5 Ways Startups Can Drive Massive Organic Growth
Achieving organic growth is one of the most important targets for any startup organization. This target can prove to be a tricky one as startup organizations may have to compete with bigger players in the industry, without similar resources. However, this should not be a cause of despair as there are multiple ways in which an organization can drive robust organic growth with minimal resources at their disposal. Here are some of the tips which may aid your business to achieve its full potential.
Understand the Concept: In order to attain your goal of strong organic growth, first of all, you need to be clear about the scope of this concept. Organic growth is the growth which is achieved by harnessing the internal resources of the firm. Such resources may range from better marketing practices to responsive customer care facilities. Organic growth may be directly contrasted by the growth achieved through acquisitions and mergers. Due to this reason, it is a little trickier and more time consuming to accomplish high organic growth and it requires a specific strategy.
Remain Aware of Emerging Trends: You may be competing against firms that are armed with lots of cash and resources, but this fact should not hinder your growth plans. While bigger businesses have the advantage of possessing established customer base, startups have the distinct freedom to design innovative strategies. You can use the latest technologies for designing sales plans to ensure that they best meet your requirements and resource constraints.
Think Long Term: As risky as a startup can be, it is not a speculative activity. You should have a long term vision for your endeavor and this long term vision should be a guide for setting up the strategy for driving organic growth. The emphasis on a longer horizon will allow you to look past immediate gains. It will also stop you from taking short cuts which may provide immediate gains but may hamper long term sustainability. For a startup, it would make sense to invest in strategies which are designed for the long term.
Take Personal Interest: Giving a personal touch to your organic growth strategies may work wonders as this approach may help you in designing unique plans. When your interest in achieving organic growth goes beyond mere commercial gains, you are in the position to take alternative approaches. It will also allow you to give personal branding to your plans. Taking personal interest in the execution of these strategies will also increase the likelihood of these plans succeeding.
Build a Core Team: The achievement of explosive organic growth rate is a team effort. No one person can attain this goal on their own. In order to ensure that your plans are executed in the best possible manner, you should build a team consisting of people with common vision and goals. These people will bring different expertise to the table which will allow you to take a more holistic approach towards the design of the strategy. The operations of a startup require more commitment, so make sure that your team members are on the same page.
Set Tangible Goals: Setting up tangible goals has several benefits. First, it will force you to think through plans. It will also aid in the quantification of the goals, which is a prerequisite for setting up concrete plans. Merely saying that you want to achieve high organic growth rate is not helpful. For proper strategies, you need to specify the rate of growth you want to attain. The plans required for 10% growth are drastically different from the plans required for achieving 50 percent organic growth rate. So, set up the goals in concrete and quantitative terms.
Review and Improve: The plans for achieving organic growth rate are not set in stone. You should periodically review your plans to ensure that they remain on the right path. After critical evaluation of the strategies, appropriate changes should also be brought about in a prompt manner.
Achieving organic growth is vital for a startup. While there is no one size that fits all plans for attaining high organic growth rate, the above pointers may come in handy.