Ziad Maalouf, Managing Director of Seven-Up Bottling Company (SBC), shared valuable insights with 40 SME owners at the SMEs Scale-Up Bootcamp organized by SBC, Zenith Bank, and UNIDO.
Identify your ‘sweet spot’: Harmonize your experience, and passion, and address a genuine need to ensure your business idea has the potential to scale.
Avoid look-alike recruitment: Use the SABI formula (Strive, Accountability, Bonding, and Innovation) to recruit talents that complement your skills and bring diversity to your team.
Network: Elevate your relationships as they are crucial for scaling and handling crises effectively.
Increase willingness to pay: Offer functional, social, and emotional value to make customers willing to pay more for your product or service.
Distinguish cash and profit: Understand that profit is not cash; ensure your business has sufficient cash flow to sustain operations and growth.
Teamwork: Delegate tasks and focus on ideas to grow the business instead of trying to micromanage every aspect.
Know when to take a loan: Be open to loans for growth if savings are insufficient, and be honest with banks about your plans and capabilities.
Adopt artificial intelligence: Utilize technology to boost productivity, efficiency, and the quality of your products and services, essential for scaling in today’s business environment.
These tips from Ziad Maalouf provide valuable guidance for entrepreneurs aiming to scale their businesses effectively and sustainably.
