ATLANTA, GA / ACCESSWIRE / November 30, 2020 / In today’s world, almost anyone can start a business. The availability of the internet and the substantial growth in social media as a means to generate brand awareness and engagement with potential customers at a relatively low cost has made it simple for almost anyone with an idea and a network to market their products and services to audiences worldwide.
“Every sale counts,” says Dee Agarwal, entrepreneur and c-suite executive of several major online businesses, including ContactCenter.com and popular online retailer, NoMoreRack.com. “But when you are leading a business to long-term success, you can’t allow day-to-day operations to prevent growth and innovation in your business. You must be forward-looking and strategic.”
Scaling a business requires that you implement a strategy that revolves around expansion and removes any barriers that will potentially stunt growth. The following are Deepak Agarwal ’s tips for building a scalable business for long-term growth and success.
Facilitate Healthy Partnerships
When we think of large businesses that achieve massive success, we may only think of the brand as an autonomously functioning, self-sustaining and self-reliant entity; however, that is often far from reality. In fact, every major consumer brand has earned their notoriety with the support of strategic partnerships.
“Partnerships are important for the growth of your business,” says Dee Agarwal. “It simply is not efficient for a business to do everything. Strategic partnerships create efficiencies by allowing both parties to focus on their strengths and create dynamic synergies that benefit both partners.”
Whether it be a partnership to outsource technical work streams that are beyond your business capabilities or strategic integration partnerships that help to make your product or services more accessible to consumers, you should invest time and energy into nurturing relationships with your partners, as they will be instrumental to your ability to grow and scale.
Your team is one of the most critical elements of creating a scalable business. When vetting new candidates to join your team, ask yourself if you can see your company rising to the top with this person. “Hire with your long-term goals in mind,” recommends Dee Agarwal. “While someone may satisfy a short-term business requirement, think about where they will fit into your organization in 1, 2, 5, 10 years from now. If you see the opportunity to develop this person as a major asset to your team who will continue to grow with your business, you are on the right track.” Otherwise, Agarwal recommends that you go back to the drawing board and consider traits and characteristics that most align with your corporate vision and purpose.
Create a Detailed Business Plan
It goes without saying that your business plan should serve as your company’s north star - especially in the earliest stages of development. However, a plan is only really effective if you reference it and align your actions to it throughout your business growth. “Starting off, many people may think that creating a business plan is just an exercise to determine your organization’s trajectory,” states Dee Agarwal. “Throughout my time as an entrepreneur, starting and developing businesses has always involved revisiting our initial plan, making adjustments or pivoting operations when necessary.”
Invest in Technology
One common mistake that many entrepreneurs make in the embryonic stages of business development is overlooking the importance of investing in technology. “When you are launching a new business, many people will try to make an argument for holding on to capital rather than investing it back into the business with technology that can make you exponentially more efficient at whatever product or service you provide,” says Deepak. “I see this time and time again. But if there is one piece of advice that I would tell a spending-averse entrepreneur, it would be that investing in the right technology will expand your product offering, maximize your time and resources, and generate significant ROI. The right technology is invaluable.”
For more expert entrepreneurial insights from Deepak Agarwal, follow along on social @DeepakD_Agarwal, and read Top Characteristics and Habits of Successful Entrepreneurs.
SOURCE: Deepak Agarwal
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