For any new business getting through the startup phase can be intimidating. It’s estimated that almost 90% of new companies fail with most companies making similar mistakes and lacking the information and team they need to sail past the startup phase and enter into the growth stage. The faster a new company makes it to the growth stage the better their odds of survival become. How does a company make it through the startup phase successfully? Through partnering with people/companies that have expertise in helping companies get off the ground, investing in long term goals not just short-term solutions, and evolving as the company develops.
Partnering with the right mentors:
One of the biggest mistakes a new startup makes is not looking externally for partners that can guide them through the startup process. Partnering with a strategic business partner can give you inside knowledge into what has been successful for other companies in your industry, how to take a deep look at your finances as you begin to make money, where to invest in the future, and how to build your brand. Many companies that don’t reach out for advisement often react to late or completely miss what is happening in their business ultimately leading to their demise.
Look for a partner that has helped similar companies or companies within the same industry. This way they will completely understand the challenges you face, and how to make your company competitive.
Investing in the long-term:
Being short-sighted is something startup companies face without evening knowing they are up against it. Owners, startup executive boards are often focused on reacting to day-to-day challenges and crisis therefore they are only spending money on what they have to get by. However, those companies that have a partner by their side to help pull their eyes up to what’s happening one year, five years down the road. How are you investing in technology, sales, marketing to ensure you make it not only to the growth stage but past it?
Evolution of your company:
Many startups make the mistake of trying to make their idea or product work for their customers they don’t allow for the business to evolve. Evolution is key to not going out of business. Consumers and markets are constantly changing therefore companies should always be looking at how they can react to changes and improve their business practices.
Find out how rinehimerbaker can be the right partner to help create strategic growth for your company.