startup growth

Startup Growth Management

Experiencing startup growth is an outstanding achievement for any entrepreneur. However, with startup growth comes new hurdles you will need to face head-on. Too much growth is what we call a “good problem” to have, but if your new challenges aren’t solved appropriately, you could end up dealing with some serious consequences.

Every new business will face challenges, but, not every business will know how to deal with them. When you start to experience startup growth, keep these things in mind.

Stick with What You Know Best

This phrase means a couple of things. First, as an owner, your time is very valuable. You should be spending your time in places where only you know the ropes. Don’t take on more than you can handle, and, if you have someone on staff who can take care of something more efficiently than you can – it’s time to delegate.

The other side of this is to keep your efforts on what you set out to do. If you have a great product or service that’s working, stick with it. It’s always very tempting to expand into new domains but, this can introduce some unnecessary risk. The CEO of Meetup said it best.

“startups die of indigestion not starvation.” – Scott Heiferman

Explore Your Biggest Hurdle

One of the biggest obstacles any business will face is finding and training the right people. Not having the best staff for your business will hurt your chances for growth and is horrible for managing startup growth.

High turnover rates drain a company of time and money. Spend a little more time finding the right person who will take their training and stay with your business. You’ll save a lot of time and avoid many headaches getting the right people for the job.

Find New Strategies

It’s natural to keep on with strategies that you know well. However, as the landscape evolves, new strategies will be required. One example could be not engaging your business in social media or starting a blog. In this case, don’t just continue with what you know, especially when it begins to fail or prevent startup growth.

Get into Bootstrapping

Just because you’re starting to see some startup growth, don’t succumb to the temptations of spending more. Buckle down and build up your company’s resilience. Growing spending is a common mistake many startups make. They start to see more income and immediately start spending it. It’s not difficult to comprehend why this is incredibly dangerous to do.

Stay Close to Sales

You know your product inside and out. In the early days, you probably made sure to oversee your sales department. But as startup growth begins accumulating and new hires start rolling in, it’s easy and natural to start distancing yourself from sales.

Always keep an eye on your sales department. Sales are what keep your business alive. You don’t need to “helicopter” your sales, but don’t let it get away from you.

Be Ready to Adapt

You need to be able to walk away. If you have a product or service that you think is awesome, but just isn’t working, let it go. Don’t get hung up on an idea and try forcing it to work. Modify and adapt to success.

Choose the Right People

Many business owners have a habit of dealing out titles to people that are close friends or family members. This is fine if they know what they’re doing. But, you don’t want your startup growth to suffer because your friend doesn’t have good managerial skills. As mentioned earlier, find the right person for the job, especially when we’re talking about management and other executive positions.

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