SCALING & COMMERCIALISING
What You Need To Know About Scaling Your Business
To invent a new idea or product is fantastic and is essential in South Africa. We need inventors to design new products and services that can change the way we do things, improve our lifestyles and position us on a global scale. But inventing a product is just one part of the solution. We need entrepreneurs to take those products and to commercialise them. Inventors invent, entrepreneurs innovate by creating solutions to bring those products to market. Both of these elements are crucial in creating thriving, scaling businesses.
Having worked with numerous successful businesses, including small to large companies, there are a few insights that can be summarised to give a picture of what it takes to scale into thriving businesses, and things you need to know to make it happen.
- Define your value proposition:
- So you have a great product/idea. Who cares if nobody wants it? It is crucial to understand your value proposition. You should be asking yourself “Is this what my customers want? How do I make this product relevant to them?†You have to ensure relevance if you want to be successful. Once you know your customers and what they want, it is much easier to sell to them.
- Get out of your comfort zones – it’s time to think big
- Thinking big is not easy and it’s definitely not comfortable. For some people, it comes naturally and a little bit of guidance is all they need to get it going. For others, it requires a network of mentors, successful and failed entrepreneurs to help them to think differently and to allow them to venture out into new territories. Build your network with the right people if you want to learn how to think big.
- Know how to market your product and yourself
- This is one of the areas that business owners tend to neglect. You cannot grow your business if there is no awareness of your products/services. Secondly, people connect with other people so you have to know how to brand yourself. You are just as important as your business product. Having a marketing strategy for both the brand and your personal brand is important.
- Don’t get lost in your business, step out and look at where you are going
- Entrepreneurs get so caught up in the day to day running of the business, the admin, the staff issues, the orders etc. that they forget to step out of their business and assess where they are going. What is the strategy of the business and is your business headed in the right direction? You need to step out to get clarity and this requires skilled mentors to help you to get a “birds-eye view†of your business. Get the systems and processes in place so you can focus on working on your business, not in it.
- It’s all about who you know
- As much as we hate to admit it, you need a really strong network of the right people to get your business going. But don’t underestimate the art of networking, it is not about collecting business cards, it’s about establishing relationships and learning to create value for people. Don’t be leeches; add value to people and your network will grow.
- Understand the money game
- There are various forms of finance options that are relevant to your business and its stage of growth. Entrepreneurs are usually unprepared and have very little understanding of how to position themselves to financiers. You have to know what financiers are looking for in order to ensure you meet the requirements. To better your chances of an approval, do some proper research rather than sending an incomplete document that doesn’t have enough information to process the application. Investigate and feel free to shop around for the best deal.
- You cannot do it alone
- The team you walk this journey with makes all the difference. If you still believe that nobody can do it as good as you can and that you have to do it all, then you are not running a sustainable business. When you know what you bring to an organisation and have analysed what the business needs are; you will be in a better position to source the best people that can add value to your business in a way that you are unable to. Eat some humble pie and equip yourself with people that are smarter than you and those that bring skills and unique abilities that will make your business thrive.
- Take imperfect action
- I know it sounds strange and no it is not a mistake. Take imperfect action. I once heard a millionaire, T Harv Eker, say “Sloppy success is better than perfect mediocrity†I couldn’t agree more. You don’t have to wait for the perfect product, the perfect business plan, the perfect team etc. to get started. Just get going! Be willing to adapt and refine along the way. It’s okay to perfect your business as you go, just ensure that the basics are in place for a solid foundation. So take action, and don’t be afraid to leap.
Written By:
Palesa Mabidilala
CEO EnziAfrica