After you have started a business venture and it has gained traction along with high profits, what would be your next logical move? An ambitious startup will want to keep growing instead of merely staying afloat. Scaling up a startup can be challenging and involves rethinking your business approach completely. A number of startups have been unable to successfully scale up their business model. Here are five steps you can follow to avoid making the same mistakes as them.
Raise more funds
According to Harvard Business Review, “the riskiest period for a growing business is not actually at the startup level but during the upscaling period.” It’s important to keep your finances in order while you’re upscaling your business. Venture capitalists and bank loans can ease the whole process of upscaling. They can be a reliable and useful source of capital for taking your startup to the next level. Angel investors and crowdfunding are also popular financial solutions among startups looking to shift gears since they take higher levels of risk. If you’re opting for crowdfunding, make sure you get the pitch right. Shed special focus on your USP and the benefits of investing in your business.
Take your marketing strategy up a notch
How will your business reach the next level if no one knows about it? An effective way to fix that is by boosting your already existing marketing strategies or by formulating new, innovative techniques. Content marketing is one of the best scalable growth methods. It has a perennial value and viral potential making it the best suited for startups. You can write blogs that connect with your target audience and make interesting videos about your product. This will not only help you gain more traction and followers, but also generate higher revenue which you can funnel into scaling up your business.
Pay special attention to your human resources
If you are an entrepreneur, you might have to relinquish some power and hand over certain business functions to other people. Are you ready to delegate the work? If yes, do you have the right kind of employees for it? You should be able to back yourself with a team of people who are the right fit for your company. Having a good team is extremely crucial in upscaling your startup. Recruit people who have relevant skill sets, a positive attitude and most importantly, who care about your company’s growth. In a startup setting, it helps to have team members with multi-faceted skills or skills that can be transferred from one task to another.
Upscaling your startup should also involve upgrading your resources. A great way to enhance the quality of your pre-existing team is by employing trainers and mentors. By holding a training session for your team, member can develop useful skills that they can apply in a number of diverse areas.
Be open to redesigning
Startups that are willing to redesign their structure raise 250% more funding than the startups that don’t. It’s only logical to create an idea that can be upscaled over time, not an idea that might be obsolete within a period of 5 years. Investors look for the same qualities in a startup that will be a front-runner in the industry and one that embraces innovation and change.
Make automation your company’s best friend
In today’s economy, every company wants to growing their business and the only way to do that is with technology. Technology can empower your organisation and improve the overall efficiency of your company. Your startup should make the customer’s needs a priority and work towards meeting them in the most effective way possible. One way to do this is by accepting all methods of payment. After the announcement of demonetisation hit our economy, cashless transactions have seen an enormous spike. It can be beneficial for your business as well as the customer.
From sales, marketing and customer service to HR and finance- every department can largely benefit from the automation of their models and workflows. Automation will ensure that you market better, access data at a high speed, hire faster, streamline all your operations and ultimately grow to greater heights.
By carefully following these five steps you can grow your business and put your company on the map. For services related to cashless payments, visit Bijlipay for more information.