Congratulations!
You've got your startup running and things appear to be going smoothly. It took
a lot of planning and hard work but it finally all came together.
Now what?
There will come a
time in the life of every business when you should take it to the next level of
success. Is it time to declare you are no longer an official startup but a
fully-fledged business? Are you ready to make that leap? Here are some
insightful tips to help you manage the next phase of your business growth:
Expanding your staff with smarter people.
Just because it's
your business doesn't mean you always have to be the smartest guy in the room.
In fact, you would do your company a great service by seeking out future
employees who you consider to actually be smarter than you. This is a sign of
confidence and strength where you're putting the needs of the company ahead of
your own ego. That's a good thing!
Don't rest on success.
Hopefully, you've
had a good quarter or two in terms of profits. Take a moment to celebrate and
then get back to work. Resting on your laurels won't help your business move
forward. You should have the same sense of urgency now as you did in the first
week of your operation when you were struggling to make it a success.
Look for the repeat business.
The most
profitable businesses have customers coming back time and again. By creating a
loyal customer base you are setting yourself up for long-term success. Yes, you
need to add to that base but you need to spend just as much effort keeping
previous customers satisfied. Don't hesitate to reach out to them by offering
incentives for purchases or asking for feedback. Make them feel appreciated and
they'll always come back for more business.
Be a hero.
Customers
appreciate when you go the extra mile to help them. If you tell a customer an
order will be ready in a week, try to have it ready in half that time. You'll
come out looking like a hero and they'll be back for more business. And yes,
it's okay to pad an estimated delivery time because in the long run that can
help you if something goes wrong.
Keep an eye on your prices.
There is a sense
with every start up that they are the "David" going after the
"Goliath" of their competition. They can bring down that giant by
offering deep discounts to attract customers but you have to be mindful of the
long game. At some point, you'll want to get your profit margins up. That can
only happen when you increase prices and cut operating costs. When that happens
you've really entered the big leagues.
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