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Scaling Up To Succeed In The SME, Start-up Phase

Scaling Up To Succeed

Bengaluru: Universe Business Solutions, an arm of Universe Power Solutions has recently conducted a meet for start-ups and small and medium enterprises in the city with a few to help the leadership teams of these enterprises to generate a holistic view on operational challenges and solutions.

The event focused on key factors such as bringing a sense of regularity in the business, creating a positive human resource environment, managing and growing one’s brand identity, marketing efforts done internally with a clear focus on tackling competition etc.

The key motivating force behind the event was Ms. V. Jeyalakshmi, Founder-CEO of Universe Power Solutions, and a well-known entrepreneur and thinker in the realm of enterprise building, mentorship and operations coaching.

The Need To Scale Up

A key point that came up for discussion related to scaling up a business. Organizations often have the focus on growth of revenues and certain aspects of the business itself could hinder the occurrence of this outcome. However, the fact remains that in a cut-throat world, scaling up is critical to overcome competition. The key is to do so smartly, says Jeyalakshmi citing several examples of industry leaders of the day who started small and grew big via smart scaling. “If you do not scale up, you get thrown out of the business,” she said, succinctly describing the present scenario.

Jeyalakshmi held the view that one needs to be smart and quick-footed not just in actual business activity but also during research stage and in conducting analysis of the business environment so that a new perspective when the time to scale up arrives. “To scale up, one has to focus on manpower, the infrastructure, adequate funding and much more,” she says.

Building A Team:

Speakers recalled the several successful instances where people with the right team at the right place had made it big as it was the group of people who represent the organization that made things work in some sort of process-driven fashion across all segments of stakeholders. Simple, yet critical things like using ‘we’ instead of ‘I’ during client meetings generates a bigger impact on the client and brings larger credibility to the organization.

The focus of scaling up has to begin from hiring the right people via the correct channels. Taking the course of advertising in small publications or websites might not get good results as people who can help scale the company might not be readers of these publications. The key to growth is to have the right set of people with the knowledge, skills and attitude to fuel growth via a judicious mix of youth and experience.

Focus on Networking:

The importance of a network doesn’t start and end with the leadership. Keeping in touch with peers and competitors across the industry is very critical to growth. “You should be a part of some relevant industry association or forums while keeping away from those that do not have a direct connect, says Jeyalakshmi. In fact, business owners must assume a thought-leadership position in some of these forums as such a move brings further credibility to the company.

She also highlighted the importance of effective communication as the next step to networking. Once a meeting is over, business owners must exchange contact details, initiate e-mail interactions and possibly meet up the new acquaintances within the next six to eight days. This is important as otherwise, the person one networked with might end up forgetting you.

Critical Marketing:

Contrary to popular belief that marketing could be outsourced or initiated via social media or other newly developing platforms, Ms. Jeyalakshmi reiterated on the old-fashioned way of generating a need for the product or service that an organization produces. “We have to focus on cold calls, word of mouth deals, ethical means of sharing revenues, sponsorships, referral business and other such traditional forms of marketing,” she said.

“You can explore any marketing activity based on your business needs. However, you should ensure that those marketing needs end up in roper lead generation which is the most important aspect of any marketing activity,” Jeyalakshmi added.

Audience Reactions:

“The workshop was very informative. It has set me on a path to strategic planning of my business. There is so much to learn as an entrepreneur. Probably we all aspiring to grow our businesses should join MBA classes, which also may not always be practically applicable. For those who have given their businesses a start and are looking to take it to the next level, this is the workshop to attend. Richa Khandelwal Bhat, Keshava Productions.

Jeyakalakshmi told Trivone Media Network that more such similar events are likely to be organized by Universe. “We are planning to conduct similar events with newer partnerships, not just in Bengaluru, but across Karnataka. Till now, we are getting tremendous responses. Bengaluru being a startup hub, we find that much more participants likely to join us in our journey”, she concluded.

Season 2:
SupportBiz was a media partner for the event. The second version of the event is planned in Golden Square, Wilson Garden, Bengaluru on October 22,2016. Jeyalakshmi Venkatnarayanan, CEO, Universe power system and Subramani of Total strategic solutions India are the resource persons. Interested people can register themselves in universebs6@gmail.com

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