Tips on Scaling Your Business - A Conversation with Ramesh Corp. Business Expert
In this session of Tips from Expert, we had a conversation with Mr. Navankur Sood.
In this interview, Mr. Navankur Sood takes us through his experiences in the business world and has shared his insights on various aspects of the business. Here are his top 5 tips on scaling a business venture.
Understanding the market
If a business wants to succeed and grow, staying up-to-date with market trends and creating new products and services that meet customer demand is essential. To gain insights into what the market needs, businesses should explore partnerships and actively research development opportunities. I think effective marketing and sales activities should be prioritized to reach customers in new and innovative ways and customer service should remain a top priority and customer relationships should be actively managed.
Know your competition
In order to stay one step ahead of your competition, it is important to stay informed of current trends and developments, while providing clients with both knowledge and support. You should also strive to broaden your offers and services to keep up with the market, build a strong team, and prioritize customer satisfaction. By implementing these strategies, you can ensure your business remains competitive in the long run.
Work with a successful business model
A successful business model requires a clear and well-defined approach for go-to-market and client management with defined targets and a unique value proposition to customers. It is essential to have strong, effective leadership in place to ensure strong financial management and reliable and efficient revenue streams that are properly diversified. To stay ahead of the competition, the business model must also have a well-defined competitive advantage. All of this needs to be implemented in a way that will support the company’s long-term growth and success.
Increasing your knowledge and expertise in business
For me, gaining knowledge and expertise in business is essential for success. That's why I prioritize reading a range of books and articles on topics like marketing, finance, leadership, and strategy. Taking part in professional development programs, such as workshops and seminars, to learn from industry experts is also beneficial. Staying up-to-date on the latest trends and best practices is important. Facilitating the training of services and offerings to the team, so that they are well-equipped to answer client queries, is also important.
Building a strong brand
In my experience, I think building a strong brand requires a focused, consistent effort. It is important to develop a clear and consistent brand identity, complete with a strong brand voice and value proposition attached to the services being offered. Ensuring the quality of products and services is pivotal in establishing a strong brand. Likewise, exceptional customer service, fostering relationships with customers, and strong visual design are all key components of a strong brand.
Advice for Entrepreneurs
Entrepreneurs should prioritize problem-solving and managing client relationships in order to build a strong foundation for their businesses. It is important to diversify their offerings and ensure the expertise of the service domain or industry is not left out. If the business focuses on a single product or service, it is suggested to create variations based on customer segments. Moreover, entrepreneurs should stay focused on their goals and be prepared to redefine their priorities and strategies if they face any difficulties.