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Over the past three or 4 years, startups and small businesses have faced unique challenges, including the lingering effects of the pandemic, fluctuating inflation rates, and global supply chain disruptions. Survival, and much more so development, required Herculean effort and resilience. We are entering the last quarter of the yr. What lessons can we learn from small business successes in 2024?
Growing from a startup to a successful and sustainable company takes years of dedication – a truth I can wholeheartedly attest to as I look back on 20 years of entrepreneurship. Mean startup growth rate drops from an impressive 268% in yr one to 71% in yr three, so what should we expect in yr five? Year 10? You don’t necessarily have to cross state lines, seek outside investment, or go public to achieve regular and repeatable growth as a startup. Here are 4 essential lessons I learned while running a company that, after 17 years of operation, is still thriving and receiving recognition for its growth.
1. Let your customers be your online business compass
Your customers are the basis of your success. What’s best for your customer is best for your online business and what your customer ultimately advantages your online business. Every decision and move you make should reflect their needs, desires and pain points. When you truly listen to your customers so they feel heard and supported, you may shape your products, services, and overall business model to consistently deliver value. Combine this with an unwavering commitment to exceptional customer support, and you may see lasting loyalty and gain customers for life.
It wasn’t easy, but from the very starting I was involved in the development of my company 100% organically, without incurring debts or external investments. This may seem to be an ambitious goal, but I promise you may achieve it too. While external investment can actually speed up growth, it is not without its trade-offs.
Accepting financing often means meeting investor requirements and diverting attention from customers. Investors can prioritize short-term profits and scalability, reacting to market trends, moderately than thoughtfully and intentionally innovating in ways in which matter most to your customers. A customer-centric strategy will increase loyalty and competitive advantage, driving organic growth and leading to a more resilient business model.
2. Leverage automation but maintain the human connection
Automation can revolutionize your online business increasing efficiency, reducing operational costs and enabling faster scaling. Time is one of a startup founder’s most respected resources, and streamlining routine every day tasks with technology allows you to focus on innovation and strategies to higher serve your customers.
Use automation wherever you may, but your goal should at all times be to complement the key human elements of your online business, not replace them. Customer service is one example of an area where I refuse to compromise on true human relationships because customer relationships are our biggest asset. Let automation take care of the repetitive and mundane things, and your people will focus on what is creative and strategic.
As a software company, our customers use our product to streamline tasks equivalent to data entry and accounting. We often share suggestions on using AI to save time when clients write rental listing descriptions, but we encourage them to maintain personal contact with tenants by showing properties in person and being available for maintenance issues when they arise.
3. Success is based on relationships
As Helen Keller once said, “Alone we can do so little, together we can do so much.” Relationships are the basis of success in business, and cultivating them is crucial on the path to development. Investing in and valuing your employees, suppliers, partners, customers and communities will strengthen your online business from the inside.
An inclusive and supportive work culture that celebrates wins will create more engaged, passionate and productive employees who will thanks and drive your organization forward. (*17*) long-term relationships with suppliers and partners ensures you have trusted resources and allies at your disposal when each challenges and opportunities arise. Actively engaging with your community through charitable initiatives, events or local partnerships will increase the reach and impact of your brand. Investing in relationships is an investment in the long-term success of your online business.
4. Build trust through specialized knowledge
Sustainable competitive advantage is about greater than just your product or service – establish your brand as an authority that customers can rely on for accurate and precious guidance and knowledge. Strengthen your trust and fame by becoming an expert in your field.
My property management software company has made it a priority to change into a trusted resource for landlords, property managers and tenants by offering a variety of free, on-demand educational tools that enable them to navigate an ever-changing industry. I have found that this not only strengthens customer relationships and loyalty, but also sets us apart from the competition. We are not only a service provider; we are a committed partner investing in the success of our clients.
We recently celebrated a growth rate of 76%, above the third-year average in our ’17 yr, because our strategy and approach have at all times been rooted in our guiding principles – from start-up to sustainable success. As you implement recent technologies, strategize with your team and proceed on your growth path, at all times stay true to your roots. Often return to the core values that underpin your startup and allow them to be your best guide on this journey. Stay grounded to leave a lasting and resilient legacy that can proceed to achieve success for many years to come.