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How To Create Exponential Growth In Your Company Using This Simple Strategy

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company growth

When it comes to business, the more of it you have, the easier it is for the business owner to see where the business will be in five, ten, even fifteen years. Good business is what we want, but great business is what we dream of having.

If you’re an entrepreneur with a startup company, or maybe you’re an old pro cultivating business every day, there’s one thing we can all agree on. Having more business and creating more success within our business would be a great end result at the end of this year.

But what is the secret? It seems some people blast out of the entrepreneurial gate and people immediately gravitate to them, while others get lost in the crowd and struggle for six months before finally giving up their dream. While this is a sad depiction of what could be in store for your business, it doesn’t have to be like this.

Enter Rohan Sheth, a self-made success who used to work the counter at McDonald’s but now runs the CEO desk at Rohan Sheth Consulting, a multi-million dollar company helping entrepreneurs realize their dreams. If anyone knows the secret of creating exponential growth within their company, it’s Mr. Sheth, and he explains these well-known, but little practiced strategies that can explode your business.

1. Stay Consistent

First and foremost, Mr. Sheth described consistency as one of the key parts in building a successful business. He says, “Legitimate consistency with engagement for your business will show relevancy with your audience and allow them the opportunity to connect with you on a personal level.”

Being consistent within your target audience begins to build a sense of trust and expertise within your community and it’s important to understand what your target market wants and needs and sticking to a plan which delivers on these needs daily/weekly.

If your priority on social media marketing is your Instagram account, then make a plan and stick with it. Post consistent and valuable content which will plant a seed within your congregation making you stand out from the rest of your competitors. Remember, if you’re constantly selling to them, they’re not going to listen. It takes perfect timing to understand when to sell and when to continually deliver content that will meet their needs.

Eventually, your consistency will begin to be shared by your audience. When this happens, they will begin expecting something from you at certain times throughout the day or week. For instance, let’s say you have a YouTube channel where you always upload a helpful video every Friday. After you have consistently shown your viewers you can deliver on what you promise, they will pounce on your video’s every time you upload them.

“Success isn’t always about greatness. It’s about consistency. Consistent hard work leads to success. Greatness will come.” – Dwayne Johnson

2. Build the Relationship

In the online world of business it can be very tempting and even easy to fall prey to data and statistics. Sometimes you may even find yourself pouring over data sheets and getting excited when a line goes up or down.

While statistics are a reliable way to grow your business, it’s not the way to build a personal relationship with that one person who needs your services. No one person is unimportant. Each individual within your reach has the power and the potential to reach hundreds, even thousands of their friends when you take the time to show them you really care. So how does this part happen?

This is when you get down and dirty and jump in the mix in your social channels and your email list. Reply to comments, answer questions, reach out and offer your services and advice when you see someone in need. These are all barrier breakers in the relationship building process and can mean the difference of someone walking away and becoming a high value brand ambassador for your business later.

I realize once your business grows on social media, you will begin to have more people than you’ll know what to do with. Nonetheless, it’s still important to reach out as much as possible and show the face behind the brand. When your audience does start to get large, think about creating opportunities with your channels or pages which can provide a sense of belonging to your target market.

For instance, give the mass of followers you have retained a name. This will make them feel like they are part of the bigger picture and will draw them in and help the relationship building process grow between them and your brand.

3. Solve a Problem For The Masses

In order to encourage exponential growth within your company you need to be making use of the technology around you.

Technology is enabling organizations to reach entirely new markets in massive and viral ways. As the world’s population approaches 7.5 billion, companies and organizations with exponential business models can help close the gap between our growing population and the resources they need.

Many companies start with one core offering to customers to serve one need—like Uber and personal transportation—then expand their services to meet other needs, like UberEATS or UberHEALTH.

Mr. Sheth says to learn about your audience through the data and statistics and develop a plan which can solve these bigger problems they are having. This is more like relationship building on steroids and works well when you have a larger audience. Because the audience is larger, when you do solve the problem, they feel the need to tell their friends about it and here comes the flood of new visitors to your business.

“There was never a night or a problem that could defeat sunrise or hope.” – Bernard Williams

In Conclusion

Every entrepreneur wants to realize their dream of owning a successful business which can touch the hearts, minds, and wallets of every person in their target market. But you cannot do that until you have a plan which will keep you and your team on track. Mr. Sheth’s strategies can help you develop these techniques and when you apply and tweak them according to your personal goals you will start to see your business growing exponentially within your niche.

