Few things in life feel as good as cultivating the growth of something successful. Whether we are talking about the garden you tended or the business you built with your sweat equity, successful growth is an accomplishment in and of itself.
Daniel Shin is a South Korean entrepreneur who is most well-known for his work developing TicketMonster, Korea’s second-largest mobile processing company. In addition to his work with TMoN, Shin recently made waves when he became the CEO and co-founder of PortOne Global.
Looking to give back to the entrepreneurs following in his footsteps, Daniel Shin discussed the importance of growth and adequately scaling for it.
What Sets the Stage for a Scale-Up?
Entrepreneurs who don’t envision their growth strategy will find it incredibly difficult and trying when attempting to scale their business. Through his first-hand experience, Shin collected some tips for business owners to glom onto while they seek the next level.
First and foremost, Daniel Shin emphasizes the importance of having a recognizable brand that has garnered positive acclaim from consumers. Analytical data should back up the company’s assessment of its products, while social media tools can measure customer engagement.
With a robust demand for goods and services, Daniel Shin understands that adopting an adequate virtual and physical infrastructure is imperative to support the business as it grows. This additional infrastructure should entail everything from physical space to human resources and legal support.
Finally, Daniel Shin points to the importance of sufficient cash flow to fuel the company’s scaling operations. Experts suggest that companies have at least a year’s worth of expenses saved before beginning their growth cycle.
Effective Tactics For Scaling a Business
Scaling a business requires taking the time to develop a strategy to avoid inefficiencies and excessive costs that are unnecessary. Daniel Shin believes a little preparation can go a long way toward delivering timely and positive results.
To help ensure that a business is ready for scaling, Daniel Shin suggests that business owners take time to perform a competitive analysis. Conducting competitive research will let a business know exactly where it stands within the larger marketplace. Putting aside ego, business owners can learn and take motivation from other companies.
Along the way, Daniel Shin believes that successfully scaled businesses found a way to delegate tasks to the appropriate team members. Daniel Shin believes CEOs should remain focused on large-ticket ideas while professionals within the infrastructure handle the smaller jobs.
Despite all the other planning and logistics that go into scaling a business, Shin believes that the marketing flywheel is necessary for prolonged success. The marketing flywheel is a three-pronged system that involves solving a problem, cultivating a positive relationship with a consumer, and developing superb customer experience along the way.