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7 Stages to Accelerate Your Small Business Growth

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7 Stages to Accelerate Your Small Business Growth


The initial few years of a newly launched business are considered crucial; once your organization survived the beginning years, the venture’s objective shifted to long-term growth. However, to ensure a thriving business, you should focus on business growth from the beginning, and it should adhere throughout your business lifecycle.

Small business owners undertake and implement growth strategies throughout the stage; however, you should consider that establishing a successful business is a pipe dream. Business often generates from an idea and gradually turns into action, and from there, the implementation of strategies to boost business growth comes into play.

However, there are many different stages of small business success. Classifying the business growth into the following steps can help you assess each growth stage’s challenges and opportunities. Let’s roll through the seven stages of small business growth:

Solopreneur: The One-Man-Business

This stage of evolution is the early stage of a newly formed business; at this stage, many entrepreneurs try to do all the activities and actions by themselves, so they are termed, solopreneurs. The entrepreneur takes sales, marketing, accounting, social media, and many associated activities to propel business growth. In determining the success of a solopreneur, time plays a crucial role. Based on your time management skills, it can be your greatest asset or your drawback; this stage is about time management and productivity. Usually, work stress is high here, and it is an important stage of business growth. Ensure to focus on effective time management and adopt time management strategies to attain success to enrich your business to the next level beyond this point.

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Partnership: The Associate

When you need more hands as your business grows, and if you are looking forward to expanding your services, you bring a team player to the scenes. Choose a partner that can complement the service you’re already offering, whose strengths, weaknesses align with yours. Furthermore, a solopreneur can grow into a partnership if another individual shares the same passion and has complementary skills. The partners usually have a fair share of the business owner or agree upon a split. The primary factor that ensures growth here is how your work aligns and how well you are selling your product; you have to share and stand upon the responsibilities and focus on sales to drive revenue. Without a sales-driven effort to establish a successful partnership, business is challenging.

Stable Business Operation

At this stage, your business eventually grows, and you are leveraging a steady yearly revenue. With your business ultimately, your number of employees increases 4 to 10, your annual sales in this stage are between $300,000 to $1 million. Focus on highly targeted impactful marketing; in that stage, you can’t afford to invest revenue on marketing that does not bring any additional business. Besides concentrating on marketing for revenue growth, you also have to care for your existing customer base. Ensure ramping up your customer service, and value your current customer base. It encourages customer loyalty resulting in retaining new clients. Also, try to create your brand awareness in this stage. Reaching a broader target market helps you engage with more people and the probability of transforming them into qualified leads increases.

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Business Success Story

In this stage of business, you already are a known business locally, and the revenue you make is around $1 million to $5 million annually. Your employee grows to 11 to 25 employees. The targeted marketing efforts you have focused on during the steady operation stage propelled your overall growth. The most crucial step here is to set your vision and goals, ensuring a better future for your company. The most important fact here is that setting goals are essential as you already let others manage different aspects of the business. Business vision streamlines your workflow and sets a direction for your workforce. Locally people are already aware of your business, and now your challenge is to be a top performer in your industry.

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Established Organization

The business has grown to a level where your organization has 26-100 employees; the company will bring you $5 million to $20 million yearly revenue. You should ensure at this stage that your organization’s vision is maintained, even if there are growing complexities. You can achieve that vital parameter by instilling a solid company culture and setting core values for your workforce. There should be a work environment of mutual respect among your employees irrespective of their position where company vision is maintained and grows. Furthermore, it would help if you also focused on hiring key performers and putting them in ranks to help attain your vision. Your workforce team should include a dedicated sales team, marketing team, IT team, accounting team, and any other crucial team for your business.

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Major Industry Player

In the company’s mature stage, you now have more than 100 employees, and your venture is accumulating around $20 million to $40 million. This stage of business growth concentrates on strategic planning and tracking the effectiveness of those strategies. If you are not receiving the desired outcome, re-assess the efforts and move forward, ensuring that your growth is not stagnant. An amalgamation of a focused strategy with your solid company culture boosts you to the next level of your business game as a significant player. At this stage, tweak your design repeatedly to shape them around your vision.

The Corporation

One of the most challenging stages of small business success is the corporation. Your vision reached the highest level; you now are an industry standard. With 201 to 500 employees, you earn $40 million to $100 million. Note that at this point, the corporation may or may not be under your sole authority and control. High-level leadership is required at this stage and choosing the right leader ensures that your business vision is maintained. The leadership team directly reports to you.

Final Thought

Success has a diverse definition. However, you need to acquire an organized workflow at each stage of business growth, and time management plays an essential role here. Opt for strategic market plans to boost your business and ensure a business plan, company objectives, business planning initiatives at the growth stages. Always focus on long-term goals and customer retention to achieve your business vision.



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MARKETING

How is the Blockchain Shaping the Digital Marketing Automation Tools?

