ELEMENTS CRITICAL TO GROWTH

THE PROBLEM YOU SOLVE IS NOT YOUR BUSINESS:?The primary focus of the business model starts with solving the biggest problem an industry is facing, however solving it is only the beginning of the journey.?

The product is still NOT a Minimum Viable Product unless your company manages to save customers time, money, and complexity in their data analyses. These are what I'd refer to as the PRODUCT'S BY-PRODUCT BENEFITS.?This needs continuous review and update. Watching competitor and keeping the product competent and planning to excel competitor product is primacy.

BUSINESS PROCESS : No doubt, every organization has business process, but is it standardized to pick the deviations? Avoiding policeman job in day today operations and over all business process should be avoided and can be seldom.?

GIVE UP TO-HOLD IT BETTER: Despite profit is the lifeblood of the company, there are times when it must forgo profit, much like a blood donation. Not all of an organization's clients or products need to be profitable; some are retained only to have selections and to demonstrate presence in every market. The profit that a company forfeits in this instance is investment towards a future big-fish catch. If your financial band-width restricts here then you are not self sufficient to grow and time to go for funding.

SCALABILITY AND ASSORTMENTS:?Checking the business and product scalability is important.?The industry can be huge but checking if our product is stuck within a small part of the industry is important.?Sometime the products may need a partner-product or co-product to survive and grow further.?Identifying the partner-product is important.

PRICING & UNIT ECONOMICS: Plan pricing while figuring out a sharp unit economics and how much of the costs should be set aside for expansion.?This stage refers “GIVE UP TO-HOLD IT BETTER”.?When you explore customers in new market where you don’t have presence, then it’s inevitable to keep some part of the cost for growth and discount it while quoting customer.?Onboarding the first few customers would neutralize your fixed cost to play the game in the market.

DON’T CUT COST IN SAMPLE: Customers see sample as a Bride.?It has to be on time and attractive.?The impression you create during this stage lasts until the contract is closed.?Don’t compromise on the quality of the samples to the customer.

SECURE THE BUSINESS:?Securing the prerequisites for business is the other side of the business, if onboarding new clients and expanding sales are the first two. It is crucial to safeguard ideas and protecting assets lest doing so could seriously harm your company.?

INSURE YOUR BUSINESS: Insuring the liability of the insurance is equally important like insuring the assets of the business.?Directors and officers insurance is important when you grow as it gives financial security against claims made against directors and officers while carrying out the duties.?This protects, In the event of claimed wrongdoing, mistakes, or omissions, this insurance coverage shields directors and officers from claims filed by shareholders, employees, or other stakeholders.

The above are critical to sustain and grow. Compromising here would compromise the business. Execute "ZERO TOLERANCE" here