Guiding New Businesses through the Pitfalls in the Business World

The menace of Growth hacking for new startups is oftentimes a difficult reality to new entrepreneurs. The joy of birthing the enterprise of their dreams most times die off when the stark realities of the tough dog-eat-dog business world stares them in the eyes. The National Bureau of Statistics states that in Nigeria, 3 out of 5 new small and medium enterprises die in the first three years of existence. That said, the few surviving ones may also be facing a hard time scaling through the growth challenge as well.

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It is pertinent to examine some few growth strategies for new startups to guide them through the pitfalls in the business world. In the business world, you don’t loiter, or park or procrastinate– You must keep moving! More reason why stagnation in business is tantamount to gradual death. Even big corporations like cocacola harbour this fear, hence they don’t stop advertising, they strive to make people aware of their products.

Define your services

Whether your enterprise is an online news/sales firm or a physical business to business entity (like a supply chain), definition of what makes you strong is key. Startups must think about and understand the right growth strategy for their company. The most effective growth strategy for your startup will depend on the market in which you operate and the stage of your business.

Know your competitors

There is no island of ideas in the corporate world. You must keep learning! Be it from your team members or from your cut-throat competitors. There must be something they are doing right to get a larger market share that you are not doing. Be open to siphoning their ideas, even if this mean corporate espionage. The reality is: the end justifies the means.

Build your team

Your business model determines the level and amount of hires you can shoulder as a startup. In a bid to build the best team, many startups load their ‘ship’ with too many captains. Everyone independent of the other’s idea and instructions. This is why it is very important you hire people who are innovative, intelligent and understand the business vision and mission to work for you. A person who is willing to do anything necessary for the business to grow is the right person for your team. You can’t do it alone. “The myth of the entrepreneur who goes into a garage and pops out two years later with a $1 billion company is just that: a myth. You need a community.” – Matthew Porter, Co-founder, Contegix

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Leverage on your selling point

The fact that all businesses make use of social media nowadays, does not mean yours too is dependent on it. It is a good thing, notwithstanding, but knowing what works for you best is the thing. StemSignatures, a startup make up artistry firm in Lagos, does not need to concern herself with email newsletters to prospects abroad, when she can conveniently channel all her social marketing energies into Instagram and Facebook, and save a lot of stress and man hours. You will need to consider expanding your tracking of analytics, as well as your contact management, email and customer-service capacity, to know which works best for your services.

Push the brand

In the business world, if you don’t blow your trumpet, others will collect it and break it before your eyes. At every instance, in every gathering, strive to push out your outfit and tell people about it. Identify with your brand. Create a catchy phrase, a fancy logo or a unique way of doing things differently. Effectively use of social media for Brand recognition has now become critically vital to small business growth.

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Diversification

The sad truth is, not all plans work out in business, and be ready to experience failed plans as you run your startup. Be ready for that. Try out something new. Be adaptable to anything that comes up in the running of your startup. By allowing yourself to adapt and change quickly, you’re able to test different approaches to business and find out what works best. Divert the fear of failing to reach your goal into something positive. As Sir Richard Branson, Founder, Virgin, puts it – “A touch of the jitters sharpens the mind, gets the adrenaline flowing and helps you focus. It is important not to fear, but to harness it—use it as fuel to take your business to the next level. After all, fear is energy.”

Our list may not be exhaustive, as your growth strategy is that defined by your own self, maybe due to the peculiarity of your business enterprise. But one common denominator all businesses have is – to make profit. One cannot be too extra-ordinarily careful, especially in a fast paced business world. Experiment with something new, figure it out and stay dedicated to what works for your business.