How to Build Successful Businesses According to Scott Dylan
Scott Dylan is a co-founder of Fresh Thinking Group, which he runs on a model of acquiring other potential businesses and developing them into profitable enterprises. With the COVID-19 pandemic making life difficult for businesses globally, Scott Dylan’s vast experience in entrepreneurship is imperative to business owners, managers, and start-ups that can leverage his skills in building successful empires.
Scott Dylan gives recommendations to other businesses and leaders based on the Fresh Thinking Group and its mode of operation. For instance, Scott advises that for acquisitions to be successful, it’s critical to ensure that the acquired subsidiary companies have a solid business model, implying that they are set for success with good leadership. For instance, a start-up with a good set-up but suffering from cash flows is likely to succeed once money is injected into its operations.
The Fresh Thinking Group founder also outlines several insights that differentiate successful businesses from start-up brands that never actualize their dream. First, Scott Dylan sees it important to undertake market research, enabling a potential investor to understand market needs and gaps. The main aim is making profits, but this objective cannot be actualized unless a business has a clear solution to a certain market problem. Besides, bringing similar solutions to other businesses doesn’t interest potential customers; it’s vital to have a different way of solving customer issues.
After understanding the market and presenting a unique solution to customer problems, Scott Dylan explains that a business aiming to succeed should only invest what is within their means and maintain this principle after providing services. It’s important to maintain a high level of accountability to finances, ensuring that all cash inflows and outflows are recorded appropriately, helping to boost investor confidence and increasing a business’ chances of growth from appropriate spending.
Besides, the Fresh Thinking Group expert explains that any business that wants to succeed must establish a good relationship with all stakeholders. With customers being the most significant stakeholder, businesses should maintain communication with them, mainly through social media channels, which is the current trend. Other stakeholders too, such as suppliers and financiers, gradually like hearing about a business’ progress.