BUSINESS BANKING & FINANCE
FEATURE
GROWTH OBSTACLES After analysing data from 300 companies, Dr Vyakarnam and colleagues were able to identify the most common obstacles to growth. These are: • Proving that products and services work and that there is a need for them
• Proving you have a sustainable business model • Knowing whether the business is scalable
"The first calls for a deep understanding of the value
proposition of your product or service, of what you're offering customers and how to deploy this," Dr Vyakarnam says. "The second requires everything from a strong commercial strategy to a strong team, and the third is all about management talent, sales and marketing."
START-UP: FIND ANCHOR CUSTOMERS During the start-up stage, anchor customers are those whose needs you're going to address, says Dr Vyakarnam. Engage them by letting them try out products or services for free or at a discount. Network through Chambers of Commerce, the Institute of Directors and other business organisations to find a mid-sized company to try your products. If you're working directly with consumers, pilot your offer and do demonstrations. This is the ultimate market research.
GROWTH: TURN TO TECHNOLOGY Focus on how you will get yourself known. Find customers, keep them coming back and make sales, say Emma Jones. "Technology has been a huge friend to the start-up. There are many platforms that help you raise your profile, reach customers and deliver service on a budget. The job of the entrepreneur is to get to know about these tools and stay up-to-date."
‘Technology has been a huge friend to the start-up. There are many platforms that help you raise your profile, reach customers and deliver service on a budget’
GROWTH: BUILD YOUR TEAM "Build a professional team of full-time employees and on- hand advisers," says Emma Jones. "This stage is all about maintaining growth, while staying sane. Surround yourself with all the support you can to make it through this stage."
ESTABLISHED: POWER OF THE MATRIX Once you're established, the product-market matrix is a powerful and simple tool for defining your growth strategy. The X-axis shows existing to new products; the Y-axis
existing to new customers. You have four choices - from the low risk of maximising your relationship with existing customers and the products you have, to the high risk of diversifying in terms of market and product. Once you've mapped out where you want to go, you can start the detailed analysis.
MATURITY: TAKE A RISK Once your business is mature, it's time to remember the final quadrant in the product-market matrix. It's time for that high-risk strategy. "Now you have the resources and the talent in place, you need to innovate," says Dr Vyakarnam. "Find the new S curve or choose to die quickly or slowly. It's really a case of move on or move out."
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business network November 2017 49
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