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Strategic management: Growing beyond your core business

Growth and projection

Entrepreneurs are well aware of the fact that there is little to no success that can be attributed to good luck or a favourable fate. Business success is about taking the right steps according to a well designed project, implemented wisely at the right moment and in the right market. There is a lot of thought and work involved in designing a successful business, and that doesn't stop after it has been launched. Instead, it will continue for as long as the company or startup is active. 

In today's economic scene, startups have more means than ever to grow and develop their own activities. Tools like the Internet, payment processing methods and globalization allow people from all around the world to channel their creativity and their vocation to solve other people's problems and make money out of that, and turn it into a profitable business. However, it takes more than a good idea and a few wise decisions to turn a startup into an established business, and weak foundations might be enough to sustain a small business but not a larger company. If you want your startup to grow and surpass new limits, you will need to make the right decisions concerning the strategic management of your business.

Here is a short guide on the things that you should bear in mind when projecting the next stage of your business. 

Shaping your business

Strategies that work well enough for a startup might need an upgrade when you are launching your activities to a whole new level. What is important to know is that entrepreneurs usually have some degree of emotional attatchment to their projects, and don't want to compromise their vision for one reason or another. However, not all visions work at a larger scale. It is fundamental for entrepreneurs to identify the core strengths of their business as well as which ones they need to adapt in order to succeed, even if they have to let go some aspects of their original projection.

In order to make your business grow, you need to implement business licensing to evaluate and implement changes. Know your resources and assets, and also, now your market and your target audience. Identify which solution you are providing to which need present among your target audience, and study your competition. You need to find out what makes your product unique, and if nothing does, then redesign your offer to stand out in a competitive market. Again, don't be afraid to change old designs; successful businesses can reinvent themselves to stay alive and relevant in these changing times.

Also, you must take your own activities seriously. This is no longer a group of friends with a compelling idea for a startup. You are a fully fleshed out company running business, producing and selling goods and services. Make sure you are aware of all compliance issues as well as the right data protection policies, both physical and digital. Don't do anything that would make you uncomfortable or unsure if you were your own customer.

Funding your activities

There is just so far you can go without money. You will need fundings, as well as a strategy for capital management. Larger scale activities require more capital, and investment funds are fundamental to kickstart every stage of the project. If you have a fund of your own, then you might have all you need to get started, but reinvesting is a long process that goes in detriment of your profit. Alternate strategies for business funding are almost necessary if you want your business to succeed.

Once you have reached a more advanced stage on your project, you can consider options like business licensing and franchises, but at the very beginning you will need a different source of capital; you can take up a loan and assume all risks involved with not being able to pay it back, or find a good investort to back you up with your activities.

You need to be strategic and balance the pros and cons of every deal a potential investor offers you. In some cases, they will only give you some money and expect a share of your profits in return, but in others they will demand more control over your activities. This could be good if they are experienced businesspeople with an expert vision and great resources at their disposal, but beware of low quality investors who want a piece of your business and ask for more than they should receive and do little to nothing to boost the success of your company. 

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