Over the past few
1. Prepare early for future team restructures.
As a startup, talent acquisition is likely to be a key challenge. As you are competing against top organisations who are able to offer higher wages, startups often have the tendency to use big job titles as
Although useful to attract initial talent, this tactic can cause complications in the longer term. During the growth stage,
To address these challenges, startups may develop early plans or ideas about how to handle such difficult conversations. In addition, they may emphasize their work culture (fostering employee loyalty) and hire employees based on shared vision rather than just job title and skills. This can help build trust and a collective vision of growing the company, which can assist with having transparent conversations about team restructures when they are needed for company growth in the longer term.
2. Taking investment and your role as CEO
Just like you might have to ask members of staff to ‘welcome’ a more seasoned individual to the team, you as founder might be asked to step down as CEO in place of an experienced growth director.
These suggestions often come from investors who are used to assisting startups
3. Use the data from now to inform your growth strategy of tomorrow.
As a startup, you will be gathering a lot of data. This data can be useful to gain insights on how real people use your products and what retention rates are like. If you are embedding a ‘
When scaling, you can use this data to better refine your product-market fit and growth strategy. This means that when starting up, it could be useful to consider how you can measure product usage and your marketing campaigns to help you determine which growth areas or target segments to focus on when you want to expand in the longer term.
Thank you Tech Nation for providing us with the Upscale book. For more insights and to learn more about scaling up by the people who’ve done it, get your copy today on Amazon.
To hear from other scaleup entrepreneurs in person, visit our Newcastle Scaleup Summit on ‘day 4’ of Newcastle Startup Week. Tickets are available now for £75 (giving you access to both the Scaleup Summit and Startup Week!) via Eventbrite.