Singapore TechCEOs

5 Steps Singapore TechCEOs Should Take to Scale Business

Given it’s strategic advantage of location, Gov support, eco-systems and access to technology – why do TechCEOs in Singapore struggle to expand their business?

 

Here is a clue. It has nothing to do with what you are doing right now.

 

We find a lot of Singapore TechCEOs get stuck at $3-$4 million revenue mark. They linger there for a very long time. It has everything do with NOT having a clear revenue strategy and framework to process information and take decisions.

 

We have come across many Singapore mid sized tech firms who demonstrate excellent delivery, have an impressive customer retention rate, and has been in business for over 4 to 7 years. At the same time, when it comes to growing revenues consistently, TechCEOs struggle and always at logger head with marketing and sales teams causing discord and missed revenue goals.

 

Every tech firm needs a foundation to build on, figurative “pillars” that hold up the rest of the business and help you grow. By remembering your roots, though, it’s always easier to cut through those shiny distractions and keep your growth goals in mind.

 

Here we’ve listed the five pillars that every TechCEO should have in place in order to facilitate growth in your tech firm:

Challenge #1 – Understanding who you are and why you matter?

What are the reasons you started your tech business?

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How To Expand a Tech Firm’s Customer Reach

Once technology firms have reached a level of maturity where revenue is consistent and practice (and delivery) is dialed-in, talks of expansion are almost inevitable. Expansion of tech firms comes in a few different flavors of conquest: geography expansion (into new country segments), moving up-market into complex deals/bids and expanding various practice areas.

 

We’ll cover expanding practice areas in another post, but expanding market and customer reach is often seen as the logical next step of a successful firm compared to moving up the market.

 

Whether that’s expanding revenue growth across market segments in the same country or outside, it is a trying hurdle for operations, marketing, and the entrepreneur’s sanity.

 

Here’s how to handle all three.

 

Keeping Your Sanity

 

Change in a firm is difficult, but when all of the partners are aligned on a firm-wide move, that resistance to change can swing the other direction into unbridled momentum. While deciding to grow a firm’s new revenue streams can feel incredible, eventually the honeymoon phase of decision making is over, and the reality of execution begins. To ensure partners can focus on their work and not lose sleep over the expansion, it’s critical to have realistic and achievable goals in mind.

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