20 Steps Entrepreneurs Can Take To Level Up Their Businesses
- October 15, 2024
- In the News, News, Uncategorized
When a business is just starting out, the startup phase is the time for entrepreneurs to find their footing in the market. In addition to identifying a gap and developing products or services to meet the needs of the target audience, operating as a startup allows entrepreneurs to try out new things and pivot as needed.
However, once a startup finds its niche and operations ramp up, entrepreneurs have to start thinking seriously about growth and the next phase of the business. Before making any concrete decisions, it’s best to not make any rash moves or rush the process of growth.
Below, 20 Forbes Business Council members discuss how entrepreneurs can level up their business from the startup phase into the next phase of business.
1. Avoid Rushing The Startup Phase
The most riveting time in the life of a business is during the startup phase. This is a process of going from one to 10. During this time, team members wear different hats, work is done at rapid speed and scaling is imminent. Once you’ve grown to maintain this status, you can begin hiring leaders and seasoned professionals to help you grow your organization from 10 to 100. – Christian Brown, Glewee
2. Pivot Until You Find A Niche
Being a startup means not having found your product-market fit yet. When this fit is found, it’s very easy to see because you’d have so many customers waiting at the door that you are not able to serve all of them, meaning you are ready for scaling. When this is not yet happening, the only step that needs to be taken is to pivot and make big changes to your idea. – Sergey Dmitriev, Unusual Concepts
3. Adapt To Changing Market Demand
The right talent on board would permit growth and allow the organization to remain flexible to market conditions. While it’s important to have goals and a vision for the future of the business, it’s equally important to understand that a business’s success is determined by market demands. Adapting to these demands and understanding the changing needs of your specific industry will help launch your business into the next phase. – Jean Francois Harvey, Harvey Law Group
4. Develop A Strong Brand Identity
As a skincare brand founder and plastic surgeon, a key step to transition from the startup to growth phase is to focus on building a strong brand identity. This involves refining your brand messaging, staying true to your expertise and consistently delivering products that promise exceptional quality and fulfill those expectations. – Lara Devgan, Dr. Devgan Scientific Beauty
5. Lay A Solid Foundation
When starting a business, it is paramount to lay solid groundwork. This will ensure that when the time comes to expand, you will have an impressive portfolio right from the outset. Making a positive and lasting impression when reaching out to potential partners or clients is crucial, as you might only have one opportunity to do so. Once there, have a plan that is sustainable in the long term. – Joelle Machia, Wanderers Compass LLC
6. Identify Your Ideal Customer
To level up from startup to growth, start by pinpointing your ideal customer. Your entire business strategy, from product delivery to pricing and messaging, hinges on who you’re targeting. Invest time in understanding your perfect customer, as it will streamline your operations and boost your business’s profitability. – Linda Hamilton, Linda A Hamilton
7. Determine The Market Need
We believe that gaining market acceptance opens up the door to accelerated growth. Once you have market acceptance and maybe (depending on the industry) a good order book, it is easy to get the financing to increase productivity and efficiency. Scaling requires a proven market need. – Alexander Frech, Amiblu Group
8. Evaluate Current Business Processes
Leveling up requires thinking differently about running your firm. To start, we work in the company. As we grow, we need to invest into the company. How are you delegating, automating and otherwise making time so that you can work on strategy, networks and resource generation? How are you building a talent pipeline and brand? Is your brand reaching the right customer with the right message? – Julie Castro Abrams, How Women Lead
9. Clearly Define Your Business Culture
A crucial component is clearly defining your culture through all aspects of the business. At my digital banking company, it’s good practice to ask, “How do we ensure a unified culture with our clients, employees, shareholders, partners and all aspects of the business?” This will result in consistent attitudes and behaviors that will set the foundation as you continue to grow. – Stephen Bohanon, Alkami
10. Find A Mentor
Get a mentor because it’s so important to follow those who have already succeeded, even in other industries. Most businesses fail within the first five years, so find someone who has been in business for longer than that, take them out to lunch and ask them the keys to their success. – Goro Gupta, Ethical Property Investments
11. Focus On Hiring Strategically
Moving beyond the startup phase involves strategic hiring. Focus on bringing in individuals who not only share your vision but have the skills to execute and scale it. This team will be pivotal in transforming innovative ideas into sustainable growth. – David Brooks Holstein, LifeCare Properties, LLC/ Comvest Properties, LLC
12. Establish Business Pillars
Start putting the pillars in place. These pillars should include culture, governance, processes, policies and standards, in that order. – Juliet Anammah, CG&R LLC
13. Step Away To Uproot Issues
Disconnect from your business for a week. Evaluate your team’s performance in your absence, build systems to solve the issues that came up and work your way up to four weeks disconnected. At this point, an entrepreneur should have the people and systems in place to devote themself to new product and service development. Warning: if you cannot disconnect, you are the bottleneck to growth! – Denny LaVe, Precision Precast Erectors
14. Break Down Decision-Making Processes
The first step to advancing your business to the next level is making every decision with where you want to be in mind. Nothing should be done to just be good enough for now. Some things may not be possible to do in one action and need to be broken into phases. No decision should be made just because it works for now without thinking of its impact as your business advances and grows. – Robert Depalo, National Financial Network
15. Strengthen Operational Infrastructure
To move beyond the startup phase, a key step for entrepreneurs is to strengthen their operational infrastructure. This involves investing in robust systems and skilled personnel to support expanded operations and future growth, ensuring the business can scale efficiently without compromising quality or performance. – Anna Anisin, Data Science Salon
16. Focus On Time Management
It all comes down to time management. Make sure your startup has a good grasp of what each task is going to require in terms of time commitment and then plan accordingly to make sure you can fulfill the needs to level up. If you’re doing a good job with time management, then leveling up becomes very easy. If you’re not, it becomes impossible. – Gary Denham, Wamba Technologies
17. Invest In Technology
To build a scalable infrastructure, invest in technology by adopting systems and tools that can handle increased operations, such as CRM systems, ERP software and automated marketing solutions. Streamline processes by optimizing operational workflows for efficiency and scalability, which might include improving supply chain management, automating repetitive tasks and enhancing customer service. – Deepak Bansal, Clearpath Technology Pvt Ltd
18. Build Lasting Relationships With Clients
To level up your business from startup to the next phase, entrepreneurs must build strong, genuine and long lasting relationships with their clients. And by clients, I mean everyone in the chain, including officers, executives, managers and directors. Quality relationships can easily turn your business around in one year. – Vincent Emokpaire, Octoplus Marketing Limited
19. Remain Future-Focused
Try not to dwindle on the past, focusing instead on what’s ahead. You can always reflect on the past to navigate today’s challenges and lay the foundation for tomorrow, but I often see entrepreneurs limit their potential by harping on it. You must shed the unproductive elements of your business to level up and reap the benefits of your future. – Pete Potente, POTENTE
20. Always Be Evolving
Talent, scaling and the next generation’s success require new skills and new ideas. Make sure you’re constantly bringing them in with new people at the top and within the ranks. – John Stewart, Talons Ventures LLC
