Business: 5 easy steps to develop bigger
Do you want to develop your business and are wondering what steps to take to achieve success? Do you have a ready plan, but you are not sure if you have all the necessary elements to implement it? Check how you can use the knowledge and experience of others or raise capital to scale your business.
Prepare a business development plan
You already have a product and a working business model tested on hundreds or thousands of customers, and now it’s time to develop a plan to help you increase your business. Start by preparing a strategy that will include elements related to:
- product development;
- product prices in new markets, taking into account new distribution channels or a new customer group;
Scaling a it is not an easy or obvious topic. So when planning the development of your company, do not forget to follow possible scenarios and assess the risks for each of them.
You do not know where to start preparing such a plan? For starters, it might be a good idea to:
- preparing a Business Model Canvas, to not only organize key information about the elements that make it up, but also to check what else is missing;
- if expansion into foreign markets is your development strategy.
- tracing the history of those companies that may be a reference for you – they may be companies operating in other countries or those that have failed. Try to find out (start-ups quite often share their knowledge and experience during industry events) what determined the success of a given business or – in case of failure – what was missing.
Grow your business by cooperating with big businesses
Sometimes reaching corporations and large businesses seems to be beyond the strength of a beginner start-up. Fortunately, there are a number of ways you can present your technology to and start working with corporate decision makers.
One of them is participation in one of the acceleration programs which are used to accelerate the growth of start-ups most often in the initial growth phase. One of the greatest values offered by acceleration programs are mentors who have a good network of contacts, who are ready to introduce you to their network of contacts, and share the knowledge resulting from their experience. By taking part in them, you will also have the opportunity to present yourself to corporations and a chance to enter their world.
Participation in the program will allow you to learn more about their needs and challenges, and thus increase the chance of meeting the expectations of a potential business partner and perhaps a future customer. In addition, working under the supervision of a mentor, you will have the opportunity to develop your product based on valuable tips from business practitioners, you will receive valuable tips,
Another is using the Technology Transfer Platform, which connects entities interested in new technologies with start-ups that can provide them.
Obtain financing for the development of the enterprise
If your business development strategy assumes significant investment outlays, you can take advantage of programs that will allow you to raise capital on preferential terms.
For businesses that, as part of the company’s development, plan to purchase or launch new technological lines or machines, expand, rent, or purchase buildings, or want to purchase a patent, license, or know-how, it is possible to obtain a loan of up to 6 million.
By operating in the area of innovation, you can get a loan of up to 20 million, which will allow you to finance investment purchases and development activities, cover expenses related to the preparation for implementation or execution of contracts, or meet the current operating needs of your company.
Up to 200,000, You can get euro in the form of a grant under the Open Innovation Network if you are looking for funds to purchase a license or intellectual property rights to innovative technology.
Another option to obtain the capital needed to implement the company’s development strategy is to use the financing offered by VC funds .
Currently, there are many types of financing available on the market – some of them are intended for very specific needs, e.g. creating a new job, insuring receivables, or developing a design strategy. So if you are looking for financing, look for a program tailored to the needs of your company.
Scale your business using the knowledge and experience of others
Do you need financing to expand your business, but also the knowledge and advice of an experienced person? Look for entrepreneurs who have already passed this path. Many of them share their experiences in running it. The founders of well-functioning businesses who write about the secrets of their activities in social media include:
Grow in new markets
Foreign expansion is another way to accelerate the company’s development. If you want to develop your business in other countries, take advantage of support programs that will help you take your first steps in the international arena and check where it is worth presenting your company in 2019.
Scaling a business is different from the first phase of doing it. Entering the next stage of the company’s life, you will need a set of new competencies and additional resources. Before you decide to grow dynamically, make sure that you have all the necessary elements of this puzzle – thanks to this, it will have a chance not only to grow dynamically but also to maintain a solid foundation for this growth.
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