I am the co-founder of a boutique software consulting firm in India. Previously I was the vice president of the technology division at Goldman Sachs, NYC from 2007 to 2014. We started 3 months back and in the last 2 to 3 months, we were able to validate our idea, grow from 2 co-founders to 25+ people team and secured 50K USD projects from elance & freelancer - we have not explored any other sources yet. We are looking to achieve 5M USD turn over by December 2016 - in next 18 months or so. I am looking for expert advice on what should be my strategy to achieve the 5M number. Thanks
According to statistics, growing a successful business is easier said than done and companies of all sizes face a lot of challenges. If you do not have a solid plan for growth, you are increasing the chance of losing your business to your competitors. If you want to grow your company, you need determination, good business practices, and application of good business growth strategies. They have different organizational structures and management styles, but it is apparent that SMBs experience common business growing pains and problems at similar stages in their development. There are plenty of reasons to pursue business growth such as increased revenue, increased importance in the industry, and wider brand recognition. Besides, they can easier attract big-name clients, top talent, and investors which are necessary for a company’s growth. Business growth may lead to revenue loss if your decisions are not based on a significant amount of market research. The good news is that most of these growth issues are avoidable.
So before trying to expand your business, you should take time to document your expansion strategy and ensure that your decisions are based not on assumptions but on reliable business data. If you think that this is too complicated for you, you can always rely on professional help of Extra brains’ business experts. We can help you develop a business growth strategy that details your specific business goals and defines steps you need to take for meeting those goals.
Maturity stage is final in the business life cycle. The business dominates in its market. If the company preserves entrepreneurial spirit, it can be a powerful player on the market. There are different types of business growth models. The model for your company’s growth is simple business activities that can improve your margins. But when your business evolves to a more mature phase in its lifecycle, you will need to build a strategic growth map which will complement your business model. Business is a living thing, and it must grow if it is going to survive. There are several common business growth strategies and some of them may present more risk than others.
This is the most practical and outside-of-old-theory-books strategy. It will apply to most small and medium-sized businesses. The main goal of this strategy is to challenge ourselves on the choice of messages, user flows, and marketing channels. You need to accept the fact that even though you worked in a market for a long time, you might not know all your customers' needs and the reasons why some of the customers prefer your competitors. In doing so, you will get plenty of ideas for the improvement of your marketing operations. This strategy involves increasing sales of existing products on new markets. Market growth can take a lot of forms. If you plan to enter a new market in a different country, it is important to consider differences in local regulations and culture. Well-known brands can do market expansion by offering franchise options to local entrepreneurs. For example, you can develop a premium version of your product for the luxury market segment. This method is a useful addition to any business growth model because it is based on the existing infrastructure. Before you start doing it, you should perform a good market research and be ready to invest a lot of money to establish your presence. This method is good for more mature companies with a strong position in their target market.
The downside of this effective method is steep upfront costs but in the long run, it is a cost-effective way to capture a new market or to increase market share. Besides, the company you buy may be profitable from the first day. It is a good strategy if you want to expand your business into a new geographic location.
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath