Mumbai, October 20: Starting a company is not an easy task and one of the most important things is a strategy. You need to have a robust strategy in place for your startup to grow.
It is a very difficult and competitive space for a new company to establish itself. According to a report on the Entrepreneur, 50 percent of the startups fail every year and only a few manage to survive for more than five years. The ones who succeed for a longer time in the market can do so by creating a startup growth strategy.
Check Startup strategies shared by Dr Vivek Bindra:
Today, we will talk about 4 steps to develop your startup growth strategy:
Create your vision statement
When you are starting, create a vision statement where you would like to see your company in the future. Dream big, aim big but is also very important to remember that there are various restrictions in the form of budget and other resources, unlike a big company. But, if the focus is right, you will soon be able to achieve it.
Own your strengths and weaknesses
Identifying your strengths and accepting your weakness will help you to sustain in the market for long.
Determine your positioning in the market:
You must have an understanding of your business. You must know, what sets you apart from your competitors.
Keep a check on your competitors:
In the age of digital media, a consumer is bombarded with numerous information from various sources. Very few manage to stick on to the mind. Therefore, it is very important to check on your competition and never underestimate them.
These strategies will help you to increase sales of existing products or services on existing markets, and thus will help in increasing your market share. They will also create a strong brand recall.