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5 Proven Strategies for Expanding Your Startup Fast

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Launching a startup and making it profitable isn’t as easy as it seems. It takes a lot of hard work, patience, and dedication. But with the right strategies, you can take your business through the different growth stages and succeed faster than other startups. There’s no single formula for achieving fast business growth, but you can speed up the process by using tried and tested strategies. Here’s how to go about it.    

  1. Create a Customer Loyalty Program

A customer loyalty program is a tool many companies use to expand quickly. A company with such a program shows appreciation to its loyal customers by rewarding them with freebies and other incentives. Research shows that boosting your customer retention rate by only 5% can increase your profits by up to 95%. 

Instead of spending a lot of money trying to acquire new customers, look for ways to retain your existing ones. Apart from helping you retain your current customers, a good customer loyalty program can also help you attract new clients.

  1. Diversify

Growth requires expansion. You can expand faster by diversifying–adding complementary products to the ones you’re already offering. Besides adding revenue streams, diversification also helps you tap into new markets. Customers love getting multiple products under the same roof, that’s what made malls popular. 

For example, if your company offers loans to small businesses, you can start issuing title loans and RV title loans. If done right, diversification can give a tremendous boost to your brand image and company profitability. And by diversifying your products, you can protect yourself from competing companies.

  1. Be Agile

Digitization is quickly changing how business is done. Old methods of doing things are getting phased out fast. Entrepreneurs who want to future-proof their enterprises must remain agile to keep up with changing market conditions. Here are a few ways startups can become agile and easily adapt to situations.

  • Invest in business security solutions
  • Use technology to adjust based on changing consumer needs
  • Promote a culture of learning and development among employees
  • Cultivate partnerships and keep reinventing themselves
  1. Build a Strong Team

A strong team should comprise loyal people with diversified skill sets who have a good work ethic. When you surround yourself with the right people, you can pick their brains, develop creative ideas, and come up with great solutions to problems, propelling your startup to success. But before acquiring the right talent, create a great product. 

  1. Invest in Your Startup

In the beginning, your profit margins will be very small, and sometimes, there’ll be no profit at all. The only way you can make your business grow during its infancy stages is by finding investors. Businesses that grow quickly are always backed by investors.

If the business is making a significant amount of money, avoid the temptation to set aside the money you make. Instead, identify areas that need improving and fix them early. This would be the time to determine if you require more employees or to make improvements to your marketing strategies.

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Auction of Wikipedia’s editor’s first computer and NFT is On

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Auction of Wikipedia's editor's first computer and NFT is On

Auction of Wikipedia’s editor’s first computer and NFT is On

The computer Jimmy Wales used to create Wikipedia is up for auction, along with an NFT commemorating his first change on the platform, auctioneers announced Friday.

Wales “used for development and research at the time of the website’s launch on January 15, 2001,” when the website launched on January 15, 2001, according to Christie’s, which is supervising the sale.

The second lot is for an NFT generated by Wales of Wikipedia’s debut onscreen image when he uploaded the first words, “Hello world,” according to Christie’s specialist Peter Klarnet.

The NFT will be presented in JPEG format and will allow the customer to edit the page, which can be “which can be reset with a timer to revert to its original state,” to its original state.

In addition to supporting WT.Social, the proceeds from the sale of the NFT will go to a range of nonprofits working in the free culture field, according to the Christie’s website.

Christie’s hopes to sell the two lots for hundreds of thousands of dollars, Klarnet added.

NFTs have become a staple of auction houses and the art market for some collectors and investors.

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Singapore has suspended a crypto-exchange, Over a disagreement with K-pop group BTS

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Singapore has suspended a crypto-exchange, Over a disagreement with K-pop group BTS

Singapore has suspended a crypto-exchange, Over a disagreement with K-pop group BTS

Singapore’s banking watchdog has halted a popular digital currency exchange over a crypto pension programme linked to South Korean boy band BTS.

Singapore’s decision to stop Bitget’s local activities comes as the city-state strives to become a worldwide cryptocurrency hub.

BTS’s agency Hybe threatened Bitget with legal action in October for the promotion of Army Coin, named after the group’s ardent fans BTS ARMY. Who made the coin is unknown.

“so they do not have to worry about surviving but instead let them do what they desire to do” the platform advertised Army Coin. Hybe stated the coin is unrelated to BTS.

The episode shows the difficulties regulators face in controlling the crypto business as regular investors accept digital currency.

Barcelona star Andrés Iniesta was criticised last week for promoting the world’s largest crypto exchange on Instagram.

Singapore, a financial and free-trading port, has been more open to technology than regional rivals Hong Kong and Tokyo.

The Monetary Authority of Singapore has awarded Binance, Ripple, and Coinbase licences to serve retail and institutional clients.

Bitget had been exempted until July, according to a source familiar with the case. Bitget and the MAS refused to elaborate on the basis for Bitget’s exclusion.

Bitget’s services were still available in Singapore until late November, when it promoted Army Coin and claimed MAS clearance on its website.

After being notified by the Financial Times, the company removed the MAS logo from its site and prevented Singaporeans from using its app or website. Bitget still claims US, Canadian, and Australian licences.

Army Coin has since been listed on CoinTiger, another Singapore-based cryptocurrency market. The coin “exists for the good of BTS” and will “truly support them financially”, according to CoinTiger.

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Munger wishes cryptocurrencies had never been developed

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Munger wishes cryptocurrencies had never been developed

Charlie Munger, a billionaire investor, is still not a big supporter of Bitcoin.

‘I wish they’d never been invented,’ Munger said at the Sohn conference in Sydney on Friday, according to the Australian Financial Review.

Asked if he had any admiration for China, Munger replied, “I think they made the right decision by simply banning them.”

The cryptocurrency market temporarily surpassed a market value of $3 trillion in November, and leading coins like bitcoin hit new highs this year, spurring a boom in interest in digital assets.

For the 97-year-old Berkshire Hathaway vice chairman, this position is nothing new. According to Munger, the Covid-19 pandemic made him loathe bitcoin even more in May at Berkshire’s annual shareholder meeting.

In response to the bitcoin success, he declared, “Of course I hate it.” Not only does it make kidnappers and extortionists so much easier to get their hands on your extra billions of billions of dollars, but I don’t enjoy just handing over your extra money to someone who just manufactured a new financial product out of thin air.

According to Munger, “I think I should say modestly that the whole damn development is disgusting and contrary to the interests of civilization.”

Munger, of course, would be opposed by bitcoin advocates. Some people feel that bitcoin can be utilised as a form of inflation protection because of its role as a store of value. According to these proponents, bitcoin is a safe and secure peer-to-peer currency.

Munger, on the other hand, has often slammed bitcoin for its volatility.

“It’s really kind of an artificial substitute for gold. And since I never buy any gold, I never buy any bitcoin,” Munger said at the annual shareholders meeting for the Daily Journal in February. “Bitcoin reminds me of what Oscar Wilde said about fox hunting. He said it was the pursuit of the uneatable by the unspeakable.”

According to Coin Metrics, Bitcoin is currently trading at $56,085, with a market value of more than $1 trillion.

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