How companies can scale smart and fast, according to experts
SMALL businesses and startups are often really good at maximizing and getting the most out of all the cheap solutions and technology platforms that they have.
Stretching the limits of solutions is necessary to keep the operational cost low, and while it may get them through the early stages of their business journey, but it may not support their growth.
To be able to scale efficiently and sustainably, businesses have to adopt a different set of values and augment it with appropriate technology platforms available in the market.
By doing so, they would be able to increase throughput and productivity, gain higher market access, provide better service, and deliver better customer experience.
While, modern businesses have many options to choose from when it comes to technology platforms and types, picking the right one is essential, to transform and prepare the company for sustained growth for years to come.
Speaking at the recent Malaysia Tech Week 2019 that was held in Kuala Lumpur, a panel of industry leaders and experts shared their valuable insights and pointers, to when it comes to scaling fast, and smart.
#1 | Embrace digital transformation
One of the most critical thing that growing businesses need to do is future proof themselves. And to do that, embracing digital transformation is absolutely crucial.
“When we look at digital transformation, it serves as the core for many successes, and will give companies platforms for companies to stay relevant,” said Catherine Lian, Managing Director, IBM Malaysia.
Businesses, according to Lian, has to be transformative to take on the challenges of the digital economy and making digital journey a strategic imperative will ensure long term relevancy of the growing businesses.
#2 | Have a sense of focus
A company’s growth process could be very exciting to its business leader, and it may be tempting to expand into newer areas and deploy innovative technology to explore new revenue stream. However, it is essential for the company also to maintain a sense of focus.
Growing companies often spread their resources too thin while pursuing multiple new ventures all at once, and end up not doing even a single one well.
Instead, companies should on solving the problems for their customers. Once the problem and focus are clear, the solution options will also become clearer.
#3 | Be quick to learn
“The organization that learns the fastest wins. We are always going to have some mistakes and missteps, but its the comeback, and what they are going to do to fix it, is what really matters,” said, Nicole Tan, Facebook Malaysia Country Director.
Scaling up businesses, according to Tan, present great opportunities for business leaders and entrepreneurs to test and learn from the growth process.
Further, most successful businesses have a clear learning agenda, and they often measure the impact as well as results of a particular decision and put it back into practice, said Tan.