Lem Chansamrach, Managing Director of CICC: Six Tips to Growing Your Startups in the Digital Age
In this digital age, a startup is favored over small and medium-sized enterprises (SMEs) because startups usually utilize technology to rapidly grow.
During Barcamp ASEAN 2019, hosted in the Institute of Technology of Cambodia, Lem Chansamrach, Managing Director of Cambodian Investors Corporation Plc (CICC), shared six tips on how startup businesses can improve quickly in the digital age.
- Know yourself, adjust, and adapt. Adjusting yourself is crucial for catching up with the current developing world. Businesses are no different either; your business needs to grow at the pace of technological advancement to ensure the provision of the best services to customers.
- Observe the changes in the behaviors of your customers. Know your consumers/clients. Understanding your clients’ needs is the center of every successful business because it tells you the most fitting services that you can provide to your consumers. With the changing world we live in, you should remain very observant of the consumers’ environments because demands change with time.
- Always aim to cut expenses. Your business should always try to minimize the spendings and the cost of what you are selling. Low production costs and high returns on sales yield profits. Finding a cost-cutting approach is an economic necessity, and advanced technology, such as digital advertising or the use of social media, significantly contributes to reducing some avoidable costs. Besides, technology allows contactless communication that is ideal for consumer engagement.
- Try to participate in training programs. Fast business acceleration requires strong leadership, flexibility, and new insights. Most training programs provide participating employees with pivotal skill sets and teach them proper implementation. Also, your employees will get to meet other entrepreneurs who offer new ways of thinking.
- Find the right mentor. Meeting with other entrepreneurs in training programs may introduce you to the ‘right mentors’. The ‘Right mentors’ are often those who have encountered numerous business failures but have made a turnaround. They can tell you what are the best decisions in pushing your business forward and what to avoid doing. Mentors also assist in improving your business models and speed your growth.
- Build your capital. As a startup, keeping the business running is very troublesome when you do not have sufficient capital-not to mention the fact that the business may not generate adequate returns. Cooperating with other financial institutions or business management funds is also a step into finding the right funds besides your family members or friends.
By: Pon Lorngdy