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        GET YOUR FREE EXCLUSIVE DIGITAL COPY OF MY STORY MAGAZINE’s 11th Edition

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        Discussions on SMEs and Entrepreneurship with the French Ambassador to Ghana – H.E Anne-Sophie Avé

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          6 Tactics To Implement When Scaling Your Startup Business – Derrick S. Vormawor

          My Story Magazine by My Story Magazine
          August 13, 2019
          in Business, Entrepreneurs Motivation, Entrepreneurship, Uncategorized
          Reading Time: 6 mins read
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          Having started my company in 2015 with a borrowed laptop from my father’s living room where I lived, I have watched Platinum Africa Solutions Limited grow from a little idea into a company that is creating more value in the African continent. Here are a few things I have learned in scaling up from the startup phase.

          1. Maintain the old lifestyle.
          Maintain the old lifestyle

          Don’t buy a new car yet. Don’t rent a new office space yet. If you have been running remotely, keep running that way for some time. Keep running in the same space until there is really the need to get a new or bigger space. Renting a new space or buying a new car does not necessarily add more revenue to the business when you would be paying more bills. Scaling in most cases happens slowly, so if you begin scaling with more expenses, you would actually be scaling debt-fully.

          2. Don’t hire more people yet.

          Don’t hire more people yet

          When scaling, you are tempted to hire more people with the assumption that, more people would bring in more results, revenue, and profits. Truth is, that is not the case. Try to create more maximized results with the same number of people you are scaling with. It helps you notice the exact gaps you have in your team and the kind of expertise or people you need to add on to your team.

          3. Be keen on your work culture.

          Be keen on your work culture

          As you grow, you need to pay attention to how you get work done. Scaling may come as a surprise and often you may not be very much prepared for the entire shift. More clients will be calling. New partners will be approaching. Everything will be happening so fast that you may be tempted to just focus on the figures and revenue. If you are going to be a solid organization, you need to build a solid work culture as you scale up.

          4. Strengthen partnerships & collaborations.

          Strengthen partnerships & collaborations

          Partnerships make you more credible and it is a great way to create more value for your customers or consumers. In this regard, be very intentional. Do not be so carried away by the big brands. Align your business with partners who share in, and respect your vision and mission as a company. Not every good company may be good for you as a partner.

          5. Be picky.

          Be picky

          You grow with clients, your process, team, partners, improved services and products, and even with your brand image. Be very careful about the kind of changes you make to your products and services. Be selective about the kind of clients you work for or sell to. Be selective about better work processes that create more value, save cost and are more effective. Above all, know that even when you think no one is watching, someone is actually watching. Your brand image is being built the most when you are least looking. At this stage, it is very important to know what you do not want!

          6. Create more revenue streams.

          Create more revenue streams

          Continually explore all the aspects of your business with the potential of making more money. Also, be on the lookout for ways to cut down on unnecessary or avoidable costs.

          My Story Magazine

          My Story Magazine

          My Story Magazine is the one-stop platform for up-to-date trends and information on entrepreneurship and also on investment opportunities in Africa.

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          MY STORY MAGAZINE is a platform for all African Entrepreneurs. One of our goals is to create opportunities for readers to go beyond the confines of the page and engage their ideas through the inspiration and motivation that will inextricably be embedded in our content.

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