Daniel Shin is an entrepreneur raised in the United States and born in South Korea. Attending the University of Pennsylvania’s Wharton School, Shin would go on to secure his B.S. in Economics before embarking upon his entrepreneurial adventure.
Now known as the founder of TicketMonster and the mind behind Fast Track Asia, Daniel Shin has taken a prominent step forward in helping other entrepreneurs and business professionals as they seek to plunge ahead on their path.
Daniel Shin translated his experiences as the CEO of PortOne Global into actionable advice for leaders looking to begin scaling their businesses.
Scaling a Business: When is the Right Time?
Successful businesses will naturally grow, but what happens when a business leader isn’t unprepared? Scaling a business requires a few tried-and-true foundational goals to accomplish first. Daniel Shin points to a few ways a business owner might know they are ready to scale their business.
- They Have a Favorable Brand – An established brand with favorable social media metrics can prove that it is ready to grow. Daniel Shin believes in using analytics to help guide and inform his decisions. Analytical tools can show where customers are engaging, what they are engaging with, and how the brand compares to others in the marketplace.
- Infrastructure Is Ready – Daniel Shin understands that the proper virtual and physical infrastructure can make all the difference in the world. Companies preparing to scale up should equip themselves with the materials, equipment, and human resources needed to meet everyday operational goals. Unprepared companies will find themselves drawn thin, struggling to maintain their duties.
- Cash Flow Positive – Finally, scaling up requires funds, and those funds will vary based on industry and company logistics. Daniel Shin suggests banking at least 12 months of expenses before beginning an earnest growth cycle. Cash-crunched businesses struggle to produce optimal outcomes, so Shin advocates proper timing when making growth-based decisions.
Proven Tactics for Success in Scaling Businesses
If a business meets the abovementioned conventions, Daniel Shin suggests that it might be primed for growth and to begin its scaling process. To scale the business successfully, Daniel Shin encourages his followers to partake in active preparation to ensure their overall efforts are productive.
Before scaling up, Shin advises businesses to perform a new and updated competitive analysis to give them a clearer picture of the market and its conditions. An updated competitive analysis will tell enterprises where they fit into the mold while giving them opportunities for inspiration from other sources.
High Percentage Task Delegation
Competitive CEOs will delegate non-integral tasks to individuals prepared and qualified to deal with them. CEOs should stay focused on those high-value tasks while remaining committed to their brand’s brand’sforward progress and growth. Curating a proper team is an invaluable part of building a better business.
Remain Committed to the Marketing Flywheel
Even with operational growth in our minds, Daniel Shin suggests staying focused on the marketing flywheel. The marketing flywheel system depends on satisfying customer experiences, solving consumer problems, and creating a stable and long-term relationship. With the marketing flywheel in motion, businesses can grow positively and prosperously.