Once an entrepreneur has established a viable and stable startup, the next step would be to scale up to spur continued success.
Scale is different from growth. A startup can grow in size but this also means higher operating costs. Scale is achieved by increasing revenue while keeping costs at a minimum.
These 3 strategies can help you scale up your startup:
1. Digital Marketing
Online platforms and smart phones have become the dominant mediums of doing business these days. Hence, it is vital to make digital marketing as the cornerstone of your business plan. Use a combination of tools such as social media and digital advertisements. Creating quality content is also a very effective and cost-efficient approach to expand your business reach.
2. Support Network
Networking with the right people will provide you the support system you need to scale up your business. Join the local business support groups to find like-minded entrepreneurs who can give you advice, constructive criticism and feedback. Effective networking is also a process of give and take. Helping others where you can will go a long way to strengthen your support network.
3. Sales Outsourcing
As the founder of your business, you may find it difficult to balance product research and development, customer care, staff management, and sales growth. This is where a highly specialised sales team with the relevant experience, training and resources can help you. They can better focus on effectively serving your customers to drive sales. Sales outsourcing will leave you with more time and energy to develop the business solutions to take your business to the next level.
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