Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

7 tips to successfully scale up your business

54 views

Published on

For any business, growth is measured by scaling up while maintaining its profit margins. Here are the 7 tips to successfully grow your business.

Published in: Business
  • Be the first to comment

  • Be the first to like this

7 tips to successfully scale up your business

  1. 1. SCALE UP YOUR BUSINES 7 TIPS TO SUCCESSFULLY
  2. 2. on building a successful business from scratch! Your services and products are in demand and the profit margins are good. But what next? ‘Scale up’ of course! For any Small or Medium Enterprise (SME), the growth of their business is measured by scaling up while maintaining its profit margins. Congratulations
  3. 3. It’s important to remember that while scaling up your business, your business model and the related pricing structure too should be scaled up. You will need to rework the pricing for your product or service without thinking like a small business any more, but without hurting your existing customer base too. You don’t want to shock them with a sudden price hike. Ease them into it with discounts and offers, and let them know that you’re growing Change the pricing structure 1
  4. 4. Small business tend to store their data on local servers. While scaling up, the amount of data too shoots up. Shift to cloud based systems to store them so that you don’t have to shell out a big amount for expensive servers to stay afloat. Apart from being convenient, a cloud based system also gives the added benefit of being easy to access anytime wherever you are. Maintaining spreadsheets to track client and order information just won’t cut it when you need to scale up. You could lose valuable customer information and eventually lose track of all data. Switch to a CRM system so that the growing data doesn’t overwhelm you as you scale up your business. Remember that your customers and your relation with them are the basis of your business. Shift to cloud based systems Implement a CRM System 2 3
  5. 5. When businesses start out, it’s common to hire ‘generalists’ who are young, hard-working, entrepreneurial people rather than ‘specialists’ who come with years of experience in a specific field. Hire the right staff 4
  6. 6. Whether it be social media or print media relevant to your industry, it’s about time you begin to make your presence felt. Share company updates, industry news or even your opinion on important matters. It also helps if everybody employed in your business has a public profile such as on LinkedIn. Not only does this give your business and the team some credibility, but it also tells customers who to reach out to other than the CEO. Make your presence felt 5
  7. 7. This is the best time to experiment with different marketing strategies as you’re at the cusp of growing big. Focus on creating an awareness and educating people about your brand. Hire a great marketing team, see what strategy works for your business and then stick to it. It is important for small businesses to dream big and be ambitious about its growth. But it’s equally important to ensure it has access to funds that can see it through this growth stage. Make sure that your cash flow and working capital are in order before embarking on scaling up. All hail marketing! Get your finances in order 7 6
  8. 8. THANK YOU

×