How to Increase Your Business Growth Curve
Originally published: 12/09/2018 09:46
Publication number: ELQ-28048-1
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How to Increase Your Business Growth Curve

8 Initiatives To Increase Your Business Growth Curve

Introduction

A common pain of startups after an exhilarating first surge of early adopters is a long and frustrating plateau of slow growth, where it seems like nothing you do will get your business to profitability. Too many entrepreneurs don’t know what to do at this point, largely accounting for that disappointing 50 percent of startups that fail in the first five years, according to Gallup.


Some make big mistakes, such as Webvan expanding too fast with a huge infrastructure, and Pets.com, trying to grow the business with a negative margin, under the mistaken assumption that winning customers is more important than making a profit. Others do far too little, assuming the viral effect and word-of-mouth will soon kick in, and sales will suddenly grow exponentially.


In any case, it’s no fun to be stuck in this stage, struggling to make payroll, and dealing with impatient creditors and unhappy investors. First you need to take consolation from the fact that you are not alone, and more importantly you need to implement an active growth and marketing plan to include the following initiatives:

  • Step n°1 |

    Ramp-up visibility and strategic alliances.

    It’s easy to get so pre-occupied with handling the business rollout that you forget to maintain and increase your social media interactions, search engine optimization efforts, and highlighting positive customer reviews on your website. Continually add new marketing and distribution partners.

    How to Increase Your Business Growth Curve image
  • Step n°2 |

    Real growth always requires real marketing.

    Word-of-mouth and social media may get you started, but there is no substitute these days for special promotions, webinars, presence at trade shows, and actively calling on decision makers. There is no magic lever for growth, so several initiatives are required, with metrics to assess value returned.

    How to Increase Your Business Growth Curve image
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