Starting a tech business is one thing. Acknowledging when and how you should grow is a completely different matter. It’s key to utilise the right growth drivers and apply the right commercial strategies to nurture your start-up and scale. Most businesses find that coming up with an innovative business, portal, or app is the easy part. After all, it’s what you do after the inception of your idea that will determine whether you achieve the long-term success your business needs to create a lasting impact. In this blog, we’ll look at some of the best ways to scale your start-up properly, and what tools and resources you can use along the way.
Start small, think BIG
Even small companies who have yet to reach their full potential need to be able to think big. Or at least bigger. You can be a small four-man team of app developers working in a crowded coworking space and still have big ambitions. In fact, we recommend that you do, as that will ensure that you think about how you can scale your business and what you need to achieve to get there. Think about some of the greatest contemporary tech influencers. Steve Jobs, Bill Gates, Larry Page, Mark Zuckerberg, and Larry Ellison all shared a vehement passion and hunger to achieve the things they now have. Not because they were deluded or got lucky, but because they knew how they wanted to scale and grow.
If you’re a start-up and you’re unable, or more importantly, unwilling to think about the big picture and the future of your business, then you may not have the ambition to really drive major growth. This doesn’t have to be a bad thing – but for those really looking to make an impact and scale their business, planning is essential. Be aware of what tools, resources, and infrastructure you need to take your business to the top. What’s the end goal? What are your biggest challenges? Competitors? Most importantly – how can you have the biggest impact, and what would that entail for your end users?
Don’t get caught daydreaming about success when you haven’t achieved it yet. It’s important to focus on the ‘here and the now,’ but it’s also vital to be aware of where that is taking you. Make sure to set achievable targets along the way that fit the scaling model of your choice. Remember that scaling too quickly or too slowly can have disastrous consequences on the longevity of your business. Finding that perfect balance is often the hard part, but once you’re there, you’ll realise you can apply that knowledge and experience to other areas of your business. As a result, you’ll find that some areas, products, or services will scale faster than others. Just remember to keep the growth in line with the rest of your business; you don’t want an unbalanced or unsustainable business.
Invest into the things that matter
When it comes to systems and processes, make sure you invest in the right things at the right time. If this means investing in expensive technology or software, then make sure to weigh the pros and cons of such a purchase early on. Crucially, don’t be the victim of your own growth. It’s better to grow into a system or infrastructure that initially feels too big, than to outgrow your business model when you experience a growth boost. Future proofing your business is something you’ll never regret, especially when you apply a good commercial strategy at the same time.
Seek out sustainable partnerships that work for your business
Most business will find that they require several key partnerships if they are going to realise their ambitions. This means you’ll need to identify and partner up with the right organisations and influencers in order to scale.
Take, for example, the IBM Channel Partners. They can help you apply the right commercial strategy, but more importantly, they can guide you through crucial decisions, helping your business come to a clear consensus about what’s important and what isn’t. Applying the right commercialisation strategy and identifying the right potential market isn’t something you’ll be able to do by yourself. And it certainly doesn’t happen overnight. It requires years of experience and extensive market knowledge and branding, which is challenging for several scale-ups. If you are a novice when it comes to best routes-to-market to pursue, then make sure to seek the advice and guidance of a trusted expert. When it comes to scaling and growth, Vivolution are those experts and we can facilitate the relationships with the IBM Channel Partners. We’ve helped countless healthtech, fintech companies identify the right international steps to take, allowing them to grow at the right rate and to deliver the most optimum results. Contact us for more information or with any questions that you might have.