How to Make Your Startup Into a Large Business
While on your journey from becoming a startup to a large company, strategic decisions need to be taken to scale successfully. You have to invest your time and effort to reap the benefits. It is a necessity for the survival of your business & your economic well-being. Here are some key investments that need to be made while growing your business.1. Invest in People
- Employees are the backbone of your business, hence prioritize your team!
- While it might be difficult for entrepreneurs to hand over control of some aspects of their business, doing so is necessary when growth is the goal
- By Investing in people you are opening doors to great business opportunities. It helps you build a solid reputation in the market as you will attract the best talent from the industry
- Provide learning and growth opportunities to your employees so that they feel empowered to take on new roles and responsibilities
- Always remember happy employees will lead to happy customers. A motivated employee will work hard to build relations with the customer
- Listen to your employees. Giving orders or lectures on what the company wants to achieve or where it is heading will not work anymore. The employees have a lot of insight about the company and its business function hence their ideas need to be heard.
- For e.g. Virgin in the U.S had asked their employees to give suggestions on how to improve their cruise ship Virgin Voyager. One of the customer associates came back with a feedback of onboarding a celebrity chef to design a special menu for them. The employee knew that the chef was already a frequent traveller by the Voyager and would be happy to do this. This helped in making the Voyager menu a hit with its customers
- Reward and give recognition to your employees regularly. Any achievment should be applauded not only by the reporting manager but the CEO as well. This makes the employee feel wanted and motivates him to work better
- In order to scale from a startup to a large company, operate more efficiently and achieve insightful data about consumer behavior, a business must invest in process management
- Move towards Business Process Automation for better employee and customer experience and most importantly streamlining business functions. In fact, if you don’t automate, the cost of that would be incredibly high!
- Companies without good business process management and automation are likely to underperform and run into issues that could have been avoided
- Process management leads to accuracy and better communication within the organization
- While larger enterprises are aware of the importance of business data, small to medium sized businesses tend to oversee this significant aspect that impacts business performance. Investing in Business Process Management will help in centrally storing all business critical data
- Companies can make that plunge from a startup to a large business if Business Process Management and Automation are treated as two of its important pillars
3. Invest in Technology
- Technology today plays a direct role in affecting your topline, what you need to know is what tech is best for your business, how the implementation cycle will take place and finally the execution
- When we say ’Invest’ in technology, don’t treat it like a pure cost to the company. It will yield returns and hence treat it as an investment for growth
- Embrace and learn social media to increase your sales. Social media can help you interact with audiences around your product offerings and therefore help in increasing traffic to your website or YouTube channel
- Choose the right platform and community you want to interact with and then create a strategy around it to engage with them through useful and interesting content. This will force them to visit your page, again and again, leading to growth.
- Use technology to streamline your business. Investment into software for Financial computation, Inventory management, CRM Management will help in making business processes easier and the customer interface seamless
- Take a decision if you want to invest in technologies like the mobile app or take your business on cloud depending completely on your product and business model
Invest in Processes
Invest in Technology
And let your business skyrocket!