Every startup dreams of fast and sustainable success. But achieving revenue growth remains a challenge for many entrepreneurs. Entrepreneurs must be ready to change with time and accept challenges. Let's learn 4 growth hacks to increase startup revenue and profits
- 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 good, but getting advice from someone further along in the business journey is even more valuable. A simple 20-minute conversation with a counselor can provide the breakthrough you need to solve a problem you've been struggling with for months or years. Finding advisors who excel in your specific subject matter, not just your business model, is crucial.
- Be ready to scale
Whether the intent is to scale or not, in order to grow, your product/service offering is also critical in the backend. It's important to have a mindset of being ready to scale.
- When to hire new employees
Hiring new people is a difficult task. Even if they have work experience, it takes time to get aligned with the company. Hiring someone new every week may be an expensive investment initially, but it gives the team time to grow and allows them to triple the number of new clients they can onboard each month.
- Understand the true bandwidth capabilities of your teams
It can be difficult to understand how much time the team can devote throughout their work day. This is primarily based on each member's bandwidth capabilities rather than actual data. By implementing time tracking software, the team's true capabilities can be seen. It will highlight which clients are taking longer relative to their retention value and pinpoint 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 handle more accounts without compromising their weekly workload.
