Government initiatives like Start up India and Make in India have given ample opportunities to the aspiring entrepreneurs of this nation, and have helped them venture into new world of possibilities. These initiatives have also given the existing entrepreneurs an opportunity to boost their business. While so, every business needs to constantly assess its standing, track its progress against the road map laid out at the outset, and make sure that it is doing everything in its might to grow and thrive.

Here are a few opportunities of growth you can look for inside your business and outside of it.


Get more from what you have

A business is more likely to run aground if it tries to grow prematurely. Hiring too many people, or having a bigger office is not a symbol of growth; it is in fact your balance sheets that reflect your growth. So is there something called the 'right time' to grow? One of the ways to go about this is: thinking of expansion as the last resort to any problem. For instance, say you have orders to fulfil, which you think cannot be managed with the available human resource. First, you must check if your resources can manage it with some extra hours and tighter scheduling. Next, check if you are sure about consistently getting such huge orders in the future. Even if the answer is yes, try outsourcing it the first couple of times. This way, you'll be able to gauge the risk and the cost factor involved. And only when you are thoroughly satisfied with your evaluation and results, should you think about expansion. The biggest companies are always understaffed or just about fulfilling the requirement, especially in India, where the volumes of orders vary drastically.


Evaluate yourself

Before you think of expanding, there are a couple of things you should outline about your business - where are you today, where do you want to be and what would you need to do to get there. You can start by doing a simple SWOT (strength, weakness, opportunities, threats) analysis. You must also analyse your Target Group to see how you can further segment it and keep it tight. Also consider looking at your established revenue sources and see if you are getting the most out of them. For instance, try getting bulk/larger orders from your current source and expanding vertically. You may also want to relook at your USP (unique selling point) and fine tune it to make it more relevant for your clients. While doing so, also make sure that each of your revenue sources know about your USP. Be it your turnaround time, your quality, or even your work ethics/protocols, the day your USP is synonymous to your brand, you have optimized it. The last thing you might want to look at before expanding is whether you have served all your customers suitably. It is of no use looking for new customers, if you keep losing the old ones. Keep working towards optimizing your customer experience, and while you do that, check what you can do to get back your lost customers, if any. As ironic as it may sound, study suggests that the cost of getting back a lost customer is way higher than getting in a new one.


Diversify your business (product/brand)

When you have your bases covered, you would consider venturing into new markets. The diversification can be in terms of exploring a new market or exploring a new platform/means to market your brand. Considering the rapidly evolving market and customer needs, it is important to catch the pulse of your customers at the right time through the right platform. While venturing into a new market, do remember that the image of your company matters as much as your product, if not more. An average Indian may find it hard to associate himself with a company that does not come across as trustworthy, or has a negative reputation. So, make sure to take that extra effort to build your brand. Host social events, participate in noble initiatives, associate with other brands having a good image, and so on.


Spend some, but spend smart

As articulated earlier, it is of no use spending without planning. Be tight-fisted as much as possible but don't compromise on the essential spends. And if you can manage the money from within your business, nothing like it. But at times, it could impinge on the current running of the business. To avoid that, you may want to look up for small loans or a credit letter from a bank. Whatever it is, make sure it fits your needs. 

There is a saying in Indian market, "Naam ka paisa hai'" which loosely translates to "the money is for the name". Make sure you have a Naam that earns you the Paisa. All the best!

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.