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How is the Blockchain Shaping the Digital Marketing Automation Tools?

It is no doubt that most of us are aware of what blockchain is and how it has shaped the future of digital marketing automation. If you are reading this article, then you might be wondering what exactly is the difference between blockchain and digital marketing automation?

What Exactly Is Blockchain? The blockchain is a decentralized ledger system that records transactions between two parties. A block stores information about previous transactions, so each block contains a link to its previous transaction’s record to prevent double-spending.

The users will have their copy of the record on their device so they can keep track of all the changes made in that particular chain by any member of the network.

The Blockchain Is Creating a New World

The blockchain is a new technology. It’s based on the idea of decentralization and peer-to-peer networks, which makes it different from traditional centralized systems. Blockchain technology uses a distributed ledger to store information, making it impossible for a hacker to modify the data stored on the network.

The blockchain can get used in many ways, including cryptocurrencies like Bitcoin or Ethereum. But it also has applications in other industries such as digital marketing automation tools where marketers need fast access to information about their customers or prospects without having to go through an intermediary (like Google Analytics).

Some companies have started using this technology as part of their product offerings by providing users with access to their data through APIs that they can use however they wish (for example: visualizing trends over time).

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How Digital Marketing Automation Tools Work

Digital marketing automation tools work by task automation like sending emails, creating landing pages, and tracking the performance of your marketing campaigns. These tools can help you save time and money by automating tasks.

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For example, let’s say you want to reach out to more leads on LinkedIn but you don’t have time to send them an email every day. With a digital marketing automation tool like HubSpot or Marketo, you can set up an autoresponder sequence that will send out emails automatically so all you have to do is check-in once in a while and make sure everything’s running smoothly.

Prepare for the Future of the Blockchain Marketing

As technology continues to evolve, the blockchain will play a pivotal role in digital marketing. This is because it offers a secure and reliable platform that marketers can use to communicate with their audience. In addition, it also provides better transparency than traditional marketing methods because of its decentralized nature.

Below are some of the ways that marketers can benefit from using blockchain:

  • Security: The blockchain offers greater security than traditional methods of digital marketing since it doesn’t rely on central servers or third parties.
  • Efficiency: Using blockchain technology means there’s no need for middlemen or intermediaries when conducting transactions online. This improves efficiency by cutting out unnecessary steps between two parties looking to transact business with one another; this saves both time and money for both parties involved!

Secure Digital Marketing Tool Designed on Blockchain

A digital marketing tool designed on blockchain will be more robust and secure. Blockchain technology is a decentralized, distributed ledger technology that helps in recording transactions between two parties efficiently.

It also ensures that the records cannot be tampered with once they get recorded. This means that if you buy a product from an e-commerce website and pay for it using cryptocurrency (a form of digital currency), then no one can hack into the system and change your transaction record to avoid paying you the money.

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In general, blockchain offers marketers several benefits:

  • It allows for better data sharing and storage than traditional databases
  • It offers enhanced security features because there is no single point of failure
  • It can help companies boost productivity by integrating both humans and machines

Blockchain Protocol That Ensures Safety, Security

Don’t worry, you can still use digital advertising. You just need to trust the blockchain protocol that runs it.

Ad-blocking software has made digital advertising ineffective already and will soon make all digital advertising completely ineffective. You see, if you are using ad-blocking software on your computer or mobile device, then you’re not seeing any of the ads being served to people who aren’t using ad blockers.

This means that advertisers must pay for each impression (or view) of their ads, even when those impressions do not get seen by anyone at all!

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By adopting a blockchain protocol for their digital advertising campaigns, marketers and publishers can verify which impressions are being seen by humans and prove whether or not they were delivered effectively before paying for them.

It is worth mentioning that the benefits can be multifold as is already visible from the other spaces like the cryptocurrency markets. Numerous traders are gaining from the rising cryptocurrency prices. So, digital markets too must watch out for this technology.

The entire industry benefits because everyone is working together instead of trying to scam each other through fake views on fake websites with fake content created solely for financial gain without any real value-added back into society whatsoever!

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Digital Technology Is Changing Everything

You probably already know that digital technology is changing everything. But what you may not realize is that blockchain is one of the biggest and most important digital technologies to come out in years.

Blockchain can be a difficult concept to grasp, but it’s worth learning about because it’s changing the way we do business, marketing, and advertising—even as we speak! The best place to start learning is by understanding what blockchain means. It’s essentially a decentralized database that allows information (such as financial transactions) to be stored on multiple computers rather than in one location. This makes it more secure than traditional databases which are usually stored on just one server or computer system.

Conclusion

As you can see, the blockchain is changing the way we interact with technology. It’s also changing how we experience marketing automation tools, and how they work. The future of digital marketing will be shaped by this new technology, which means marketers need to start exploring how it can be applied to their jobs now.

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