Part 1: Scaling Up Your Business on the Back of a Downturn
Scaling up your business, something very raw to those in the Energy Industry. Finding your feet and springing your business back into the developing market isn’t always going to be easy.
According to Deloitte Insights after heading into the downturn in 2015 the Oil & Gas industry started to show signs of “coming out of the woods” by the middle of 2018. They also stated that many companies began to regain confidence as their financials improved therefore leading to scaling their business back up.
Speaking with countless experts in the industry, asking “What makes your business successful” there have been several striking points.
Target Market & Market Conditions
Analyse your audience, are there new clients you would like to reach? Has your product or service been developed effectively to hit a larger audience or increased vertical markets? There are many areas to take into consideration.
Time moves quickly and markets change and develop, your original brand…out of date! Why not take this as an opportunity to rebrand and build something fresh. Focus on supply and demand also consider the market conditions, cycle and macro economy in your decision making process.
Content Marketing Strategy
Analyse your target audience…what do they want to see?
They want to see your brand posting original content, constantly until it sticks in their head enough for it to be the first thing they think of when they need your service
Use this content marketing strategy to build and develop your brand. Showing your company principles and values to your clients will result in higher interest and revenue. Start work on this as soon as possible so you have time to analyse response and build as you develop.
Create a Holistic Scale up Plan
Don’t let your business fall into reactive recruitment, some of the best examples for scaling up your business have come from those who have developed a robust plan.
People planning should be a main point, understanding what key positions can help take your business to the next level. Building your success comes from having the right people to implement your plan.
Hire the Right People
Building your team to match your developed goals must be done using the right people who have been positioned correctly to stay on top of the market.
Yes it’s a cliché but people buy from people. This ties in with point 3 in terms of planning. When we created Maxwell Drummonds Blueprint for Success it was based around the concept of truly honing in on what success looks like for each individual role. Don’t make the mistake of hiring on job titles or words on paper. Your Values as a business are important. The buy in has to come from the top down and if your people buy into that, and you have already proven you have a quality product or service, people will buy from your people! This is far easier to do when hiring strategically as oppose to tactically.
This is just the beginning of scaling up your business in the current market we are facing, keep an eye out for part 2.