#5 Tips For Entrepreneurs Looking To Scale Up Their Businesses
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Setting up a business is an uphill task and, the day you decide to scale it up, the dynamics are likely to change and the going might get tougher. However, in this pursuit of yours, Entrepreneur India is always there to help.
We spoke to experienced-entrepreneurs and have jotted down five tips that can help you scale up your business.
According to Ameera Shah, Managing Director of Metropolis Healthcare Limited, "entrepreneurs should not focus on the society's benchmark related to name, fame, earnings and designations. What really important is introspection and hence, know who you are, what you want to be and where you need to be."
"Whatever you are, your business is going to be a replica of you. Doing an introspection to evaluate and to better yourself is bettering your business," she adds.
Apart from having a clear vision, Sweta Mangal, Co-founder, MUrgency Inc feels that entrepreneurs should have the ability to communicate his plans to his team and make them believe in his idea.
"When you plan to scale-up, your team needs to work as hard as you and for that, they need to believe in your vision," she shared.
Rashi Bahel Mehra, Founder, Alanna says, "Scaling up the business ladder is not just about the capital that you have invested. It is equally important to balance the monthly ongoing operational expenses along with your sales figures. It is essential to try and evaluate route with the highest impact on customers at the least cost of reaching out and acquiring them."
"The dynamics can differ for different businesses - online marketplaces, exhibitions and trades, offline presence in supermarkets etc. This also includes the mix you have opted for your advertising strategy - be it Social Media, Radio or Print," she advised.
Make sure you are exploiting technology to the maximum and that you are not a people-dependent entrepreneur.
Mangal adds, "With technological advancements, there are so many solutions available in the market that you can use to cut the requirement of manpower and get the work done."
Additionally, Mehra maintains that small-business may take time to attain overall profitability. However, it is extremely important to maintain per order profitability, which means the cost of fulfilling each order be it the product cost, shipping cost or service cost needs to be lower than the overall sales price.