So, you had an idea that you managed to develop into a business, a startup, and now you are ready to take it to the next level. Being in the startup business can be one of the most exciting and tough things any entrepreneur can take on. It requires the foresight to look for good ideas and the business mind to make the right choices at the right time.
Scale-Up strategy can be one of the best choices you make for your startup and it can move you away from growing pains to solid gains, by letting you explore new exciting marketing tools, expanding targets, and more.
What is Scale-Up?
A Scale-Up is basically a business that is experiencing high growth. If we follow the OECD definition it would be companies growing either employee or turnover numbers by 20% yearly, for at least the past three years. Three years and more of continuous growth sounds good, right? Let’s get you there.
This is the most important stage of growth for most companies, as you are getting ready to prove your real, consistent power in the market. It’s the make or break part of the story for many brands.
Differences between Scale-Ups and Startups
Scale-Ups are the next logical steps for startups. Unlike the initial startup stage, Scale-Ups are no longer experimenting with products, they know what works and have a solid offering. They also usually have funding or are bringing in revenue to consider growth. As well as having a more organized internal structure ready to receive new employees.
Think of a Scale-Up as the more mature version of the startup, on its way to being a big, consolidated company.
How to build a Scale-Up Strategy for your business?
Scale-up specifics will vary in each company, depending on markets and targets, but there are a few general steps you can take in order to prepare a path to turn your startup into a Scale-Up.
1.Get a clear picture of your now
You need to know where your startup stands now in order to make any plans for becoming a Scale-up or changing course. Having an overall view of where your finances, resources, products, and team is, will ensure the goals set, and decision-making is much easier.
2. Set goals
You know where you are, now define where you want to be!
Set clear, realistic goals for your business and then separate those goals into smaller more specific accomplishments. This helps you not feel overwhelmed and celebrate each step forward.
3. Be SMART
Whatever you want to achieve, the tactics to get there need to be SMART and by that we mean
4. Create a core team
Figure out who in the current team is most valuable, who needs help or motivation, and give it to them. Having clearly defined responsibilities and talent helps you know where to go for what you need, and makes the company respond to pressure positively.
5. Expand your horizons
Exploring new markets with the right alliances, like you can do in Latin America with inlat can expand the revenue possibilities and have a huge impact on your growth. The market and audience you started with do not have to always stay the same, in fact, it is almost necessary for it to change.
6. Turn ideas into numbers
All of the things you want to do need to translate to hard numbers, meaning investment needed, new employees, to add, markets to expand to, advertisement, etc. Be prepared to back up your idea with data.