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As an entrepreneur, you always have to take up the gauntlet while making tough decisions. And it should become necessary as well if you want prosperity and growth of your business. We all are aware of it when we make decisions that some decisions will have a meager effect on our business, while others will impact greatly.
Their main task is to help you enhance your website’s conversion rate using up to the minute customer activity as social proof. Scaling up methodology has been used to develop the entire company, even to an extent of going global. For this, you will need to get the IEC code registration done to start the import and export business.
#1. Not to Be Enslaved by Your Business
Have you ever felt a sense of enervation and mental fatigue? Don’t worry, and you are not the only one who is facing it. As almost many business personas, founders and entrepreneurs have been going through it throughout their career once in a while. It comes along with your company’s growth. Scaling up methodology is just right there to protect you by reducing such feelings. One must feel amazed to know that things of the past still work in today’s’ fast-paced world. The fundamental aspect of scaling up methodology is, “routine sets you free.” That being said, it would enable you to organize your task and reducing your fatigue and exhaustion.
#2. Whether to Maintain The Status Quo Or Challenge It?
Performing the regular tasks of your business will be easy-peasy if your business is small. But the chance will always be there to enlarge it by attracting revenue or looking at the market and potential of your industry. This situation could quickly leave someone in the mare’s nest as one has to choose either to maintain the status quo or to challenge it. If you go with that option of challenging it via bringing new partners for the business or hiring new employees, you have to make sure that this move would bring you the desired result and growth of your business. Do you need a timeline handy that how you will handle the growth? With the maintaining current standard of quality. Predicting the market headwinds, it might be successful, or it might turn out bad for your business.
#3. Pricing of Your Product and Service
Examining the delicate point (not more/not less as per the quality) of pricing is a difficult task that every entrepreneur faces sooner or later in their business span. How you decide the price of your product and service would also choose your business in the market. As customers should pay for what they get and get what they pay for. Things to consider while examining the price of your product or service.
– Having a sense of what your targeted market will be willing to pay.
– Calculating the overall cost of the product you are offering and how much you can afford to charge for it.
– Comparing your product to competitors’, see if you can make some change in terms of premium quality and enhanced features and then determine prices.
– How would you like to situate yourself in the market? Do you want to be on the list of companies that provide its customers higher-quality products? Or the cheapest? Or somewhere in between these two? These are the choices that you have to make.
#4. Hiring Internally or Outsourcing to Experts
When you start achieving growth from your business, you need new sets of skills and abilities. Whether it could be meted out from within the organization or from outsourcing, this could become another dilemma for business owners. There is no straight-forward answer to this dilemma. Some of the elements you should take into consideration are listed below.
– Cost-benefit calculation of payroll against contractor cost as you can hire contract employees for bookkeeping, accounting, GST return filing, and even opt for online trademark registration in India to turn business into a brand.
– Nature of the job or role. For example, technical work must be done via outsourcing to IT experts, while sales and PR work can be made from within the organization.
– Examining your company’s culture. Companies with a strong culture mostly prefer to do it in-house.
– Competitive surrounding around your company. If it’s highly competitive, it should be in-house because you do not want to lose your rivals’ trade secrets.
Taking heed of the elements above would surely help you next time when you face a challenging dilemma.
Being an entrepreneur demands making tough decisions, which is inevitable as your business expands and grows with time. Nothing valuable comes free; that’s why every decision you make will come with risks attached, but there is no reward without risk.