The only way is UP!

Many businesses are in the midst of a dilemma at the moment: Stay put or Scale up?

While some are comfortable maintaining the status quo, others are keen to explore new markets and expand their customer base.

As Mark Zuckerberg rightly said, ‘In a world that is changing really quickly, the only strategy that is guaranteed to fail is not taking risks’.

So how do businesses grow in a highly competitive market? How does a start-up created in your garage become a nationally recognised brand?

Let’s take a look at TurmeriX.

Errol McClelland, the founder of TurmeriX, was looking for natural solutions to help treat his arthritis. He stumbled upon the benefits of turmeric and realised the potential for a business opportunity.

Wanting to share his story with others, he went about developing turmeric-based blends and mixtures to promote healthier eating habits. The company that started off as a stall in a food market, has now grown nationwide and is expanding internationally.

In an article with SmartCompany, Mr. McClelland highlights what it takes for businesses to scale and grow. Initial interactions between him and his customers revolved around understanding consumer preferences and determining price points. When the conversation progressed towards availability of product and distribution, he decided it was time to take his business to the next stage.

Here are five aspects Mr. McClelland kept in mind, while scaling TurmeriX:

  • Focusing on numbers and data
  • Setting minimum order requirements
  • Investing in good talent
  • Training people to reach maximum potential
  • Leveraging online marketing to increase visibility

Our Fast ‘n Furious Innovation Programme adopts a similar approach. Developed to enable design-led innovation thinking, the short course helps businesses learn how to identify real consumer problems and implement solutions and verified measures that will take their businesses to the next level.

Through the process of strategy, hypothesis, understanding the consumer, building a product, gaining feedback and learning from these insights, we take businesses through a ‘LIVE’ innovation challenge to accelerate commercialisation and embed learning for future opportunities.

If your business is looking to scale up and explore new markets, please reach out to us here.

To know more about Errol McClelland and the TurmeriX story, please visit here.

 

Share this article:

Share on facebook
Share on google
Share on twitter
Share on linkedin

Recent news:

Words: Jargon, Buzz words, New words

If I hear ‘Pivot’ one more time….. It’s been a long haul here in Melbourne, but we’ve finally reached the point this week of slowly

Mikes Monthly Book Review

Good Strategy/ Bad Strategy: The Difference and Why it Matters GOOD STRATEGY/BAD STRATEGY  In this short book of just under 300 pages, Richard Rumelt cuts

The Winds Of Change

Windmills or Walls? There’s an ancient Chinese proverb that says ‘When the winds of change blow, some people build walls and, others build windmills.’ There’s been

A NEW BOOK PRESENTED BY OUR XPOTENTIAL TEAM

STRATEGISATION

THE ART OF MOBILISING PEOPLE TO IMPLEMENT A WINNING STRATEGY

If you are a leader responsible for strategy development and its implementation and you want to have the greatest chance of success – Strategisation is for you!

Please fill in the below details to receive a link to the XPotential Innovation Competency Survey