Is it your goal to own a business or grow the business you’re currently in? If so, share with us in the comments how you are going about it so we can help everyone.

Jennifer Spencer is a serial entrepreneur who currently serves as Head of Marketing of AppMasters.co, an app marketing agency. She is also the founder of Accelerant PR, a digital branding agency focused on helping startups write and share their stories. She is a passionate storyteller, online marketer and social media specialist.

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Startups

How to Avoid Startup Clichés and Buzzwords When Pitching Investors

Using jargon can make you sound like you’re trying to fill space instead of providing meaningful data

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How to pitch investors better

Entrepreneurs frequently seek startup funding through a variety of channels. Yet, none seem as challenging as successfully pitching to experienced investors. After all, investors are pressed for time and eager for opportunities. These characteristics make it challenging to motivate them, especially if you’re bombarding them with a pitch full of jargon. (more…)

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Startups

From Idea to Empire: 5 Power Moves for Your Startup to Thrive in Today’s Market

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial

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How to thrive in the startup market in 2024

As an entrepreneur, I’ve learned that understanding market dynamics and choosing the right business model are crucial.

A few months into the startup, I was quick to gauge why it is necessary to go beyond the nuances of operational efficiency and the art of sustaining a business amid growing competition.

Collaboration is key.

The HR and the recruiting teams work with departments to foster a culture of collaboration, but what’s indispensable to business performance is the sync between the marketing and sales teams. What we’d consider as entrepreneurs is the need to ensure seamless collaboration to predict and achieve business goals together. In turn, this will help secure long-term recurring revenue for the business.

Besides, entrepreneurs need to focus on revenue as they gear up to take their startup from $0 to $1 million. The journey is filled with critical decisions, from identifying your target customer base to choosing the right funding strategy.

So, what next?

Read on… because here are five practical, results-driven strategies that you as a founder can implement to make a mark in their industry.

#1. Embrace the Lean Methodology

What is lean methodology?

It is all about pivoting resources to create more value for customers with fewer resources. 

This principle encourages you to be more agile and allow rapid iteration based on customer feedback rather than spending years perfecting a product before it hits the market.

Want to implement it?

Here’s what you can do.

Build “Measure-Learn” Loop: What I did was develop a minimum viable product (MVP), a simple version of the product. You can do the same since it allows you to start the learning process as quickly as possible. After launching MVP, measure how customers use it and learn from their behaviors and feedback.

Here’s what I can recommend here:

  • Identify the core features that solve your customers’ primary needs and focus solely on those to develop your MVP.
  • Know the feedback channels where early users can communicate their experiences, suggestions, and complaints.
  • Analyze user behavior and feedback to make informed product development and iteration decisions.

#2. Focus on Customer Development

Let’s talk about taking our startup to the next level. 

It’s not just about getting customers – it’s about really getting to know them. We need to dive into their world, understand their struggles, and see how our product or service can make a difference in their lives. 

It’s like we’re detectives, piecing together the puzzle of our business hypothesis by actually chatting with our customers

What would you ideally do here?

Understand Customer Segments: I’d say, start dividing your target market into segments and develop a deep understanding of each segment’s demographics, behaviors, needs, and pain points. The idea is to get into their shoes and really feel what they feel.

Ensure your Product Clicks: When starting up, think of what you offer and consider whether it clicks with what our customers need. My thought was “Does my product solve their problems? Does it make their day better?” Put yourself through a tough grilling session to show customers the value proposition and ensure that the product’s promise matches what our customers are looking for.

I’d recommend the following actions here:

  • Talk to them – through surveys, interviews, or even casual chats. The goal? To gather real, raw insights about what they need and expect.
  • Use the collected data to create detailed profiles for each type of customer. This way, everyone on our team really understood we were serving. I think this should help your startup as well.
  • Try out different versions of our product with a few customer groups. It’s all about feedback here – understanding if you’re hitting the mark or if we need to pivot.

#3. Foster a Data-Driven Culture

The digital world is highly data driven since it fuels key decisions in a startup. 

I believe it’s essential for us to build a data-driven culture. This means, you’ll move from making decisions based on hunches or assumptions. Instead, the focus should be on data analytics and insights to guide our strategies and improve our outcomes.

