This post is based on my experience in turning around one healthcare publishing start up and helping build from ground up another start up in the food business.
This post is, to my mind, relevant to all sectors including IT.
Business expansion strategies for start ups is fundamentally different from mid or large sized companies. Start ups are often cash strapped, high on enthusiasm and fast learners. They are open to innovation and implement advice with gusto. This happens when trust is built between the entrepreneur and the consultant. Early wins help in rapid trust building.
Business vision and business model definition are critical to start up growth. Start ups require constant advice to keep them on the defined growth path. Consensus building is integral to defining business strategies and plans.
As they are often short of cash, new initiatives have to be carefully constructed. Business development strategies have to be high on human energy but low on cash inputs. Networks, innovation, research, analysis and constant review are some of the key tools critical to business expansion. Margin management, customer satisfaction and brand building are additional features in business planning and implementation.
Start ups have to forge then own path and leadership plays a determining role.
Tomorrow's post will be on market entry advisory strategies.
This post is, to my mind, relevant to all sectors including IT.
Business expansion strategies for start ups is fundamentally different from mid or large sized companies. Start ups are often cash strapped, high on enthusiasm and fast learners. They are open to innovation and implement advice with gusto. This happens when trust is built between the entrepreneur and the consultant. Early wins help in rapid trust building.
Business vision and business model definition are critical to start up growth. Start ups require constant advice to keep them on the defined growth path. Consensus building is integral to defining business strategies and plans.
As they are often short of cash, new initiatives have to be carefully constructed. Business development strategies have to be high on human energy but low on cash inputs. Networks, innovation, research, analysis and constant review are some of the key tools critical to business expansion. Margin management, customer satisfaction and brand building are additional features in business planning and implementation.
Start ups have to forge then own path and leadership plays a determining role.
Tomorrow's post will be on market entry advisory strategies.
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