Take Your Start Up Towards High Trajectory Growth You own a start up, you’ve hired the required enthusiastic and skilled people, you have fantastic growth potential, but one year down the line you’re still struck up at the same growth trajectory. Sounds familiar? Sounds like you? Well in case it does, understand that you’re not the only one. If we go by statistics, there is a bad news, i.e. one-tenth of 1 percent of companies will ever reach $250 million in annual revenue. The good news is you can fall into the other category if you know the key. Strategy is the key here! Not many start ups venture into this, but strategy is the key for a business to grow. You may have the most enthusiastic and skilful set of people, but chances of success are grim if you don’t have that an extra edge over the competitors. For that extra edge, you need to develop a long term as well as a short term strategy and work towards specific time-bound goals. There are a few keys here which allow you to solve the riddle of a crucial business strategy.
Market Penetration: The first and foremost is the key concept of market penetration. The idea behind market penetration is to increase the sale of the specific product or service to the existing group of customers. Market Development: Once youâ€™ve reached a desired hold on the existing customers, the next crucial step is market development. Now, once you know that the product or service is well sold in one particular market, you should look for new growth avenues in the adjacent market. This is one of the most riskprone growth strategies as any wrong step in this direction may take you to a downward trajectory.
Product / Service Development : Product / service development is the next big thing you should consider whereby you develop the product or service to cater the needs of both the existing and new customers. Innovation is the key here. Also, you should look at the alternative channels e.g. online marketing in this stage and time. Not many know but developing these strategies requires the expertise of the best Business Strategy Consultants. Do I need to hire business strategy consultants to meet these challenges? Well most of the successful start ups do make the best use of business development consulting services available to them. The idea behind hiring a Business Strategy Consultant isnâ€™t that you canâ€™t do it on your own. There is a limitation of time and energy which a start up can devote towards strategising business enterprise, and hiring professional Business Strategy Consultants gives you ample time for that. Hire the best Business Development Consulting Services and reach highest growth potential!
Published on Jun 15, 2014
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