Every business owner wants to see their company succeed. Unfortunately, this isn’t the reality for everyone, especially when hit with several periods of stagnation. When business growth stalls, everything gets harder – whether trying to secure additional funding or being able to reinvest in improving products and services.

If your business has ever experienced consecutive periods of growth disruption, it can be difficult to know where you should prioritize your efforts for course correction. And with a lot riding on startup businesses being able to survive their first few years, it’s important to make sure you’re not wasting your time in the wrong areas.

One of the most effective ways to avoid lengthy stalls in your startup growth is by setting the right foundation for your business. Below are some important fundamental strategies I’ve used to help my startups grow successfully.

Common Challenges Most Startup Businesses Face

It’s only normal to expect a certain amount of challenges when trying to get your startup off the ground. Some of the most common struggles most new businesses face include:

  • Difficulties Managing Finances – Because of the variety of expenses to get a business up and running, it can be very difficult to forecast accurately long term and create a manageable budget. This also can make it harder to get adequate funding from financial institutions that may be necessary to help scale the business, at least until more proven sales histories are present.
  • Highly Competitive Markets – Most industries are highly saturated with smaller and larger brands all competing for the same market share. It can be challenging for newer businesses to get their footing when needing to contend with much larger organizations that have deep marketing budgets.
  • Acquiring Qualified Staff – Without the right team working for you, it’s next to impossible to move the needle forward. Competition from established brands can make it much harder to make the right impact when creating new job opportunities, and getting responses from the right individuals looking to take a chance on an unproven startup. 

Core Strategies for Helping Your Startup Grow Successfully

It doesn’t matter what stage of development you’re in – there are a few core strategies you can put in place to give your business a better chance for sustainable growth:

1. Make Your Customers Your Highest Priority

Although it can be easy to overlook your high-priority items as you start implementing various aspects of your business operations, it’s crucial to keep your customers at the center of all of your decision-making. You can have highly efficient business systems, but if you lose sight of what your customers need, it can all be for nothing.

Staying grounded in your organization is key to moving forward successfully. Before you decide on new growth strategies or marketing initiatives, ensure your customer’s needs are addressed and that you’re actively listening to their feedback.

2. Develop the Right Recruitment Strategy

Taking a lean approach to startup development is common. While your initial headcount may not need to be high, you should have a plan in place for acquiring additional staff as the business grows. 

One way to develop the right recruitment strategy is to focus on widening the talent pool you work with. To achieve this, you’ll want to create more welcoming job descriptions that don’t limit job candidates to only having certain skills or qualifications. While you may still want to vet these requirements, making your business more approachable will help you find more candidates with a diverse range of skills.

3. Be More Balanced in Your Decision-Making

Most successful business owners get to where they are by having great intuition about the industry they’re in and not being afraid to make risky decisions, as needed. However, it’s important to be balanced in your decision-making and not lean too much on your “gut feelings.”

Data-driven decision-making is an important part of helping a business to grow and keeping that momentum going. Take the time to establish measurable goals for your business and use KPIs (Key Performance Indicators) to track your progress over time. Often, the data you compile can either help validate or challenge your gut feelings, which can be a much safer way to evaluate business choices.

Create a Path for Sustainable Growth

Keeping your business on a successful growth trajectory doesn’t have to be an uphill battle. By using the right foundational strategies, you’ll ensure your startup can achieve its short- and long-term goals, while creating more resilience as new challenges come its way.

Photo by Isaac Smith on Unsplash