Fast growing companies are known for their scalable business growth and innovation. If you are thinking about launching a new solution to the market, you have to find the best way to launch it fast, even if it is a beta version of your product, so that the competition and the market are caught by surprise.
Surprise is indeed the key concept here, since the solution you are launching is demanded by the market, yet not recognized. That is why these companies must be efficient and objective on their every move and decrease the chances of any competitor launching their solution first, hance losing the surprise factor and your market value.
But this you probably already knew. Here is where the real treasure is revealed.
Together with our great network of specialists and entrepreneurs we have put together four decisive factors for any company that aims to achieve fast business growth and innovation. Here is what we found.
1. Strategic Planning
Strategic planning is the core of any business idea. It is a waste of valuable time and money if you do not plan your actions ahead and know exactly what to expect as a result, as well as draw your goals and deadlines. This is particularly important for businesses that want to seek investments with experienced investors. They became investors because they have learned where to put their money to achieve greater ROI, and certainly they did not get there by investing in companies that do not know where they want to go or how to get there.
This does not mean your strategic planning will stay static forever. On the contrary, if you have a good plan and know your business goals, you will know exactly when it is time to change and what will be the outcomes of that change. This is especially important if you are seeking fast business growth, since quick response to any changes in the market is what differentiate every other company from fast growing companies. As the name states, everything must be fast, but effective.
2. Quality over Quantity
In the beginning of any product life cycle is expected a small quantity of clients. As the product moves towards the growth stage, the number of clients should increase rapidly, and this is where the scalability of the business is put to the test. If the quality delivered to those first clients was not what they expected, your business will fail to move on to the next phase.
This was all to say that, in the early stages of your business, you have to worry more about the quality of the solution you are providing and less about the number of clients you have on your portfolio. If the first adopters are satisfied, your business growth will come naturally as they spread the word and become important ambassadors for your brand. If not, you will not have a solid ground to sustain such growth, no matter how perfectly you planed it.
3. Customer satisfaction
This is related to what was said before but is important enough to deserve its own category. Have you ever heard about Service Dominant Logic (SDL)? It states that every relationship between a company and its clients is based on services. For fast growing companies it is not different. In this premise, customer satisfaction is when the customer achieves the expected result through interactions with your company. Therefore, these interactions play a decisive role on your company’s success or failure.
Furthermore, these interactions between company and client are a source for great insights about your company and provide learning cycles about what the customer wants, expects, and feels. These insights should be a main source for continued improvements in the company’s customer experience and internal policies. Besides, continuous interactions with clients provide a constant validation of the company’s proposed and delivered value, an important information that could help you identify when it is time to improve or change the course of your business.
4. The right partners
For anyone starting a new business, experienced or not, the partners you choose to accompany you in this journey are fundamental. Strategic partners or alliances can make your life a lot easier when facing the cold brutality of the market. We have talked previously about investors, but other partners can play important roles on your value network.
For instance, building a nice partnership with suppliers or manufacturers can decrease inconsistencies and save you a lot of time and money resources. But of course, to develop great partnerships, you will have to prove the value of your business in the long term – once again, your strategic plan will play a decisive role in acquiring the best partners to compose your network.
But beyond that, entering a new product to the market, fast and with great quality is not an easy task for a new-born company and losing time-to-market may finish your business before it is even launched. Particularly when it comes to tech fast growing companies, you will need an experienced partner that recognizes the peculiarities of your reality and can help you offering consulting and tech solutions efficiently and with proven quality.
If are seeking fast business growth, you need to meet Madiff’s solutions for fast-growing companies. Whatever you need, we can turn your business ideas into reality. Let us build together a profitable and long-lasting partnership! Talk to us today.