Did you know that 99.9% of all companies are considered to be small businesses, while just 0.01% live to be large enterprises?
This just goes to show that transforming an SME into a large corporation is by no means an easy feat. However, there are people who manage to scale their business and transform it into a large, profitable corporation.
One of them is Pavel Melnikov.
Pavel Melnikov: Biography
Born in Russia in 1964, Pavel Melnikov is the founder of many profitable Russian companies that are considered to be leaders in the sanitary industry. Pavel himself is considered to be a major trademark holder and one of the most successful Russian businessmen to date.
Pavel Melnikov enrolled in Leningrad Electrotechnical College in 1979 and graduated in Electric equipment for the production of plants and installations. He then further specializes in Radioelectric equipment and graduates with distinction from the Leningrad Mechanical Institute.
Upon graduation, Pavel Melnikov decides to focus on his career and invests his time and resources into the development of products intended for the sanitary, heating and plumbing market in Russia. From there, he becomes the founder and sole owner of many profitable companies, including BIS No. 1, Moscow Region, Vesta Regions LLC, and Energoresurs LLC.
Moreover, he is considered a founder of many famous Russian sanitary brands and registered trademarks, such as TENAХTHERM, TENRAD, BRIXIS, MINKOR, and VALTEC, to which he grants non-exclusive rights.
So, what does it take to become one of the world’s top entrepreneurs?
Set specific goals and plan ahead
One of the most important lessons every successful entrepreneur needs to learn is how to break your long-term goals into several smaller, attainable ones. The reason for this is that it might be very difficult to achieve big goals in one fell swoop. Once you break your goals into actionable steps, keeping track of your progress will be much easier, the tasks will feel manageable, and their completion will give you a sense of accomplishment and a feeling you are moving in the right direction.
In addition, create an effective business plan and establish a model that will help you identify your target audience, key resources, and key processes, and keep it flexible enough so you can take advantage of new business opportunities.
Keep track of your finances
Devising a sound financial plan and learning how to manage your company’s cash flow is crucial for the growth of your business. In fact, failing to plan your finances may even have fatal consequences for your business.
Control your resources, stocks and working capital, keep an eye on credit management and overdue debts you might have, and try to plan all your financial needs ahead to avoid any funding troubles in the future.
Get your business out there
Your small business can’t evolve into a large enterprise if no one has ever heard of you. You need to increase your brand awareness and promote your business in order to extend your reach, penetrate the market and increase your sales.
Invest in various forms of marketing, such as paid advertising, relationship marketing, acquisition marketing, content marketing, email marketing, digital marketing, word of mouth (WOM) and track the progress of each campaign so you can focus on the most successful one(s).
If you want your business to evolve and reach the top, the road ahead of you is not going to be easy. However, it is not impossible – Pavel Melnikov is here to remind us that success will come to those who are determined, have clear goals and are willing to work hard.
So, what are you waiting for?