Running a business, whether large scale brand or small scale, is often overly tasking. Also, the early stage of every business, the startup period, is often the most backbreaking. As a result, most startups crumble within this period — an analysis on why startups fail shows that 9 out of 10 startups fail.
Ouch… that’s a lot of them.
The few brand owners who survive the long-run, however, often work unnecessarily hard before embracing the bigger market sphere.
Nevertheless, as a startup owner, this shouldn’t discourage you. There are smart ways to get through these hurdles. The entrepreneurial journey is actually an epic, lifelong adventure once you embark on it with the right mindset and take the right approaches.
Hence, below are 7 smart tips that’ll effectively skyrocket your startup’s growth and productivity if properly exercised.
1. Dominate the inner cycles
What every business owner seeks is publicization of their products and services to a larger audience. To an extent, they pay hundreds of dollars for targeted ads in order to achieve this aim.
However, for a startup owner, dominating inner cycles prior to bigger ads will be less stressful and more beneficial to your business.
Though targeted ads can give you exposure to a larger audience, it may not readily bring in converts who’ll grow the brand. Even if it does, however, you may not have enough products and services to offer to these audiences.
#Key takeaway: Concentrate on improving the quality of your products prior to any expensive means of publicization. Also, before spending hundreds of dollars in expensive ad services, start with free exposure like building an impressive social media presence. This will reduce needless expenses and help you to remain focused in bettering your products.
2. Observe the market demands
As shown by numerous analytic research, a key reason why startups fail is because they disregard the market demands and create products no one is interested in.
Of course, it’s easy to focus on creating products and services you have at least a little knowledge or experience in.
However, when these products don’t seem to do well in the market, be flexible enough to broaden your knowledge to enable you to try out different products.
#Key takeaway: Regularly study the reigning market trends/products and channel more energy and time on them. The market is frequently changing, and you, as a businessperson, should learn to always dance to the flow.
3. Maintain your premium price
While trying to dominate the market and overshadow competing brands, most entrepreneurs believe it is of their best interest to lower their products’ prices.
Though this approach can actually bring in rapid converts and sales, it’ll never bring rapid business success. The fact is, the market runs in such a way where a premium price is the first mark of quality.
As a result, reducing your prices will only make consumers to undervalue your products, and hence, it’ll make you work unnecessarily harder, day in day out.
Besides, of what use is making much sales when the total earnings can’t even compensate the cost of the raw materials used for the products?
#Key takeaway: Pay attention to market values. However, never lower your premium price for the sake of rapid sales — except you want to sell off the products and close down the business.
Also, continually strive to improve the quality of your products so that it’ll be totally worth the premium price. Just then, consumers who are quality freaks will become glued to your brand unconditionally.
4. Discard needless work routine
So.. yourself, together with your employees work all through the hectic 9-5 office hours of the day and you sincerely think that on getting home, the best thing to do is to spam their mail with novel-like guides on the next day’s schedules.. are you for real? No one ever reads through such mails word for word. Hence, this is just an unnecessary source of stress to yourself and to your employees.
If you must send a mail, make it as brief and precise as possible.
Not just mails, however, do away with rigid office rules which only stresses you out and plays no specific role in aiding your productivity.
#Key takeaway: Flexibility has to be exercised regularly to ensure the growth of a brand. Playing by the rules at all times, however, doesn’t really warrant this flexibility.
Like it’s often said, “Don’t work in your business; work on your business.”
5. Leverage underutilized tools
Never underestimate the power of rebranding, repackaging or recycling.
In running a startup, every single penny counts. Hence, it’s important to explore the nook and cranny of every corner to discover undervalued treasures (any tool that has the ability to earn one some fortune can be regarded as a treasure).
Add a little touch of refinement to these tools and turn them into the market.
Nothing is ever a waste nowadays. It’s simply about finding ways to refine tools which seemed to have lost their market value.
Once these tools are repackaged and they are able to serve a purpose once again, they’ll instantly dominate the market and earn you some decent income.
6. Practice sales promotions
“30% off for the next 30 days.”
This is practically a reigning market strategy.. so I’m pretty sure you are familiar with it.
This is a marketing strategy used by most startups and bigger companies alike to entice the consumers. This marketing strategy was primarily designed as a means to draw rapid traffic and to instantly boost sales (temporarily in most cases). So far so good, numerous studies have shown that well-planned sales promotions effectively offer all these benefits and lots more.
However, most brand owners still flag it as useless or ineffective.
Though this process may not readily bring in high net profit, the ROI at a later time is often worth it because it’ll attract lots of audiences and build a form of relationship with your consumers.
These consumers, in turn, will be drawn to your brand unconditionally afterward, even after the promotions are called off.
7. Create a good atmosphere for the employees
While it’s totally advisable to maintain a healthy boss-to-employee relationship, there’s also a need to always strive to motivate the employees to work.
Regardless of an employee’s pay rate, they are also humans; overworking them simply because they are paid for it will only make their productivity, and that of your company to take a massive nose dive.
A 700-person experiment at Britain by the Social Market Foundation and the University of Warwick emphasized on this fact as it reported that happy employees were a lot more productive by as high as 20%.
Congratulate employees whenever they achieve impressive merits. Reward them occasionally. Give them some time off. Create a competition, a social gathering, or anything at all that’ll boost their morale to work.
Once this is done regularly, you’ll find employees unconditionally giving your brand their best shot.
It’s never about increasing an employee’s pay rate while making the working conditions stiff and unbearable — treat your employees like you would like to be treated (if you were an employee) and you’d be amazed how massively their productivity will skyrocket.
In conclusion, A startup, like a little baby, has to be nurtured with utmost care and intuitive outlook.
However, while putting in the effort to your brand and products, it’s also important to take smart steps that’ll make the long-run totally worth it at the end of the tunnel.
Hence, smart up and apply the above effective tips to your startup to watch your brand soar beyond bounds.