5 Tips for Accelerating Startup Growth

In any given startup, there is an infinite amount of information available, so many business levers to pull while the pace of change keeps increasing. To a startup founder, this might feel overwhelming sometimes or lead to micro-optimization. Here's 5 tips for accelerating startup growth.

Fasten the learning loop

Did you know that according to McKinsey's 2021 survey, only 11% of companies believe that their current business model will be fit for purpose by 2023 and the speed that put your company to upper echelon in 2018 makes you a mediocre one in 2021?

It makes sense to help your organization to learn faster to keep up with the competition. Do you have a culture of expirentation? Can you make more information transparent to everyone? Can you give more decision power to your people? Can you encourage to try more and bolder things?

Cast the main goal in cement, but allow micro-pivoting

Whatever your strategy is, you'll want one. Because of the rapid changes in the market, it pays to be fluid enough in your pursuit of your dreams. At the same time, be decisive what is the main goal of your startup. The goal must be the north star, while your people should be allowed to constantly seek better ways to reach it faster.

This is a decade of adaptive business. Does everyone at your startup truly understand what is your north star? Does your people really have the mandate to find better ways to reach it? Can you utilize a composable business models to develop your software systems faster?

Happiness is a competitive advantage that can't be copied

Great startups have great company culture. The company culture is unique in every startup, but it's the glue that binds the people together making them perform better as a team. People accelerate growth. According to studies when people are happy, they are more creative. Creative people solve problems faster.

Do you have a company culture that is written down and available to everyone and? Do you have mutually agreed values that you live by? Do you harness modern company culture models such as self-organizing and flock-intelligence? How do you manage that your people do not suffer burnouts?

Raise the digital maturity of your business

According to several studies digitally mature companies grow faster and are more profitable than the competition. Some even disrupt their own market. Also, regardless of the business field, customers demand more personalized and digitalized service such as 24/7 self-servicing.

Do you know what is the digital maturity of your business? Can you make a digital transformation to your business model? Is there a room for a digital platform in your business segment?

Would smart money accelerate your growth?

Bootstrapping is a great way to learn how to be capital efficient. But when you really hit the tidal wave, it is good idea to make sure that your coffers can sustain the growth rate. Taking external capital can be a solid choice, but does it come with brains? Someone once said that startup founder should not be looking for answer, but a person. Capital only helps if there are right people to solve the problems.

If you are a digital startup, does the investor have experience in digital business? Can investors open doors, give feedback on your strategy, or help in key sales efforts? What talent you are missing, can investors help you in that?

Teemu Malinen
Digital entrepreneur & Investor
Sofokus Group