How to grow and transition your business
So your brand is well established in the market and now you are looking forward and planning your future. The session moderated by Punita Kapoor, Deputy Editor, Entrepreneur Media, discussed ways a brand should grow and transition in order to sustain in the long run.
Here are a few things to take into consideration:
Adapting to the market:
Henry Ford once said, “The day you stop advertising and marketing yourself you are dead.”
Devangi Parekh, Director, Aza Fashions while talking about her business says, “People look for a different homepage and therefore pages should be altered accordingly.” Muhummed Ibrahim, Founder, Chaiwala adds that without adapting, a brand will never be able to grow. The market won’t adapt, it's the brand which has to adapt to the market. But never lose your essence while adapting.
Know your weaknesses and work on it:
Gagan Goyal, Partner, India Quotient says, “Go step by step. You have to know where you stand.” Understand whether you have stabilized or not. You have to alter depending on the type of business. When you are growing you have to grow the brand. Brand and profitability can’t grow together. You have to show that your brand has the potential to go to a certain stage.
Vikrant Batra, Owner, Café Delhi Heights adds, “Do everything yourself. Do not compromise on the quality ever.” As an operator one has to go into the minutest detail to get things running.
Parekh cites their own example, “Learn through mistakes. We faltered on our major sale in our initial year in terms of service.” So, when going up for sale anticipate the demand and plan accordingly.”
Ibrahim adds, “Manage your expectations, understand your weaknesses and utilize them.”
As soon as you lose connection with your business, your franchise you will fall. Your model cannot run with complications. Therefore, keeping these points in mind your brand will be ready for its future expansion.