Start-ups and small businesses typically enter their target markets with a lot of enthusiasm and optimism. This may get them a long way, but in order to truly succeed in competitive markets, they must have long-term business growth strategies and planning in place.
Unfortunately, many start-ups and small businesses fail because they do not take crucial steps which are necessary for business success. Turn things around by implementing appropriate business growth strategies.
If your startup is in need of a boost – and you need it now – it’s time to figure out what business growth strategies you can implement. This article will teach you how to accelerate your company’s growth so that it has the best chance of long-term success.
1. Adoption curve
The first subpoint for this is the adoption curve. This is a bell curve that is representative of the adoption or acceptance of a new product or innovation. Customers can be segregated into multiple types. The first are the initiators. These are the customers who like to try out new products as soon as they are launched. The next comes the early majority. After the initiators have used the product, the component we have is the early majority. These are the customers that adopt the products based on the experiences of the initiators.
Next, we have the component of the late majority. This is the section of the curve that represents the saturation of the product in the market. Then we have the Laggard. Laggard are the consumers that buy the products after the market has been saturated and they are the last adopters of the product. There are some who like to divide the adoption curve into five parts, however, here we will focus on the four main divisions of the curve; initiators, early majority, late majority, and laggard.
Depending on the performance of your product, the curve will influence your strategy for scalability. This means your strategy will depend on when you enter the market. It is always a good idea to start early to have an advantage over the adoption curve.
2. Entry-level barrier
The next subpoint of business growth strategies and long-term planning is creating an Entry-level barrier. Entry-level barriers can be created in three ways. First, copyrighting or patenting your product or design. Second, increase your business’s purchase power by dealing in bulk to enhance the market presence of your product. Third, the entry-level barrier can also be created by building an ecosystem. But what is an ecosystem? An ecosystem is a closed connection between similar products made by a single manufacturer which works towards enhancing the workflow of the user.
An example of a great ecosystem is the one created by Google or Apple. With Android and iOS making huge strides in the market, the industry has shifted to cater to the needs of the users of these devices. Developers are making platform-specific software to be compatible with the devices, locking the entire industry in its ecosystem. This is how brands Google and Apple are able to create such a closed ecosystem from which they can benefit.
Now let us take the example of SmartSchool Education. How SmartSchool Education create an ecosystem? One of the leading e-learning platforms of the country, SmartSchool has also started its own chain of pre-schools which goes by the name of SmartSchool Junior. Also, having an independent publication allows SmartSchool to create its own content and provide education to the children studying in their schools and providing them with an e-learning platform as well.
By understanding the need of the consumers SmartSchool created an ecosystem to benefit from. So, it is critical that we create an ecosystem for the consumers if you want your business to flourish. Therefore, creating an entry-level barrier and planning is an indispensable aspect of building a successful business.
The fourth important aspect of business growth strategies and long-term planning is innovation. There should be a constant process of innovation if you are looking to make a mark on the industry. “Next, new, better” should be the motto for growing your business. Focus on today and think about the innovations you can bring to this day. Which do you think comes first? R&D or problems? If you answered R&D, you are absolutely right. If you dig for a well when you are thirsty, you will perish from dehydration.
Start by digging the well when you are not thirsty to ensure you have water for when you eventually need it. Similarly, if R&D is done on a product that is already outdated nullifies the importance of R&D. Your products will need to keep pace with the changing times and technology if you don’t want to lose relevance. With the whole world relying on technology, bringing on technological innovations with your R&D helps to keep the market fresh and exciting allowing you to better scale your business to new heights.
4. “Me too syndrome“
So what is this Me too syndrome? Me too syndrome is when you expect things to happen for you and your business if it has worked for someone else or trying to copy their success. For example, it is very common for Indian streets to have sweet shops catering to the locals. Once a location witnesses a new sweet shop, plenty of other sweet shops tend to pop up in the vicinity. Though only one shop is catering to the locals, others ran at the opportunity to replicate their success.
It is very common for people to think that if someone else is able to run a business why can’t I? You first need to understand and acknowledge the reason why you want to start a business. Blindly following others is not the key. Success does not come equally for all. People are diverse and have diverse skills. Find something you like and not blindly follow others. Challenges, hurdles, circumstances, etc. will be different for everyone; it is you who need to figure out how to overcome them on your own terms. Stop following others and build something unique.
5. SWOT Analysis
Doing a SWOT analysis is a great idea. By analyzing your business’s Strengths, Weaknesses, Opportunities, and Threats, you will be better equipped to deal with any challenge. Determine what you are good at, identify your weaknesses, analyze how your Strengths would be able to take advantage of the opportunities and how your weaknesses should be addressed to minimize threats.
Now everyone will have distinct strengths and weaknesses, therefore, strategies should be based on the individual. Do a complete SWOT analysis to understand your strengths and weaknesses and then decide on your next course of action.
Here is a golden statement to live by. “Don’t compare yourself with anyone else, you are not answerable to anyone except yourself.”
Again, if you are facing any problems with your business and looking for consultation from experts or looking for new business opportunities to invest in, then give a call or leave a WhatsApp message on the number 8927089270.