Guide to Scaling up your startup
Companies especially growing startups, struggle with umpteen challenges. And when you are looking for ways to scale up your startup and grow your business, following these effective steps can set you off in the right direction.
Keep a check on your business plans
Keeping a check on the consistency and regular assessment of your business plan lets you measure your progress and test your development strategy. Planning means bridging the gap between where you are and where you want to go. Are you on the right path? Are you ensuring the optimum utilization of resources? It is important to answer all these questions beforehand. Involve employees and work as a team in setting new objectives.
What are you offering?
Are your products and services being as unique as they were? What actions you could take to enhance them? It is vital to conduct market research time to time to check on your competitors. It is not necessary to spend hefty amount for this purpose. Simply having conversations with customers can bear fruitful results. Keep a close watch on the prices. If the raw material costs have been changed, it’s time to put your prices up.
Focus on existing sales
Keep a hold on the existing customers. Retain them and try to sell more to them instead of creating new ones. It is way cheaper and more convenient. Assess their needs and take necessary steps to meet the customer’s demands. Value your customers and resolve grievances as soon as possible. Always remember If they are there, you are there.
Healthy cash flow is must
In order to have a healthy growth, examining your cash-flow needs utmost attention. Look out for the measures in place you need to cope with any cash flow problems. Make sure there are not any potential problems that may hinder your ambitions or put your survival on risk.
New channels paves way to new horizons
If you are focusing on one sales channel, use other possible sales channels to make the difference. If you have not touched the online market, aim that. Using online methods can help you maximize your reach and you can target overseas customers. You can also turn your business into a franchisee. There are many other ways to step up and scale up your startup.
Create new customers
Now you would be saying it is obvious to create new customers. But you would be surprised to know too many businesses rely heavily on few loyal customers. so lower down your risk by creating more customers. It is natural to drop off few customers each year. Think about new ways to target new customers. Set monthly new targets and a great plan to achieve them.
Online promotion
It is perfectly ok if you are not selling online but it is inevitable to reach the zenith of success by ignoring online promotions. Make sure you have an impressive website with a true representation of your business. Social media marketing is the need of the hour. You just can’t do without it.
Reshali Balasubramaniam
Head of HR, HR Counselor and adviser at https://work.lk/. Do you offer a Service? Signup for an account at work.lk