Technology and market opportunity has accelerated growth in Indonesia and their leaders can’t keep up. A study by Empire Research Group states that 95% of companies will never reach even US$1 million in annual sales. And of those, 95% won’t ever make it to US$5 million. And of those, 98% won’t get to US$10 million.
To stay afloat in an increasingly competitive environment, ActionCOACH, a world-renowned business coaching company, said companies must know how to scale up. But this is easier said than done.
Amid an age of rapid digitalisation, experts say business, especially traditional ones, must also face technology as part of scaling up.
“Technology makes it easier for new competitors to come in and overtake the traditional big players. They can offer different payment options, speed up response-time and delivery process, and use customer data to create sharper strategies. So, big players will find it hard to stay afloat if they are not tech savvy,” said Boye Hartmann, Founder and CEO of YDigital Asia.
New companies equally find scaling up difficult. Young leaders face the challenge of managing large diverse teams often located in multiple cities and managing a huge volume of work. They cannot rely on their funds to grow the business; they must fundraise.
“Fundraising takes a certain skill. Building a startup may be about business model, but fundraising is about selling your uniqueness to investors,” said Donald Wihardja, Partner of Convergence Ventures.
According to ActionCOACH, there are 5 Disciplines of Exponential Growth: strategy, mission, business development, people & execution.
“The 5 Disciplines of Exponential Growth are the foundation in creating a business that is sustainable, predictable, stable, consistent, and creates powerful emotional connections inside and outside the company. Implementing and improving these disciplines in your company will help you reach the untapped potential in your business and your team,” said Marvin Suwarso, Senior Partner of ActionCOACH Jakarta.
ActionCOACH kicks off the 5-part “Scale-Up Series” with a deep dive into Strategy in their next Jakarta Business Excellence Forum at the Mandarin Oriental Hotel in Jakarta on 20 June 2019 featuring guest speakers Boye Hartmann & Donald Wihardja.
More information can be found on http://bit.ly/HowtoScaleUpYourBusiness