Businesses thrive and succeed when they can scale to satisfaction, growing into the role they developed from the beginning. Daniel Shin is a notable entrepreneur from South Korea who rose to acclaim thanks to his work in the mobile processing field. Shin is the founder of TicketMonster (TMoN) and the CEO of PortOne Global.
With decades of experience in the field and a system for scaling businesses, Daniel Shin took time out of his schedule to outline ways that companies can prepare the stage for potentially scaling up.
Factors That Influence Scaling
Entrepreneurs who need to prepare for a natural growth strategy will find growing pains. Growing pains can be excruciating if you are trying to scale a business, so consider a few of Daniel Shin’s top tips and conditions before attempting to scale up your brand.
Establish the Brand
Daniel Shin understands that companies should have recognizable branding received positively by consumers before attempting to scale up. Shin points to analytics as a convenient way to gauge how established a brand is while seeking to learn more about it.
Develop Key Offerings
Entrepreneurs considering an expansion should evaluate what their company offers and what it could offer in five years of projected growth. Consumer surveys are beneficial in this part of the preparation process.
Finally, Daniel Shin suggests taking a long and close look at your business’s physical and virtual infrastructure before any attempts at expanding it. Examples of oft-overlooked areas of infrastructure include attorneys, tech support, accounting firms, and other forms of legal help.
Proven Tactics For Scaling a Business
To properly scale a business, Daniel Shin emphasizes the importance of taking time to prepare. Scaling a business without a strategy can lead to dire financial repercussions and operational inefficiencies. To help prepare for scaling, Daniel Shin suggests undergoing a few transformative steps to ensure the efficacy of the process.
First and foremost, Shin suggests that companies planning for expansion undergo a competitive analysis. Letting go of ego, analyze each company and what they offer while noting what can benefit your company. Shin suggests looking at what the business offers, their plans and strategies, and how they engage with consumers.
Additionally, Shin suggests that scaling requires knowledgeable and trustworthy staff. After that, delegation is possible. Shin means that entrepreneurs prioritize their highest-value tasks while delegating those lesser tasks to subordinates. With a strategic approach, entrepreneurs can handle everything they have to while remaining somewhat sane.
Most of all, Daniel Shin believes in cycling a positive consumer experience by engaging with the Marketing Flywheel: solving consumer problems, cultivating positive relationships, and leaving a positive experience for the consumer to remember.