5 Ways to Scale up Your Startup I Unboxing Startups
| 3 minutes read
From start to development, every company founder faces lots of difficulties and challenges. It’s pretty easy to get up in the plethora of information involved in the weeds of starting a company. However, every scaleup is a unique tale in which chance plays an important part.
Even yet, several factors appear to substantially grow the scale of success: experienced and effective leadership, scalable design, and patience in the market. As a result, they have seen outstanding development and expansion while changing sectors through innovative business strategies.
Remember that every big company once was a startup at some point. For example, every Fortune 500 firm started as an idea that had to be built and guided by a startup entrepreneur.
Even though several statistics, researchers, and the media tell you that the odds are against you and the probability of failing is maximum, there are massive opportunities to succeed. One of the best ways to motivate yourself during the hard times and tough decisions is to take inspiration from the successful entrepreneurs who have already blazed those trails.
They have experienced and learned the tough lessons and want to share knowledge that you can implement and help to make sustainable growth. Here are some important insights from a few of them who learned how to overcome the odds and successfully scale their businesses.
1. Plan for the Future
Make plans based on where you want to see your business instead of where it is at present. Start by definitively setting up an objective, such as a benchmark for your company’s expected turnover per year or its growth. To grow your business as big companies do, you need to think like their leaders.
Also Read: Cred Case Study: The Successful Story of a Fintech Startup
2. Product Market Fit
Research should develop a backbone by going online and looking at your rivals or competitors. It would be best if you also studied that level of customer demand for the business service or product you offer.
Your team will not be able to concentrate on other important business goals, such as the company’s exponential growth, before developing the final product that you assure targeted people are willing to pay for. If you haven’t decided that your product has enough demand to support itself and make a profit in the real world, such measures could be counterproductive.
3. Assemble a Good Productive Team
As the business scales up, you will require additional team members to efficiently handle the growing number of tasks. It may take some time to build a team dedicated to your company’s growth along with their own. Develop a positive environment where the team is engaged, acknowledged, motivated, and rewarded. Let your in-house experts take care of departments within your business, with the most critical positions to consider filling for your startup being.
- The CEO to lead decision-making and overall management
- A COO to handle regular day-to-day operations
- A CFO to manage all the finances in the company
- A CMO to head product development and work on sales and marketing development
4 . Don’t Compromise on Quality or Consistency
Both of these enable and ensure maximum growth. Prioritize aspects that require a crucial response, like customer support, and most importantly, focus on your product’s service and the quality you offer. Keeping the right people, culture and processes are essential to maintaining quality throughout the lifecycle of your product or service. Also, it is impossible not to make mistakes, but try to look at them as a learning opportunity.
5. Get External Expertise Help When Required
Hiring or recruiting people directly may not always be the right answer. Frequently outsourcing can give better results, which is why many companies exercise outside help. A third-party service provider can benefit by offering specialized resources and a niche technology that can boost or improve your startup’s efficiency. Outsourcing is also a good option to speed up processes while lowering operational and labor costs. Prioritize finding a trustworthy outsourcing company to help position your business to grow more quickly and cheaply.
Scaling up a startup off the ground is one of the important steps every founder has to consider. Saving money from the beginning by recruiting qualified employees for the right position and making sound financial choices would be beneficial shortly. Looking into the eyes of the founding team may also be used to assess scaling potential and business performance.
Being well-organized is a good step to start a business. Making a marketing strategy is not a waste of time; it’s a good idea that any successful entrepreneur does.
Not just saving, investing it in the ideal places such as good advertising and hiring professionals for money modeling is necessary.
Launching the startup is the platform that plays a crucial role in deciding the future of your startup. It can take the startup to new heights if it’s done with the right and appropriate strategy and mindset. Well, the beginning is half done!
Suprotik Sinha is the Content Writer with Synkrama Technologies. He writes about technologies and startups in the global enterprise space. An animal lover, Suprotik, is a postgraduate from Symbiosis Institute of Mass Communication (SIMC) Pune. He carries 6+ years of experience in Content Writing, and he also worked in mainstream broadcast media, where he worked as a Journalist with Ibn7 ( now known as News18 India) and Zee Media in Mumbai.