Running a small business is tough and growing it can be tougher. Without the backing of investors and access to market, it can feel like a constant battle to make ends meet, let alone trying to expand a business.
“Especially in these trying times, we need all the resources we can to survive,” says Dennis Uy, the Pampanga-based co-founder and chief executive of Converge ICT Solutions Inc.
Growing a business doesn’t have to be impossible. There are ways to level-up the business by working smarter and with some careful planning. Uy shares four tips on how to achieve it.
Start small
First, start small, but don’t think small. Uy says that when starting a business, one usually jumps to looking for investors immediately. While investors are key in the growth of a business, this is not considered a good practice. Businesses aren’t grown overnight. It may take years to grow a business so patience is key.
It would be best to start small to create room to scale up. One must understand the business they operate in to create value for their respective target market. Once the business’ value is created, only then will it be noticed by investors. Investors look for potential and that can only be present if a business looks to create a long-term solution for an obvious need. When these are set in place, capital will soon follow.
Knowing that a business will not grow in a span of a few days, it is also good to remember why the business was started in the first place.
Be passionate
Uy also shares another tip on how one’s passion can be translated into the business setting. Being passionate about the business is very important as passion is the main driver throughout the ups and downs. While a business can be fun and exciting, the work behind executing the business model can be a challenge.
To cultivate a passionate mindset, it is essential to continue learning. One must not only learn about the financial and operational aspects of the business but should also learn about how to deal with people involved in the business which can be potential partners and customers.
“While I can’t deny that hard work is essential in growing a business, I think that working smart is even more important. The unique way in which we direct a business to its goal attracts the right people. This unique way of thinking can only be fueled by passion,” says Uy.
“Have your passion push you to continue to learn and understand the business you are in because to grow a business, you yourself must not stop growing,” he says.
Passion can be strengthened with a deeper understanding of why a business was created in the first place. While one is usually motivated by money, striving to succeed in business to serve a genuine cause is far more beneficial than that of financial gain. Uy continues to share a tip on using the business for the benefit of common good.
Ideas into action
Conceptualization is the easy part of creating a business, he says. Everyone can think of the ‘perfect’ solution to a long-standing problem. The challenge is putting these ambitious ideas into action, and grounding an ambitious idea into a scalable and profitable business. Entrepreneurs shouldn’t stop at the ideation stage but have the foresight to plan the business until the execution stage.
“Entrepreneurs have to put their concepts into action. Having technology concepts are well and good but the execution—how will they go head to head with competitors, how will they take the business to market—that’s key to the survival of the business and the entrepreneur should have this in mind from the start,” Uy says.
Serve a purpose
Create a business relevant to serving the people because when you are in a position to do good as you have scaled your business, you are then able to use the business for good.
One of the most important things investors look for in a business is its impact on society that aids in building the nation. A businessman’s new and fresh ideas should be able to help the different sectors of society in easing their struggles. Investors are on a lookout for businessmen that use their technology to uplift the lives of other people.
“My goal for Converge was to build a digital highway across the whole country that connects the unserved and underserved since I believe that a business should not be self-serving. Filipinos have always been the kind of people who look out for their community such that they are capable of creating new ideas that can offer ease and convenience to the public. These are the kinds of ideas investors would definitely be supportive of,” says Uy.
Uy is now on CNN’s The Final Pitch Season 7. He is joined by other esteemed investors judges in The Final Pitch such as Cauayan City Mayor Bernard Dy, 8Ventures chairman Jay Villarante, Wilcon Depot chief operating officer Rose Ong and Multisys Technologies Corp. founder and chief executive David Almirol.
Hosted by serial entrepreneur John Aguilar, The Final Pitch Season 7 premieres on CNN Philippines starting Oct. 24.