Introduction
There’s no doubt that creating popular software will always be a fantastic achievement for any software-oriented startup out there. This is because more than 22 percent of startups across multiple industries fail within the primary year of business. On the other hand, 30 percent of startups do not even pass their second year. Thus, creating a properly designed software that becomes a hit among users indeed requires a lot of hard work, luck as well as strategy.
Additional reports suggest that 50 percent of startups fail within their fifth year while 70 percent of startups fail within their tenth year. Thus, achieving longevity is not as straightforward as you might think it to be. So, if you’re thinking about the next move for your software company/startup, then the following set of suggestions will be able to assist you greatly.
Techniques To Follow When Expanding A Software-Oriented Company
1. Carry Out Extensive Research For Your Next Project
Just like when playing a poker sequence, you need to think ahead of your moves, the software development process also revolves around a similar concept. The process of accurately identifying the next trend requires a lot of continuous & extensive research, which you have to perform judiciously so that your company’s investment doesn’t go to waste.
Vast amounts of data must be brought from each of the following sources:
- Industry
- Customers
- Employees
- Current Market Conditions
Once the data has been gathered from the above-mentioned sources, the same must be analysed to see where the market is headed and the gaps in the market (or needs in the market) that you can fulfil.
Based on market research, the SaaS (Software as a Service) is expected to grow by around $700 billion by the year 2028. So, there are lots of potential opportunities that you grab currently.
2. Enhance The Communication Within Your Company
Even though you might be content with the current communication methods that your company is utilising, you can still look for ways to streamline the same – especially between employees & management. As a result, more open discussions can take place.
In simple words, communication is like data flow. If data doesn’t reach the interested parties properly, then the same will not be as effective as you’d like it to be.
To improve communication within your organisation, you will need to put teams together who don’t communicate with each other often, so that you can see where they can assist each other. As a result, different communication methods will be used for the same. Furthermore, you also need to adopt the agile methodologies – not just for software development but also for improvement in communication.
Sharing new ideas as well as concerns, which would have instead been ignored, can help you push your company towards success.
3. Always Focus On Longevity Rather Than Growth
In the country of Japan, most companies have been in business for over a hundred years. This is because the Japanese always focus on longevity rather than short-term growth. Even though a software company might function differently than any of the companies operating in Japan, the underlying principle shouldn’t be brushed off.
While growth forms a crucial part of any software company, it shouldn’t be the only driving factor for the enterprise’s actions.
Focusing solely on growth can easily backfire, which can lead to burnout of your employees and thereby the management making bad decisions over time. Such is the reason why more than 70 per cent of all acquisitions fail because company leaders only focus on growth & results. Continuous growth & success isn’t sustainable in the long term, which is why you need to look forward to better longevity.
Thus, the focus should be to serve the customers better, which will put your company in the direction of success & healthy growth.
4. Think About The Future Vision
Your company’s mission statement is the heart of your enterprise and its long term vision. Moreover, mission statements tend to have a strong impact on the actions of your employees.
Thus, it’s crucial for the mission statement to not only include the past achievements of your company but also the future vision and what the company intends to achieve. Such a vision will give your employees a specific direction that they can work towards.
Additionally, a future vision will also help your company’s leadership to maintain a hawk’s eye on the target, so that the organisation doesn’t veer in the correct direction. As a result, you can expect your employees to stay with your company for a long time.
Conclusion
Achieving the first success is difficult, but it’s even more difficult to maintain that success & consistency over time – just like playing an online poker game. But, if you can perform thorough research and thereby know what’s essential for your business fundamentals, then you will be able to move in the correct direction for the future.
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