Top 3 Key Learnings From The ScaleUp Endeavor Program
“After we joined Endeavor, Mossery has become more structured and organised. When we first started as a startup, most of our employees were wearing multiple hats and this impacted our day-to-day operations and efficiency. Through various mentoring sessions with Fadza Anuar, CEO & Co-founder of FashionValet, our fixed mentor throughout the program, we have realised the importance of being specific in defining roles and responsibilities.” - Vivian Loh, CCO and Co-founder of Mossery.
Mossery was launched in 2014, with the mission to help everyone around the world to create personalised stationeries. In this exclusive interview, Jun and Vivian, co-founders of Mossery shared their entrepreneurial journey and key learnings from the ScaleUp Endeavor Program:
Communication is key in setting a direction for the company
Regardless of business size, achieving successful growth not only requires an increase in revenue, but having constant communication within the company is crucial when scaling a company. Companies with good communication practices are 3.5x likely to outperform their competitors.
For starters, there’s a distinction between communicating and communicating well. To ensure the team is clear on the company’s direction, entrepreneurs should:
List out a clarification of the roles and expectations of each employee
Take into consideration different management styles, ensure that everyone is comfortable with it
Be clear on organisation chart and specific roles and responsibilities founders hold
You need to determine the final decision maker
Create rules on how those decisions will be made
Be clear on the company direction and ensure it is communicated with your management team
Simplify, set targets, achieving goals
“Rodney, CEO of Munchy’s taught us how to set an ambitious goal by simplifying businesses into simple building blocks and setting targets in order to achieve the goals set. This method has not only helped us sketch our 5-year plan but also breaks down our monthly, yearly targets for various verticals.”- Jun Yuen Lim, CEO and CO-founder of Mossery.
Some questions you will need to ask yourself to know whether targets set are aligned with achieving goals:
What structure is going to help us achieve our goals?
Are the targets set specific and significant?
Are the targets set measurable, realistic, attainable and relevant?
Is there a time set to achieve those targets?
Invest in an inventory management system, it really helps!
Finally, consider your long-term strategy: It is useful to start thinking about long-term when scaling your business.
With large volume orders and limited resources, Mossery was finding it hard to manage their inventories as their company scales. Without an automated system, manual work such as logging in SKUs, training employees, updating records will cause inefficiency in daily operations.
Why is inventory management critical?
It promotes the overall customer experience
It drives inventory control, a critical part of many businesses
It helps businesses meet regulations and standards
It adds additional competitive advantages and value to businesses
With scarce resources, hiring more talent for operations will not always solve the problem. Instead, entrepreneurs should consider focusing on SOP for operations, creating a product flow chart and investing in an inventory management system that would simplify the inventory process and automate all inbound and outbound materials.
“ Through investing in a management system, Mossery has successfully increased operational efficiency and production of goods by 20% monthly!”- Jun Yuen Lim & Vivian Loh, Co-founders of Mossery.
ScaleUp Endeavor is a local support for high-growth startups through a structured 12-month program. To find out more about the program, click here!