Business strategy - identifying the Key to your success
Having a growing company is great, but in a startup with limited resources, managing your time and money can also be a huge balancing act when it comes to determining where you are best to place your focus.
As an entrepreneur, it is essential from time to time to take a step back and analyse your business strategy and performances in order to decide which aspect of your business model is delivering the results you aim for, and which are holding you back. A good strategy and scalable ROI (Return On Investment) is key in allowing you to make this kind of judgment call.
Tradegecko was born a little over 12 months ago, and we launched our product to the market back in October 2012. We have been delighted to have secured our first round of finacing earlier this year and already in that time we have been able to double the size of our team, and the good news is that we’re still hiring!
It is only now and at this point that we take a step back to evaluate the different aspects of our product and how we run our business as a team, particularly given that we now have an established brand identity, and are securing sales through repeated, scalable customer acquisition channels.
As soon as you in a position to demonstrate repeated scalable growth and achieve accepted results on your hypotheses about your marketing, sales and development, you need to standardize those business functions that are working for you and providing ROI and increase them where possible. This will give you the breathing room to continue testing the other strategies of your business, be it on your marketing campaign, plans for restructuring, diversifying or gaining a stronger advantage on your competitive footing.
The first and arguably the biggest challenge any SME can face is working out which processes are worth investing the time and resources in for further development. Here at TradeGecko we’ve adopted company and team member OKRs (Objectives and Key Results) which allow us to define hypotheses and expected outcomes on anything that we place our focus and efforts in… and then rigorously challenging these hypotheses with continual amendments or modifications to our business strategy as and when required in order to meet our goals and objectives.
At this early stage the most important lesson is that the learning curve for any business (not least as a startup) is never ending, and you have to be open to new challenges and be innovative and responsive with your strategies in order to meet the aims of your business and the demands of your customers.
Over the coming weeks we will be discussing the implementation of such strategies with you, and look forward to sharing our vision for the future and our success as we evolve...
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