At some point, all businesses that want to be successful will need to start looking towards growth. Growing your company can be an equally exciting and daunting prospect when business is good. You’re excited about the prospect of generating more revenue, working with more clients and customers, and seeing what the future holds, but also apprehensive about spoiling a good thing by not handling your expansion properly.
Scale-up preparation is key for startup companies, so we’ve got some pointers for how to grow your tech startup so that you can focus exclusively on all the positives of expansion.
Hire a talented team
Tech startups that have experienced early and rapid growth may find themselves in a position to take new opportunities and scaling up can be an effective way to facilitate business growth. One way to accommodate this is to hire people with the right skills and knowhow.
To grow a tech startup, it’s important to keep in mind that you don’t just want to be bigger, you want to be better. Therefore, the extra manpower that your expansion will require shouldn’t just be about filling positions with people who are capable but instead finding talented people. Choose those who share the same drive that has brought your business to this point, and hopefully, they will take you even further.
With tech companies, new ideas and innovation are key. If you’ve hired the right people for your expansion, then they’ll be keen to bring their own ideas to the table in addition to your already established and experienced team. Not all new ideas will be valuable or even possible but if you create an environment where innovation and new solutions are welcomed, then when the best ideas do come, you will be in a position to capitalise.
It’s worth logging all ideas as they come too. An idea that may not work right now may have value down the line when your business model has changed or you’ve launched new products. You will have prioritised innovation when you began your business, and if you maintain this mindset, you will know how to grow your tech startup too.
Look for funding opportunities
Tech costs money, and to advance it costs even more. Technology is always developing, and you’ll never be finished with trying to improve your products, so you need to make sure you have the necessary finances for both development and the ongoing running of your business.
Looking for funding opportunities is the best way to ensure your continuing growth. If investors or funding bodies can see the merit in your work, they are sure to want to get in on the action by providing you with the necessary resources to keep you developing your tech. If you can find good investors for your tech startup, then you’ll be able to spread your profits better among staffing, operations, or whatever else you see fit.
Take advantage of research and development credits
It isn’t just investors who may be able to help with the growth of your tech startup. The government may actually be able to help you further your business with R&D tax credits. These can be used to either reduce your tax bill or claimed as payable cash credits as part of your R&D expenditure to help further fund the development of your products.
Not everyone is eligible for R&D credits, but if they are available to you, you should absolutely take advantage of them. If you are approved, it means that even the government sees the value in your work and is keen to see it continue. As mentioned above, funding is key, so get it where you can.
Keep learning and developing skills
Learning and development don’t stop when you become successful or hit your targets. One of the key elements of continued growth for any business is continuing to improve. For tech startups, this is more than just developing your product, it’s about refining the ways you do business. This can be anything from your business practices to the software you use, all while keeping your ear to the ground for developments in your industry as well as any opportunities for learning.
To get the best out of your company, it shouldn’t just be the owners, managers or directors who are furthering their skills – all your staff should be encouraged to have a keen interest in their personal development and the latest going on in their industry. The technology sector is never stagnant – it is always changing and improving so, to ensure a future for your startup, you need to keep your finger on the pulse.
Do you want to find out more about this topic? We’ve written a guide on preparing your tech startup to scale-up which you can download here.