What can you do?

Use Data Analytics Tools: You should be using these tools to gather, analyze, and interpret data related to customer behavior, market trends, and our business operations. Here, consider the adoption of pipeline forecasting that leverages AI to find patterns in marketing data. 

In turn, you’ll get areas for improvement since it can analyze historical data and predict the outcome for you to plan your.

Action Items:

  • Pinpoint key performance indicators (KPIs) that align with your business objectives and ensure they are measurable and actionable.
  • Next, you can consider training your team to understand and use data analytics tools. This might involve workshops or bringing in experts to build a data-savvy workforce.
  • Once everything is in place, regularly review data reports and dashboards. This gives us a clear picture of a startup’s health and helps adjust your strategies and predict future trends.

#4. Strengthen Your Financial Acumen

A good grip on financial skills is important to steer your business towards growth and making sure it stays on track. For this, you’ll have to understand the money side of things, which helps you manage your cash flow. Think of figuring out smart investment moves and sizing up any risks that come your way.

Here’s a tip on how you can get savvy with your finances.

Maintain Rigorous Financial Discipline: I’m really focused on cultivating a strong company culture, one that truly resonates with our mission. So, I’d suggest fostering open communication and encouraging a sense of ownership and collaboration among everyone in the team.

Action Items:

  • Get to know your financial statements inside out – I’m talking about the income statement, balance sheet, and cash flow statement. These are like the vital signs for your business’s financial health
  • Use financial forecasting that helps predict your future money moves. With this, you will have a heads-up on upcoming revenues, expenses, and how much cash you’ll need. Also, research on the available financial forecasting tools that can make predictions spot-on.
  • Don’t go at it alone. Regularly touch base with financial advisors or mentors. With them by your side, you’ll have a fresh perspective on your financial strategies to ensure you’re on the right path to hit your business goals.

5. Prioritize Team Building and Leadership Development

It is crucial to focus on building a solid team and developing strong leaders. This means putting our resources into the people who are going to propel our company forward. 

What you’ll aim for here?

Creating a culture where everyone collaborates and every team member has the chance to emerge as a leader.

What I would do:

Cultivate a Strong Company Culture: This culture should mirror our mission and foster open communication. It’s important that it encourages everyone to feel a sense of ownership and work together.

Invest in Leadership and Team Development: As founders, we’ll have to make way for opportunities for teams to enhance their skills, face new challenges, and grow in their careers.

Some concrete steps that you should consider taking:

  • Begin with clearly communicating your startup’s vision, mission, and values so that every team member is on the same page.
  • Conduct regular team-building activities and workshops to boost skills and strengthen a sense of unity and collaboration.
  • How about starting a mentorship program within our organization? The more experienced team members could guide and support the growth of newer or less experienced folks.
  • Alas… encourage feedback at all levels. We should keep striving to create an environment where open, honest communication is the norm and everyone feels safe to speak up.

I know it’s one thing to get your head around these ideas and quite another to actually make them a part of your everyday business life. But that’s where the real magic happens, right? It’s all in the doing. 

As a startup founder, this means more than just being a big dreamer. How about rolling up your sleeves to be the planner who pays attention to the smallest details. Ultimately, these tips and more tactics around it will help carve a leader in you who listens and cares and the learner who’s always ready to adapt

So, as you’re either starting out or moving forward on this entrepreneurial adventure, keep these practical tips right there.

May these be your guiding lights, helping you steer through the wild and exciting world of building a startup that’s not just a dream, but a thriving reality.

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12 Things I Learned in 12 Months of Working on My Startup

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A few weeks ago I launched my startup. It took exactly 12 months from the initial idea until the moment I saw my app in the App Store. And these were some of the most challenging, fun and exciting 12 months of my whole life. (more…)

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8 Actionable Ways to Get Your Startup’s First 100 Customers

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Image Credit: Unsplash

What’s the one thing that every business wants? Is it money, fame, or endless resources? The answer is quite simple—customers. Having customers is the sure-shot way of ensuring that your business stays afloat in the long run. No matter how good your product or services are, without people buying what you sell, you won’t reach anywhere. However, establishing a customer base is one of the most challenging things a business has to do, especially if you are just starting. (more…)

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