A key challenge faced by early-stage technology companies is how to successfully grow - break into new markets, introduce new products and move beyond early adopters, while maintaining sufficient cash flow.
A sometimes overlooked strategy is to leverage existing relationships within your stakeholder groups to achieve business aspirations and reach targets for new growth.
Employees: draw upon one of your greatest assets - your team!
Relationship development shouldn't be limited to your target customers. Your employee network is a web of contacts that should be considered when developing your business development strategy. By keeping employees updated on your company direction, they can better help to deliver on your goals and introduce and develop new business opportunities through their networks.
Investors: identify appropriate funding sources
Choosing which venture capital investment firm from which you secure funding is an important business decision. A good strategy is to look for investment firms where the management has experience as investors, entrepreneurs and senior managers, and is willing to work with your management to help grow the company. Another approach is to utilize the relationships that your venture capital investors may have with other investment firms as a means to generate new business leads or to complete financing requirements.
Board members: utilize their expertise
As your business grows and becomes more established, there becomes a need for involved direction and experienced guidance, key elements that a board of directors or advisors can provide. Your board members can be an excellent resource to help you develop your strategy and expand your contact base. The deeper you can tap into their experience and expertise, the better for your company.
Partners: fulfill a market need
Develop a deeper, mutually beneficial relationship with your partners to accelerate your go-to-market strategy. Partnerships can be formed to serve three broad purposes: to expand sales and marketing channels, bring in new funding or for joint technology development and collaboration.
To discover how attracting and engaging stakeholders fits into an overall growth strategy, preview our growth model.
