When you are in the startup stage of a business, you will be mostly working from home or a small garage, slowing making your way to coworking spaces and then plunging into dedicated, professionally managed workspaces with more number of employees and better investment. However, you cannot attain this growth overnight.
The exact phase when you can stop calling yourself a startup depends on a few qualitative and quantitative factors that enable teams to take independent decisions, thus influencing a startup to outgrow into a well-established business.
The quantitative factors are:
The size of the team. This is one of the most important factors that influence the growth of your company. You reach the first milestone when you hire 20 people and then move ahead to 50, 100, and so on, entering the corporate culture and changing the communication style.
Terms of investment. The lifeline of every business, investment, is very crucial in your startup’s growth, and the increase in the cash flow into the company directly results in its growth rate.
The qualitative factors are:
Recognition from your peer group. Your brand should start speaking for itself. Having gained recognition in the industry, you should no longer need to sell your startup among your peer groups. The fact that everybody knows it uplifts the company’s growth.
Changing your perspectives. Your company’s perspective matters a lot to retain and attract employees while creating the aura of willingness and loyalty among them. This is a very important qualitative factor that influences the growth. A strong employer brand is important to stand out from your competitors, thus enabling you to attract top talent within your industry. This can be achieved by giving a personal touch to the organisation management.