1. Adapt to the changes of growth
Change is inevitable, and a start-up may find that it is being deprived of growth opportunities because of the principles or conditions on which it was founded. If it fails to adapt to the changes that come along with growth, it will lose its relevance to the market or it may risk its value proposition. For example, a change of location may be required for your business as you grow, by location we do not merely mean a different address in a new locality. It may even be a different country altogether. Customer location, regulatory environment, IP protection regime or greater potential to draw investors may urge a startup to change its location from the original country where it was established. If it is essential for the growth of the company, then take the leap of faith and realign your fundamentals in order to achieve the ultimate goal. Therefore don’t get too comfortable and refuse to adapt to the needs of a growing business.
2. Open channels of communication
As a start-up grows so does the number of touch points within the organization, such as employees, customers and vendors. It is essential to keep the communication channels open in order to ensure seamless flow of information back and forth. An informal text message may have sufficed when the team was small but as you evolve proper channels and systems must be put in place. New hires may not be familiar with a start-up environment and may feel lost, the core team must comprehensively communicate the vision, culture and strategies to them to ensure that they subscribe to the vision of the start-up and sync with its culture. It is equally as important to ensure that all functional teams are communicating well. Likewise listening to customers will reveal gaps in the market and may highlight potential improvements to the products or services, providing you with the next essential growth lever. Even vendors may bring in solutions that aid your growth. Remember growth is a team effort and the team does not merely stop with those within the company, it may extend to include the customers and vendors.