{"id":38886,"date":"2023-10-20T14:59:29","date_gmt":"2023-10-20T14:59:29","guid":{"rendered":"http:\/\/startupsmart.test\/2023\/10\/20\/world-vision-how-to-globally-grow-your-startup-startupsmart\/"},"modified":"2023-10-20T14:59:29","modified_gmt":"2023-10-20T14:59:29","slug":"world-vision-how-to-globally-grow-your-startup-startupsmart","status":"publish","type":"post","link":"https:\/\/www.startupsmart.com.au\/uncategorized\/world-vision-how-to-globally-grow-your-startup-startupsmart\/","title":{"rendered":"World vision: How to globally grow your startup – StartupSmart"},"content":{"rendered":"
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The ability and ambition to rapidly scale and expand globally is what sets startups apart from lifestyle businesses. <\/p>\n

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But just being a tech startup doesn\u2019t mean this will be an easy and pain-free process. It\u2019s something that takes a lot of expertise, skill and precision.<\/p>\n

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According to Dr Jana Matthews, an international startup expert, ANZ Chair in Business Growth, StartupAUS board member, and director at the Centre for Business Growth at the University of South Australia<\/a>, there are some secrets that\u2019ll help all types of startups successful scale their business.<\/p>\n

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The product always comes first<\/b><\/h2>\n

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While startups can often get bogged down in the fine technicalities of running their business or in marketing and advertising, Matthews says it always comes down to the product or service above all else. If you don\u2019t have a product that meets a demand, your startup won\u2019t be able to scale.<\/p>\n

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\u201cYou can\u2019t grow if you don\u2019t have customers that love your product,\u201d she says.<\/p>\n

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\u201cThat\u2019s the first time you have an opportunity to scale, when you see an increase in sales, or another company where sales are increasing, and customers are saying they want more of it.<\/p>\n

\u201cIf you\u2019re going to scale you have to have a really great idea, a concept for a product or service that solves a problem that a lot of people care about. You really can\u2019t scale if it\u2019s some local problem you\u2019re solving. It\u2019s about having the ability to sort through and find that great idea.\u201d<\/p>\n

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Set out clear company values and visions<\/b><\/h2>\n

A vision for the startup, along with a set of values about how to achieve this and run the company, need to be in place before the business begins to rapidly scale, Matthews says. These can help keep things transparent and clear to employees and customers, and can be applied to virtually all aspects of a startup.<\/p>\n

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\u201cYou need a really clear vision for the company and what you want to build, with values you can clearly articulate. You have to say: \u2018what are the values that define how we operate? What are we looking for in people? How do we translate that?\u201d she says<\/p>\n

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\u201cThe values have to be customer-focused. They guide how people behave and the questions you ask in the interview process.\u201d<\/p>\n

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Make sure your employees know about these<\/b><\/h2>\n

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This vision and the associated values are useless if your employees don\u2019t fully understand them.<\/p>\n

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\u201cIt\u2019s very hard for people to look at someone\u2019s performance and say, \u2018you\u2019re not performing the way you could or the way I\u2019m expecting you to\u2019,\u201d Matthews says.<\/p>\n

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\u201cBut people aren\u2019t clear about the expectations, and you need to be sure they know before you pull the trigger. One of the mistakes entrepreneurs make is that they think it, so they assume everyone thinks it.<\/p>\n

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\u201cYou have to have leaders that can communicate and articulate so they can describe to customers why this product is great and to prospective employees about why they should join the company. They need to understand what the growth journey is, and that it\u2019s not just super-sizing whatever you\u2019re doing.\u201d<\/p>\n

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The CEO has to grow with the startup<\/b><\/h2>\n

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As the startup begins to rapidly grow and develop, so too must the CEO.<\/p>\n

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Matthews uses an analogy to illustrate this, comparing how a parent treats a newborn to how they interact with a teenager.<\/p>\n

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\u201cThere is a set of responsibilities the CEO has all the way through, but the roles will change,\u201d she says.<\/p>\n

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\u201cYou need to change from making all the decisions yourself and hiring people who will do what you tell them, to hiring people you can delegate to. Original people can switch into that role, but some of them are waiting to be told what to do, and you cannot grow with that.<\/p>\n

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\u201cSome CEOs are in the business, not working on the business. You need to stop working in the business and get out of it to work on the business. If you continue to be in the business then you actually become the bottleneck to growth.\u201d<\/p>\n

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Don\u2019t grow until you know everything about your customers<\/b><\/h2>\n

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Startups shouldn\u2019t be looking to grow until they have customers that they understand completely, and have the revenue required to bring on new employees.<\/p>\n

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\u201cIf you want to scale you have got to be in close contact with your customers,\u201d Matthews says.<\/p>\n

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\u201cYou have to listen to them and ask them, to actually go out and talk with them. Then you have to step back and ask if you\u2019re delivering that.\u201d<\/p>\n

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Dr Jana Matthews will be hosting an event for female entrepreneurs, organised by Startup Victoria\u2019s Female Founders program, in <\/i>Melbourne this Thursday \u2013 Scale essentials of a high growth startup<\/i><\/a>.<\/i><\/p>\n

<\/i><\/p>\n

Raising your <\/i>first round of capital<\/i><\/a>? Starting a <\/i>crowdfunding campaign<\/i><\/a>? Want to grow your business <\/i>with Instagram?<\/i><\/a> StartupSmart School can help.<\/i><\/p>\n


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