A scaleup is what every startup wants to be – they have made it through the early hardships and have established themselves and their products. They are on their way to accelerated growth, and if you want to do the same, then read on.
Establish product-market fit
Product-market fit occurs when your product fulfils your customer’s needs better than the competition. Startups are still experimenting with various aspects of their product and figuring out who their perfect customer is. A scaleup company has mastered these aspects and can operate on a larger scale without losing its niche in order to grow.
Generate steady revenue
Startups are often tight on money, so they are usually dependent on outside sources of funding to maintain the company. Scaleups have reached the point of self-sufficiency, so their funding can be applied to creating a larger operation thanks to a clear understanding of the return on investment.
Build your tech stack
With increased revenue, startups can invest in technology that helps fuel growth. A comprehensive tech stack is vital for monitoring various aspects of your company and then you can search for and fix any weak areas. Instead of buying as much potentially useful software as possible, startups should figure out the minimum tech stack that will allow for maximum growth in the transition to scaleup.
Develop automated systems
Automating as many systems as possible is the final key in transitioning from startup to scaleup. Your employees will become much more productive once the repetitive tasks have been eliminated from their schedules. You can easily automate systems such as basic marketing emails, handing off leads to sales, synchronising social media posts across multiple accounts, paying bills on time and paying your employees, too.
The transition from startup to scaleup is never going to be flawless, but getting each of these aspects pinned down will make it much easier. Then you just need the same determination that let you originally create your business.
