It is known that only half of new start-ups survive more that 5 years and only one third make it to 10 years.
In order to not only survive but grow, here are a few ideas you may consider.
1. Establish a value proposition
For your business to sustain long-term growth, you must understand what sets it apart from the competition. Identify why customers come to you for a product or service. What makes you relevant, differentiated and credible?
2. Define your target market with laser accuracy.
Many businesses have drifted along and survived on low hanging fruit; perhaps it is time to refocus. Take a step back and define your market strategy. Where is your best bang for the buck? Are you headed for where the market is going? Imagine where you want to be in 3 to 5 years and what the business can become. Without this, you’re shooting blind hoping to hit the target.
3. Define your key indicators.
Changes must be measurable. If you’re unable to measure a change, you have no way of knowing whether it’s effective. Identify which key indicators affect the growth of your business, then dedicate time and money to those areas.
4. Focus on your strengths.
Sometimes, focusing on your strengths rather than trying to improve your weaknesses can help you establish growth strategies. Reorient the playing field to suit your strengths, and build upon them to grow your business.
5. Engage your employees and listen.
Your employees can be a goldmine of ideas. They know your customers, your market, and your operations. Actively encourage them to come up with ideas to improve revenue generating operations, product innovation, cost cutting measures, etc., and listen to them. You’d be surprised at the level of ideas you’ll generate simply by asking. This also gives your employees a great sense of inclusion.
There are many other principles that could be added to this summary. I hope these have provided some suggestions that you find of interest. Please let me have your thoughts. gerry@polarisgroupmc.com
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