumers and other influencers will find out about you online. Use content marketing, speaking engagements, blog content and client reviews to share your story.

#7: Never Forget Your Customer

To succeed in a successful scaling, you need to focus on your consumer. Every investment you make should enhance the product or service you have to offer to better meet the customer’s end need. That’s important – your business cannot be successful if no one pays you for it. Focus on scaling in a direction that enhances the customer’s end result.

Most importantly, don’t forget to scale. Don’t wait too long to make your move to grow your company in a new direction. Startups gaining traction are those ready to scale if done in the best possible manner.

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Frank Jenkins Jr

Frank Jenkins Jr

Frank Jenkins Jr. is the managing partner of Adams, Jenkins & Cheatham, a CPA practice based in Midlothian, VA. Frank specializes in Consulting services, tax planning, accounting, audit & assurances. "I genuinely care about our clients because I have a personal connection with them. This job requires me to multi-task and work under tight deadlines. I get great professional satisfaction from balancing firm and client commitments while building a strong team here at AJC."

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