Learn to Scale Your Business: Choosing a Growth Strategy

The best entrepreneurs that I know get really passionate, not just when they’re talking about their product when they’re talking about their customer, how their product solves their needs is the solution of the problem they’ve got That’s.

What gets them excited that’s? What turns them on? Why does that make a difference for you that’s? What growing is all about selling more of what you’ve, built to an expanding customer set at an ever-increasing rate? I’ll.

Choosing a Growth Strategy

Give you three examples: Nike, of course they’ve made their brand around the elite athletes, but they’re really about empowering you and me all of their product. Development is around us Starbucks. They’re, not just selling us coffee.

They’re, giving us a sense of community the free Wi-Fi, the music it’s, all about being part of that Starbucks family. In another example Southwest. Not only are they selling you discount tickets, they’re, also one of the most reliable airlines, certainly in my experience, and they make the ride, quirky and fun.

Making the customer number one and everything you do from now on is going to be the key to successful scaling as companies grow over time. Both can take different forms. Some of the ways we talk about it are inorganic or organic growth.

Organic growth is the core growth you think of when we first talk about it, hiring more people continuing to broaden my products set doing the kinds of things you normally do with the materials you have in front of me, so that’s, an investment In your core growth that’s organic then you have in organic growth.

It may mean acquiring the like shop across town and we’re now a unit we’re, going to centralized processing. We’re, going to share our hiring and firing. We’re going to share advertising if you’re, a small company just starting out and acquisitions, a pretty big investment, as you begin to scale, get confident understand how you execute and how to get successful.

Beginning to consider acquisitions can be an incredibly efficient way to grow rather than building something from scratch. I can pick up something that’s already built similarly companies acquire as they want to grow.

Geographically, I can be more effective across the globe. When I pick up light companies that are already doing business in Denmark that are already doing business in Asia as a way to go to market quickly, so acquisitions, that in organic growth, can be a really nice complement to your organic growth.

As you really go on to scale and establish market leadership, the many cases growth is an imperative and there’s. A reason why companies with little proprietary technology, but a great idea like Airbnb or uber, really have to scale quickly.

They realize that one within the first months, certainly year, everyone around the world will understand how exciting this is and if they don’t get there first, somebody else will and that’s. Why there’s, an Amazon of China instead of Amazon in China? You have to keep up because you don’t want to get left behind in in a market you created.

A good example of this is piece versus Starbucks Pete started in 1968 in Berkeley with Alfred Peet, and it’s, now, famous, of course, for its coffee. Three years later, some of his employees moved from Berkeley to Seattle and Alfred Pete even helped them think about how to roast coffee.

The Starbucks team, though, had a different vision for growth. They really saw the sense of community how big they could be, and you fast forward. Pete’s. Today is 200 stores they sold in 2012 for a billion dollars.

That’s, a good amount to a company in Germany, while Starbucks 22,000 stores, and they’re worth eighty four billion dollars and the lesson is being first doesn’t always mean you’ll, be the winner. You need to stay ahead of the race with an exponential business growth strategy.

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