Hypergrowth, or the rapid acceleration of incoming business (and overall growth), is rare for startups to experience. Although that’s not to say it doesn’t happen. Big names like Uber, Slack and Airbnb that seemingly became a household name overnight have all experienced their own forms of hypergrowth, and have dealt with it in various ways. And while all continue to be powerful companies in their respective fields, there are lessons they have learned along the way that can greatly benefit your business as you prepare for a potential increase in business.
What To Focus On During Hypergrowth
There are four main categories every business should be focusing on to help their business succeed: markets/clients, scalability, talent and technology. And while these categories may stay the same no matter the level of success you have achieved, their priority can greatly shift when you begin to experience hypergrowth. For example, traditional companies experiencing a standard level of growth need to pour a lot of their time and income into gaining clients and drawing in the right talent. Hypergrowth companies, however, are getting press that brings in those clients and talent organically. This instead frees them up to invest in better tech and plans for scaling that their business desperately needs.
But that’s not to say that their employees should be ignored. In fact, the key to a hypergrowing company’s long-term success is low turnover rates in their employees. One great way to accomplish this is by focusing on company culture. This accomplishes a few things:
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Leads to faster hiring, as 60% of employees say that a sense of purpose is their number one desire when searching for a job.
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Increases retention rates, as company culture engages employees. And engaged employees are 59% less likely to look for a new job.
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A good mission statement and company culture can inspire innovation and creativity in your employees, up to 21%
As your business scales, there are sure to be plenty of additional issues you’ll face along the way. Luckily, CleverTap’s guide and infographics highlights what entrepreneurs need to know about analzying metrics such as Lead Velocity Rate (LVR), Customer Acquistion Cost (CAC) and many others. For more tips on the best practices to implement in your growing business, check out the infographic down bleow!
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