Smart Startup Business Marketing
Your startup business is finally up and running, but you’re ready to get out of the startup phase. Perhaps those 80-hour weeks aren’t so much fun anymore and you’d like to bring on some help, or maybe you’d just like your business to generate more revenue.
Whatever your reason, you need to look before you leap. Before you consider growing your startup, you need to know that your business is ready.
Your Checklist for Smart Growth
Here are the things an entrepreneur must have nailed down before launching a growth initiative:
- Positive Net Revenue: Top-line growth is critical, but without bottom-line growth, you’ll continue to sell off your company to get the funds you need. Pay attention to bottom-line growth, and you’ll still own the company you’re working for. This means analyzing how efficient you are at acquiring and servicing customers. Why add more if each new customer will cost you money?
- A Customer Focus: When you’re first starting up, your customer base might be all over the board because you scrambled and accepted anyone who was willing to sign up. It’s time now to create an ideal customer: one who will buy from you again and again, and one you can serve profitably.
- Effectiveness and Efficiency: As a startup, effectiveness (keeping the doors open) was the most important thing. As you move from startup to established company, efficiency should become your priority. The only way you can handle more customers and more employees is to be ruthlessly efficient. Otherwise, the burden of growth will crush you.