4 things it takes if a company wants to grow

Focus and persistence are basic requirements for founders who strive for strong growth. It is of central importance to plan the use of time and energy in a targeted and effective manner in order to get through difficult phases. However, it is a challenge to focus on what is important and not to be disturbed by growing distractions.

Develop an excellent product

The first is also the simplest and most obvious rule: focus on the product or service. It can be difficult, but also crucial, to adapt the product to the market. And even after initial success, continuous communication with customers can help focus on their needs and wants, which in turn can lead to sustainable business growth.

New ideas are almost certainly going to pop up, and there's no need to be so focused that you'll never have to reorient yourself or create additional offers. However, you should evaluate them on the basis of the opportunities available and your own abilities as a founder.

Build a customer base

You shouldn't fall into the trap of “If you have a good product, customers will come by themselves.” You might have a unique and desirable solution to a real problem, but you still need to focus on marketing and sales.

You should think about what you like yourself, which messages would be well received by yourself and what marketing technology likes. You can use this knowledge to further develop your offering, attract and retain customers and receive recommendations. If someone immediately hires a sales rep and they don't manage to close a deal, they may need to spend additional time identifying the root problem.

Build a great team

Strong growth means lots of new hires. Many top candidates will find a better deal elsewhere, but they could be open to interviewing at a start-up if you can sell them the unique opportunity that comes their way. Here are three things you can do to get them interested:

• Explanation of the share offer.
  It may be possible to run through several scenarios to explain to applicants their earning potential without promising specific compensation.
  
• Investing in employer branding.
  Review and update the information about the company that applicants find online, both on the website and on social media platforms.
  
• Exemple mission and values.
  Slogans should be more than just spoken words: stories and examples of how the company and team members put the values into practice are what applicants want to see and hear.

In addition, a clear and tangible hiring process can do a lot to improve candidates' experiences. Even after hiring a personnel manager or an external recruiter, you should take time to hire. While the person or team is responsible for the search and initial interviews, the founders can play a decisive role in closing the deal.

Have capital to keep things running

To a to found a successful company, you don't necessarily have to raise money. There are many examples of “bootstrapped” successes. However, for strong growth, it is necessary to raise capital.

The ability to talk to investors and raise money is an important skill — a skill that becomes even more important when venture capital funds stop bubbling up so abundantly. If you're not sure how to raise money, it can be helpful to find a mentor or hire someone to help you with presentations.

The aim is, of course, to build a profitable company and not just extend the start-up phase. When access to additional capital is limited, it can be particularly important to focus on efficient resource management and invest in areas of the business that contribute to growth.

conclusion

Start-ups must be able to do anything — build a product, sell it, hire new employees, and raise money. But founders don't have to do it all alone. The biggest trick is finding people who complement each other. When founders and managers have different strengths, everyone can focus on what they do best.

At the same time, successful founders are constantly learning as they prepare to take their company into the next phase of growth. When the company's needs change, it's important to find out which tasks you can share with others and which tasks you can take on yourself (and thus become an expert).

Numarics helps you found and build a successful company.

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