Scaling-up the business is a dream of every Entrepreneur. Yet research shows only 4% of Business Owners are able to grow and scale-up their businesses.
Working with Entrepreneurs and Business owners for the last 22 plus years, supporting them scale-up their businesses, I have observed that Scaling-up is a possibility for every business - if we execute a winning strategy. Am sharing here the 4 steps involved in a successful scale up journey:
1. Setting the Direction - It’s about setting the compass; defining where to play - in terms of products / services, customer segment, price point, ticket size, Geography. And defining how to play - the differentiator, competitive advantage, answering why us, leading to clarity on direction, the road-map and milestones.
2. Facilitating Enablements - building necessary competencies and capabilities within the business, acquiring and building required talent, creating an organisation structure, an appropriate roles & responsibility structure that would support the journey, and provide clarity to the team.
3. Carrying out the Reviews - Setting up appropriate review systems within the business at frequent intervals at multiple levels to take stock of what’s happening and make course corrections as required pro-actively.
4. Maintaining Fitness - Avoiding fat in the belly, Creating and maintaining fitness amongst the people, the functions, the processes, thus avoiding accumulation of fat at wrong places and remaining healthy as a business.
Once we consciously plan and execute these steps, Scaleup happens!
Business Owners could create a support system around them to facilitate the Scale-up journey - including working with a Scaleup Coach and building the relevant Scaleup leadership skills with the help of a Scaleup Coach.
My name is PK Narayanan
Wishing you the best, Thank you.
#ceo #scaleup #business #leadership