Future Proofing Indian Start-Ups
A few years ago, if you asked entrepreneurs what their single biggest growth challenge was, you would’ve got the same answer across the board: “access to capital”. Today, India’s entrepreneurial economy has an evolving landscape of financing players providing seed, venture, and growth capital. The sheer development in the start-up ecosystem can be measured by the rising number of investments, accelerators and people taking the plunge into “entrepreneurship”.
On the face of it all this sounds promising (and it is!) but many cracks begin to appear as you scratch beneath the surface. While capital still remains a challenge for many start-ups, an increasing number of entrepreneurs state that a critical growth barrier is scaling up at a pace to create a sustainable advantage. With more and more businesses in the online space today, the irony is that scaling online is not a challenge for many, but it is scaling on-ground, in the offline world that is an over-looked and overwhelming problem for many.
Businesses need to scale up in a manner that maximizes resources and avoids wasteful spending. But how does one scale up in a fast, efficient and optimal way?
Three Things to Consider When Scaling Offline:
1. Leverage technology to scale efficiently offline:
There are many technology tools that you can use to better enable your teams on ground. Apps that help you manage your projects, or those that create route plans for your FoS, or the reporting tools that you can use to create transparency in the system. Physical and Digital are not divided anymore, one seamlessly flows into the other… or makes it better even!
2. Hire more staff:
To build stable growth you need a good.....err... no wait, a great team. When on a growth path, consider hiring. But be careful with this one. Hiring by itself could be recipe for disaster. One bad apple, and you know the rest of the story!
3. Use experts where you lack expertise:
In today’s market, it is possible to offload just about any aspect of your business to a service provider, and it provides great unit economies. But if you want to maximize your resources, find what is most conducive to outsourcing first.
While India is poised to churn out next 100 unicorns, the challenge of scaling up and future proofing your business processes needs immediate attention. And unless we change gears it will be difficult, if not impossible, to meet the expectations over the next few years.
The author of this article is Girish Batra, Founder and CEO of NetAmbit.
Founded in 2000 with a vision to make financial services available to
masses, NetAmbit diversified leveraging the years of expertise in large
scale - sales and call centre operations. NetAmbit now offers offline scale
up services including Managed sales, Hiring & Staffing Solutions - to
many big businesses pan India.