Every start-up dreams of fast and sustainable success. Achieving revenue growth continues to be a challenge for many entrepreneurs. Entrepreneurs must be ready to adapt to the times and accept the challenges. 4 growth hacks to increase a startup's revenue and profit
- Find the right mentors
As business owners, it can be easy to seek advice from peers in your industry, and sometimes, that advice can be great, but it's far more valuable to get advice from someone who is much further along in the business journey. A simple 20-minute conversation with a mentor can provide the breakthrough you need to solve a problem you've been struggling with for months or years. It's crucial to find mentors who excel in your specific topic, not just your business model.
- Be Ready to Scale
Whether the intent is to scale or not, in order to grow, it's crucial that your product / service offering is also on the backend. It is important to have a mindset that is ready to scale.
- When to hire new employees?
Hiring new people is a difficult task. Although they are experienced, it takes time to get used to the company. Hiring someone new every week can be an expensive investment at first, but it will give the team time to get going and allow them to triple the number of new clients they can hire each month.
- Understand the true bandwidth capabilities of your teams.
It can be difficult to understand how much time the team can allocate throughout their workday. It is primarily based on the bandwidth capabilities of each member rather than the actual data. By implementing time tracking software, the true capabilities of the team can be seen. It will highlight which clients are taking more time compared to their retention value and will accurately indicate specific tasks that are taking too long to complete. Retention of some clients can be increased based on the amount of service required. This will allow the team to manage more accounts without compromising on their weekly workload.
