A common and vital goal for all businesses is to grow and upscale their production volume, market reach and product range, foremost among various other aspects. This becomes feasible once your profitability has stabilised at a certain level, thereby giving you the confidence and the room to expand further. After all, you are here for the long-haul and it’s vital not to become complacent or rest on your laurels. You should measure out your scope for scalability and chart out a plan for the journey ahead. There’s more hard work coming your way, but it’s definitely worth it if your business has reached a stage where you can take on more work without disturbing your established routine.
Once you are definite about the next big move, my top five suggestions on upscaling your business might give you more propulsion towards your goal. Here they are:
- Remain aware of your surroundings, there’s opportunity all around you.
There are so many possibilities, opportunities around us, in the form of ideas, potential customers and suppliers. Continue researching the market and the customer psyche, you already know that it’s important to keep up with the trends. These trends can help you identify other gaps in the market. Probe further, find out the possible solutions, design a product/service around that and promote it in your existing platform.
Develop your own unique way to connect with your suppliers. They can tell you the underlying market sentiment, about a product, its raw materials and competitors. Similarly, talk to your customers as well to understand their requirement. Retail outlets that act as experience enters help you connect with the customers in real time. But if you only have an online presence, then aim at building a database of regular customers. Plan online/email campaigns wherein customers are rewarded for sharing their feedback on a regular basis or on the launch of a new product/service.
- Stick to your unique identity.
Unless you are in a niche market segment, chances are that you might be competing for the customer’s limited attention. And if you got their attention once, how do you ensure they keep coming back to you again? Being on top of the mind for your customers is vital for any business. Just like burger reminds you of McDonald’s or being thirsty reminds you of Coca Cola, similarly, for your customers, a said product/service should remind them of you. So that whenever they have a requirement for that product/service they should approach you first and not your competitors.
And this is achieved by leaving a mark, creating your unique identity. Be it in the way you present your brand or through the collection of your work. If your brand promises to be a trendsetter then ensure it keeps doing that, even when you are upscaling. Keep surprising your customers with your product/service offerings and delighting them by showing how it’ll be a value add in their life or lifestyle.
- Reinforce your supplier network.
As you grow your business it’s also vital that you have a fail-proof network of suppliers and vendor partners. After all, they are the ones ensuring your business engine keeps churning new products/services. You can look at building your network, locally as well as internationally. This will help you provide more options and in some cases, it may also give you the first-mover advantage in your market segment. This will help you substantiate your brand’s unique identity mentioned earlier. Establishing clear and mutually beneficial terms with the suppliers will also help in building your goodwill and retain their trust in challenging times.
- Invest in a strong team.
It’s ok to accept that you are only human and be aware of your limitations. As you grow the business, it’s wiser to identify the jobs that you don’t personally need to do. Rather they are better off being outsourced or delegated to others in your team. If outsourcing is not a viable option then consider hiring people with expertise in the field that you are looking for. A challenging and gratifying role in a growing company can interest many potential candidates. Sieve through and build your team of experts that’ll help your company grow.
- Don’t forget the DNA of your brand.
This brings us back to where we started, our roots of the business. Don’t forget why you started your business in the first place. What was your vision? What did you want your customers to feel about your brand? And what was the culture you wanted to build through it? Knowing your roots are firm will help you grow further. And then, as they say, the sky’s the limit.
Hope you find these suggestions useful and worth considering in your journey of entrepreneurial growth.
This article has been contributed by Radeesh Shetty, Lighting Designer & Director, The Purple Turtles.