As well as the many unique economic challenges we face in the private and financial sectors, it is a simple fact that starting a successful business is a difficult thing; indeed, 20% of new start-ups falter in Year 1, let alone Year 3 or 5.
Starting a business that’s built for growth is even harder, and especially so when the markets have tiptoed around stagnation for some time now. But general trends aside, every business is an individual thing, and an individual track to success exists for each. Using some general concepts, you can find your individual track and follow it to a robust, growing business. Where, though, should you start?
Conducting Comprehensive Market Analysis
In order to grow your business, you need to understand exactly what it is your business is growing into. This not only means understanding the present shape of your industry, but also the present state of the market surrounding it. To this end, you should invest in comprehensive market analysis to better understand the lay of the land.
There are numerous sub-opportunities here, to get to grips with the fundaments of your model and custom. Market analysis can even include questionnaires for existing customers, to regain an understanding of where their priorities lie with regard to your product or service. Indeed, wider demographic analysis could reveal a change in your target audience altogether.
Embracing Innovation and Technology
Running a growing business means running a competitive business. Your efforts do not occur in a vacuum, and you will have a great deal of rivalry to contend with before you can fully succeed in your given form of industry. Remaining competitive is a result of adopting new technologies and innovations where possible, to either keep up with or exceed others in your space.
Re-Evaluating Relationships
At no point should you be resting on your laurels as a business, and this goes just as much for relationships with suppliers and third parties as it does for the development and sale of your product or service. Even your accountants or legal counsel should be scrutinised, particularly where professional negligence could be the difference between a financially-sound bedrock and tax-related fines.
Implementing Effective Management Practices
Internal management can be just as important to business success as outreach. The fundaments of your business lie in the staff keeping it afloat, not just the customers buying into your trade. Handling staff and workload well makes your business an attractive employer, and ensures you don’t suffer from brain drain. Evaluate yours and your executive suite’s approaches to management regularly, and conduct frequent probes into the mood on the ‘ground floor’ – this way, you cannot be surprised by sudden shifts in morale.
