Building a better business is predicated on scaling the system as it thrives. Companies that are made without planning or intention can end up struggling when their needs and resources clash. Daniel Shin is a prominent South Korean entrepreneur who has spent the better part of his career developing and expanding businesses in the field of mobile commerce.
The founder of TicketMonster and the CEO of PortOne Global, Daniel Shin, has helped guide businesses from humble origins while preparing them to scale for new opportunities. To help companies plan for their future growth, Daniel Shin outlined a few different ways leaders can approach the task.
Factors That Lead to Scale-Up
Entrepreneurs need a growth strategy to scale their businesses. Working during scaling can become an expensive mistake, and business owners need to be aware of certain conditions before launching their plans for scaling.
Establish a Favorable Brand
Daniel Shin understands the importance of creating a favorable and recognizable brand. Businesses should utilize analytics to get a clearer picture of how customers look at their brand compared to competitors. With solid branding, leaders can guide their business to the next level.
Physical and Virtual Infrastructure
Before launching scaling plans, entrepreneurs should fully understand whether or not their businesses have the necessary infrastructure to support these additional enhancements. Daniel Shin notes that some companies work with vendors and outside service providers, so they must be accounted for before scaling services.
Business Mentorship and Personal Focus
Finally, scaling up a business involves logistics, expenses, and additional work, all uncertain. Entrepreneurs should reflect on their expansion goals while discussing their efforts with a personal or business mentor. Shin believes it is important to have perspective before making any significant decisions.
Embarking Upon Scaling
Once businesses have taken time to assess where they are at in their scaling efforts, they can decide to move forward with their plans. During this timeline, Daniel Shin suggests performing a few critical tasks.
First and foremost, Shin suggests undergoing a newly updated competitive analysis during the business’s scaling stage. This will give the company a broad view of what to expect from competitors while better understanding their place within the field.
Additionally, Daniel Shin believes it is essential for businesses to craft a team capable of proper delegation. Shin believes high-level CEOs should be able to delegate smaller tasks to their associates while focusing on bigger-picture projects.
Finally, Daniel Shin suggests paying close attention to the Marketing Flywheel by solving customer problems, cultivating positive relationships, and closing out experiences with superb customer experiences.