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What do you do if your business is facing common challenges in starting and growing?

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Starting and growing a business is not easy. You may face common challenges such as finding your niche, validating your idea, attracting customers, managing cash flow, hiring and retaining talent, and scaling up. How can you overcome these obstacles and achieve your goals? Here are some tips from the perspective of training and development (T&D), a key function of human resources (HR) that helps businesses improve their performance and potential.

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1 Find your niche

Before you launch your product or service, you need to identify your target market and your unique value proposition. What problem are you solving, for whom, and how? You can use T&D methods such as market research, customer interviews, surveys, and feedback to understand your customers' needs, preferences, and pain points. You can also use competitor analysis, SWOT analysis, and benchmarking to assess your strengths, weaknesses, opportunities, and threats in the market. By finding your niche, you can differentiate yourself from the crowd and focus on your core competencies.

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Omar Emad

OD Training Specialist at USAID-STEP | Program Officer | Digital Marketing Expert | Freelancer | Udacity Session Lead | Udacity Senior Site Supervisor. I enjoy supporting people to find their new career path
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When I was advising aspiring entrepreneurs, one individual stood out. He recognized a gap in the market for eco-friendly household products. Through extensive research and surveys, he identified environmentally conscious consumers seeking sustainable alternatives. By focusing on this niche, he developed a range of biodegradable products, quickly gaining traction and loyalty within the eco-friendly community.

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Dodik Susanto

Founder of ILS Center Indonesia, Generasi Hebat Indonesia, and Anak Hebat Indonesia. Professional Trainer for Companies, Career and Life Coach,. I'm just a Teacher
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What makes Business stand and survive is its value and diferrence from its kind. Try to build different value of your product. And find out what the market like. WHen you can combine what market need and your product value, you should be able to gain better growth

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2 Validate your idea

Once you have your niche, you need to test your idea and see if it has traction. You can use T&D techniques such as prototyping, piloting, and experimenting to create a minimum viable product (MVP) that delivers the most essential features and benefits to your customers. You can also use lean startup principles such as build-measure-learn cycles, hypothesis testing, and validated learning to gather data and feedback from your customers and refine your product or service accordingly. By validating your idea, you can avoid wasting time and money on something that nobody wants or needs.

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Omar Emad

OD Training Specialist at USAID-STEP | Program Officer | Digital Marketing Expert | Freelancer | Udacity Session Lead | Udacity Senior Site Supervisor. I enjoy supporting people to find their new career path
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Reflecting on my journey, I recall a tech startup struggling to gain traction with its new app concept. Instead of investing further blindly, they decided to conduct a beta test. By releasing a limited version of the app to a small group of users, they gathered valuable feedback, identified bugs, and uncovered user preferences. This iterative approach allowed them to refine their product before a full launch, saving time and resources.

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3 Attract customers

After you have your validated product or service, you need to attract and retain customers. You can use T&D strategies such as marketing, branding, and storytelling to communicate your value proposition and build trust and loyalty with your customers. You can also use customer relationship management (CRM) tools, social media platforms, and email marketing campaigns to engage with your customers and provide them with relevant and timely information, offers, and support. By attracting customers, you can generate revenue and grow your customer base.

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Omar Emad

OD Training Specialist at USAID-STEP | Program Officer | Digital Marketing Expert | Freelancer | Udacity Session Lead | Udacity Senior Site Supervisor. I enjoy supporting people to find their new career path
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worked with a small business owner who struggled to attract customers to her boutique bakery. By leveraging social media platforms strategically, she showcased her unique pastry creations, engaging with followers through contests and polls, and offered exclusive discounts for online orders. This approach not only increased brand visibility but also drove foot traffic to her bakery, resulting in a significant uptick in sales.

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4 Manage cash flow

As you grow your business, you need to manage your cash flow and ensure that you have enough funds to cover your expenses and investments. You can use T&D skills such as financial literacy, budgeting, and forecasting to plan and monitor your income and expenditure and identify any gaps or risks. You can also use fundraising, bootstrapping, and cost-cutting methods to secure and optimize your financial resources and avoid running out of cash. By managing your cash flow, you can sustain your business operations and achieve your financial goals.

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Omar Emad

OD Training Specialist at USAID-STEP | Program Officer | Digital Marketing Expert | Freelancer | Udacity Session Lead | Udacity Senior Site Supervisor. I enjoy supporting people to find their new career path
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In my consulting role, I assisted a startup facing cash flow challenges due to irregular revenue streams. We implemented a rigorous budgeting system, tracking expenses meticulously and negotiating favorable payment terms with suppliers. Additionally, we secured a line of credit to cover short-term expenses during lean periods, ensuring the business remained operational and poised for growth.

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5 Hire and retain talent

As you scale up your business, you need to hire and retain talent that can help you execute your vision and strategy. You can use T&D processes such as recruitment, selection, and onboarding to attract and hire the right people for the right roles and ensure that they have the necessary skills, knowledge, and attitude to perform well. You can also use T&D programs such as training, coaching, and mentoring to develop and empower your employees and provide them with opportunities for learning and growth. By hiring and retaining talent, you can build a strong and motivated team that can drive your business success.

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6 Scale up

As you achieve your milestones, you need to scale up your business and take it to the next level. You can use T&D frameworks such as strategic planning, goal setting, and performance management to align your vision, mission, and values with your objectives, actions, and outcomes. You can also use T&D tools such as feedback, evaluation, and improvement to measure your progress and impact and identify any areas for improvement or innovation. By scaling up, you can increase your efficiency, effectiveness, and competitiveness in the market.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What do you do if your business is facing common challenges in starting and growing?

1

2

3

4

5

6

7

1 Find your niche

2 Validate your idea

3 Attract customers

4 Manage cash flow

5 Hire and retain talent

6 Scale up

7 Here’s what else to consider

Training & Development

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What do you do if your business is facing common challenges in starting and growing?

1

2

3

4

5

6

7

1 Find your niche

2 Validate your idea

3 Attract customers

4 Manage cash flow

5 Hire and retain talent

6 Scale up

7 Here’s what else to consider

Training & Development

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