3 Basic Tips On Leading A Startup Poised For Expansion
Many entrepreneurs forget that growing a successful startup can be as equally challenging as starting one. See, expansion can make or break a business; if you grow too fast, you might dry up your resources while if you grow too slow, competition might beat you out. According to a report by Startup Genome, up to 70% of tech startups fail because of premature scaling.
The key is finding a smooth and sustainable way to scale, which is usually easier said than done. So we’ve gathered some tips to help you out.
Do Some Research
It’s not always wise for a startup to come out of the gate swinging. Remember, not all markets are the same and what might work for one might not work for another. That’s why expanding to new locations come with big risks.
While there’s no way to be fully certain where else you can find success, you can always do some market research to assess your opportunities and risks, which can minimize potential losses. For instance, you can look into the competition and figure out how you can better market your product or service.
Create A Backup Plan
They say to always expect the unexpected. The same goes for business as you can never be too sure what problems you might encounter during your startup’s expansion. So it helps to have a contingency plan for securing financial funding just in case something goes wrong.
Running out of money can be disastrous for your startup as it can stress your employees out and drop their morale. You don’t want your startup in that situation. The success of your expansion, however, can sometimes be influenced by factors out of your own control including economy, government, social attitudes, and competition. There might not be getting around these factors, but you can plan ahead and keep them in mind when you’re making your backup plan.
Invest In People
Do not overlook the people who are running your startup’s day-to-day operations when you’re scaling as they are arguably the most crucial factor in the success of your expansion. They are the ones responsible for maximizing the company’s potential as it grows. They also define the company culture as it hires more people. That’s why it’s very important to invest in their growth, development, happiness, as well as their health.
Of course, one of the best ways to empower them is by providing them with quality healthcare. Employees appreciate companies that value their medical needs as it saves them from costly out-of-pocket expenses in case of an emergency. This can lead to better performance and productivity. They are also less likely to leave for another company when you can provide them what they want and need.
We at Maria Health, the first online health aggregator in the country, can help you invest in your employees by offering you a convenient and affordable way to have them covered. We have partnered with some of the top health maintenance organizations in the country to help you find the perfect health plan that fits your team’s medical needs. Our website gives you access to real time assistance, non biased advice, an instant proposal system and a simplified sign up process convenient to businesses that is available on any device, anytime, anywhere.
Shop for healthcare now! Visit https://mariahealth.ph/business to sign up and to talk to our customer representatives for assistance and recommendations.