How to position your business for growth: Advice by Axcelerate
The advent of Covid-19 is no different from the global economic crisis in 2008, which led to most companies, banks, and other institutions closing shop. Today’s situation, however different it may be in its merits, still poses the same threats and has the same effect on business.
On the contrary, in his book “Built to last” Jim Collins posits that most lucrative and big businesses as we know them to be today were built during the 2008 global crisis, the likes of IBM for example. Today, entrepreneurs have emerged from the pandemic across the globe, building companies that will inevitably outlast the pandemic. This essentially infers that there can be opportunities for businesses during a crisis, and in fact, a crisis is the best time to start a business, but where do you start?
- Find a problem and seek to solve it: Each business has a vision and mission set to position the company for growth beyond making returns and profit margins. When seeking to start a business, especially as a start-up, look for a problem that exists in society and let your business be the solution to solve this problem.
The advantage of the pandemic is that it created many problems and exacerbated others that existed long before Covid-19. These problems are also business opportunities. The opportunities of scale that exist during this time will allow most businesses to establish themselves as sustainable companies.
- Be clear on your goal as a business: Defining your why is what Author Simon Sinek refers to in his book Start with Why. Defining your why allows you to understand reason your business exists and who it is intended to serve, and in what way. If you are set on establishing a small business, your focus should be to grow the service your business offers, no matter the size of the market. However, should you wish your business to grow in scale, your focus should continue capturing market through your product and offering.
- Identify a target market: Your target market is what is referred to as the niche. These are a group of individuals that will be your consumers of product or service. It is important to be intentional as a business in defining who you will be servicing. This allows for you to focus and not derailing for your primary mission to serve your clientele. The business primarily exists to service its core clients that have a personality of their own and are somehow attached to the businesses.
- Create value: There are many businesses that will be in your market or sector/industry. It is important that you set yourself apart by creating value through your company. This will be your unique trademark and your unique value proposition that will either grow your business or retain or attract new customers. One of the best investments customers make towards your business is returning after the experience with your product or service because of the value to add it added their lives.
“A business is more than just an idea, a service or a company; it is a purpose for which it exists to serve in society”, said Axcelerate’s Executive Director Tshepiso Sekudu. Businesses become institutions that live long after their founder’s lifespan seizes. Therefore, make sure you build a business that exists for a purpose larger than yours, he added.