Top 8 Hacks To Grow Your Business (Sshh! Secrets revealed!)
TheCodeWork Team | 16 November 2022
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I know, I know, the internet is overflowing with ideas on strategies togrow your business. But hear me out! I have got some secret hacks that we follow as well. Intrigued? Bingo!
See whatever the size of your company today, it’s best to map out and prepare for the future. And I’m sure you’d like to see your startup scale to new heights with you at the helm. Oh yes, everyone wants that, I agree.
So in this article, let’s explore some smart (secret) strategies to grow your business. All based on our personal experience while trying to grow our own venture – TheCodeWork!
Speaking of which, have you heard of India’s first-ever Zero Equity Startup Ecosystem yet? Here you’ll get every startup-related assistance–be it technical, financial, legal, or marketing/branding– everything under one roof!
A little planning and proactive strategizing can pay off big time when it comes to growing your business! Here are some suggestions on how you can take your startup to the next level!
Get ready to take notes!
➡ Choose your teammates wisely
It takes a village to raise a child.
Well, you know what, the same applies to a startup too! A business cannot always be a one-man army. If you want to grow your business, eventually, you will need a solid team around you. One that believes in your vision just as strongly as you yourself do.
Hey did you know?
Apple co-founder and ex-CEO Steve Jobs, for example, didn’t care much for team members who didn’t share his enthusiasm or vision. Something to think about there, right?
And you have to be careful while picking your teammates. Especially in the beginning. Because the team you choose will:
Be responsible for executing your ideas and vision
Build and model the culture of your company
Work in tandem with other team members to attain the greater goal
So make sure you onboard people with the right mix of talents, who will complement your skill set.
P.S: Hiring the right talent can be pretty time-consuming. But don’t worry– there’s a solution to this! Until you hire the perfect team, you can always outsource the talent you need!
Reach out to TheCodeWork’s Startup Ecosystem for any startup-related assistance or expertise– be it technical, funding, marketing/branding, or legal help!
I know, I know. This isn’t the first time you’re hearing this (and probably won’t be the last time either). But really, everyone says it because it’s true! A mentor can make a world of difference to how you view and approach any problem in your startup venture. The right mentor will:
Give you valuable insight into the industry based on their experience and expertise
Guide you when it comes to shaping important business strategies and making decisions
Help you to enlarge your business network (trust me, networking is soo important for a budding startup)
In short, a mentor can effectively grow your business and career to new heights.
In fact, did you know that most of the world’s leading businessmen had mentors behind the scenes who cheered them on and pushed them to do better?
Can’t seem to find the right mentor to help you grow your business venture? Well, what are we here for?
Head on to TheCodeWork’s Startup Ecosystem, where we’ll give you access to a vast network of like-minded business people and experienced professionals in your chosen industry.
Too often, a product is launched to solve a problem that does not really exist. As a result, they fail to ever find a sizable market or customers, and eventually, fade away.
Now, this sounds really negative, but I understand. But all this goes to show just how important market research is before building a product or launching a startup.
A good rule of thumb here is to ask yourself these pertinent questions:
Is there a problem that the new product can solve?
Do people want this problem to be solved?
Which population do you want to sell your product to?
Are they willing/able to pay for it?
Better still, ask your potential customers these same questions!
This philosophy from the great Renaissance polymath Leonardo da Vinci lies at the heart of the concept of MVP. In essence, a minimum viable product is the simplest, most fuss-free, initial version of your product. It has only the core functional features and, well, not much else.
However, simple though it may be, an MVP packs quite the punch. It is the first version of your product that showcases the USP and finds a product-market fit. What else do you need? Oh, returns? Well, the returns are astronomical!
See, our MVP will help you determine some key aspects of your product and business. Namely,
Who your potential customers are (specify your target market)
What do your customers need/want from your product
Whether your product can effectively address those needs
Which features of your product are the bestsellers (and which ones need a bit of tweaking)
And that’s not all!
Your product’s MVP will also help you build some important early relationships with your customers.
Look, there’s no denying it: a company’s reputation plays a huge role in its success. And the best way to build (or maintain) that reputation is through marketing/branding and public relations (PR).
While marketing is all about finding ways to sell your product, PR focuses more on establishing and managing the company’s reputation. That’s the sweet and simple difference that we are going to explore together.
Nowadays, simply having a great product isn’t enough. You have to invest in proactive marketing/branding campaigns so that more and more people know about your great product.
Agree?
An age-old marketing tactic is word-of-mouth marketing, which simply involves getting customers to talk about your brand/products.
However, in these times, you need to take your marketing game up a notch. Especially if you’re trying to enter an already crowded market.
So here’s the trick –
Try to look for alternative marketing/PR strategies like:
This sounds like a bit of a no-brainer, right? But you’d be surprised by how often startups get this part wrong! By smart, I mean realistic goals, not motivated or emotionally charged ones! Get my point?
Make sure you don’t make the same mistake when it comes to your business! Set SMART goals! I will go ahead and define “smart” in an elaborate way here:
Specific: Be precise and clear about what you wish to achieve
Measurable: Make sure you can monitor, evaluate, and quantify your progress
Achievable: Ensure that your aim syncs with your financial resources, time, and skills to accomplish. Your goals should be challenging, but attainable!
Relevant: Make sure your goal is appropriate for the direction you want your company to take. That makes sense, right?
Time-bound: Set a deadline for each of your goals. This will give your venture a time frame to work towards it. If your goal isn’t time-bound, it can easily be pushed to the side and forgotten. And we don’t want that, do we? (Noooooo!)
By setting SMART goals, you can monitor your growth milestones and optimize your activities over time. You can also modify a strategy when you need to, to ensure that you meet all growth objectives. It’s only the smart thing to do!
In most cases, the most profitable businesses are those that have discovered a way to effectively meet the needs of their consumers. You could say that these businesses have achieved the coveted “product-market fit.” or PMF.
Now, if you too want to establish your own startup, achieving product-market fit needs to top your priority list.
What’s product-market fit, you ask?
It’s a stage in your product’s life cycle where you can confidently say that your brainchild will meet your target customers’ needs. Effectively and completely.
However, it’s not always that easy to find out how to meet your customers’ needs. It takes a fair bit of trial and error if I’m being honest.
In fact, sometimes you might even need to chuck your original idea out or make some major shifts in your business strategy. Or, as the business people call it, pivot!
Most successful businesses have had to pivot at some point:
Do you believe that business networking is something you should do only after your company has found success? Well, in that case, you might want to think again!
Because networking during the planning phase of your startup can make the entire process of establishing your business that much easier. And you may end up building a community as well. How cool is that?
So, I say, network as much as you possibly can!
Build those industry relations.
Attend networking events– they are the best place to meet people who share your interests. Many of them are experienced professionals who can give you unique insight and perspective that’ll help your company grow. Fair enough?
What’s more, participating in these events can help you to build productive relationships that will help you in the coming years.
Psst! Want to know the best place to hone your networking skills? A startup ecosystem!
Join TheCodeWork’s Startup Ecosystem to meet like-minded entrepreneurs and gain access to a vast network of up-and-coming startups!
So here’s the thing, the sheer number of business growth strategies out there are enough to make one’s head spin. However, the eight options outlined above are a good place to start if you aspire to grow your business.
Okay, now stop racking your brains to come up with more ideas to grow your business! Remember, three key things that can set your startup on the path to success are dedication, consistency, and good business practices. All of which I’m sure you have already!
But a little extra help doesn’t hurt, right? So if you want a team of experts to advise and guide you on how to achieve your business goals, don’t hesitate to reach out to TheCodeWork’s Startup Ecosystem at once!
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