How Do I scale up my business, successfully?
Research shows only 20% of small businesses / startups survive their first year. Out of that, 50% survive up to 5 years and only a-third out of that make it to the 10-year mark.
Another research shows only 4% of businesses scale up successfully.
The intent of every Entrepreneur / Business Owner is to grow the business successfully. And they put-in their efforts whole-heartedly towards it. Yet, why such a large number of them are unable to survive and grow successfully?
The research attributes 3 major reasons that accounts for 73% of Business failures:
- Product – market mismatch
- Lack of appropriate Marketing, Communication
- Inappropriate Business models
In experience, we have seen that the Businesses having a ‘Winning Strategy’ and ‘Excellence in Execution’ Scale up!
It’s possible to Scale up! The question is how well-prepared we are, in terms of Strategy and Execution.
Creating a Winning Strategy is about creating a compelling approach around Where to play, How to play, What’s our Differentiator, What’s our Competitive Advantage and Go-to Market strategy. Getting these basics appropriate empowers and propels business growth.
Delivering Excellence in Execution is essential – it involves adopting appropriate Business Models, Business Principles, Org structure, managing Talent and Competencies from time-to-time, following appropriate Policies, Systems and Processes, putting in place an effective Business Review process at multiple levels, and maintaining overall Business Fitness.
In all of these, it’s important for an Entrepreneur / Business Owner to create an appropriate support system around, including a Coach.
Scale up is possible!
About the Author:
PK Narayanan, CEO Coach, has been helping Entrepreneurs, Business Owners and CEOs Scale-up their Business, Enhance their Leadership Presence, and position their business for long-term success.
As a business owner, am I prepared to Scale-up?
figure out for yourself!
Simplify! Get things done!
And many more…