Political Analyst
Diploma in Democratic Innovation
Specialist in Open Government
Taking on new challenges
This July 2022 I started a Fellowship in Future Founder called Startup Readiness Simulation. I felt it was time to take a leap into the innovative world of Startups and to be able to contribute with my knowledge to this new global scenario that allows us to work without territorial borders from our homes. I also felt I needed a change in my professional career and that this was a great opportunity to learn many more things with people from different backgrounds and a great team to lead and guide us through this challenge.
As a part of our training, we developed an Expansion Strategy for Startups. To apply my knowledge and expertise I chose a Startup called TICKSY. Ticksy is the POS (Point of Sale Terminal) software specialist in Delivery and Dark Kitchens that uses cutting-edge technology, allowing you to open new sales channels, connect directly with your customers and optimize the management of your business in a centralized way, saving you time and increasing your profits.
It started five years ago in the region of Andalucía, Spain. Ticksy is a play on the words' ticket and easy. It is the name chosen by Fede Rivas, CEO of the startup from Jerez, for a project that sought to do just that: make invoicing something very simple.
Based in Jerez, has leaped Latin America after a year of exponential growth. The company aims to "democratize technology in the hotel industry", and is doing the same in bars and restaurants in Andalusia and other parts of Spain such as Andalusia, Madrid, Barcelona, Murcia, the Balearic Islands, and the Canary Islands.
During its first three years of life, the Jerez-based company has managed more than 145,000 orders and transacted more than four and a half million euros, tripling figures in the last year compared to the previous one. The app, which specializes in delivery, take away and dark kitchen solutions, arrives in America thanks to Grupo Vestas and already has an office and team in the Dominican Republic.
Strategic analysis
A strategic analysis of a firm’s external environment (the world, competitors) and internal environment (firm capabilities and resources) gives its managers a clear picture of what they have to work with and also what needs to be addressed when developing a plan for the firm’s success.
My strategic analysis started by developing a STEEPLE (Social/Demographic, Technological, Economic, Environmental, Political, Legal, and Ethical analysis):
Startups fail more than they’re successful. To help ensure your business is on the road to a prosperous future, you’ll need to develop the right startup growth strategies. These detailed plans come together by combining your target market, value proposition, and goals. They also merge your content marketing and social media marketing strategy.
Also, I applied a SWOT (Strengths, Weakness, Opportunities, and Threats analysis); a framework used to evaluate a company's competitive position and to develop strategic planning:
Once you have a complete SWOT framework you should establish long-term goals to give your business consistent direction and motivation. They also give everyone at your company a path to follow for success by reducing confusion around your business plan. They’ll help your company focus on both small and major tasks throughout each year, which can increase productivity. Some key features of achievable goals are that they’re:
Measurable: This allows you to see progress over time. You can also use this to keep your workers motivated.
Specific: Each goal you set should outline who’s involved, what the expectations are, when it’s expected to finish and why it’s important.
Time-based: Long-term goals should still include a timeframe. This can serve as a motivator to keep your startup on track for completion. You can then set smaller goals to help push you toward the longer goal.
Relevant: You should clearly understand how your goals fit into your organization, mission statement, and company purpose. They should also have long-term importance for your company.
The importance of defining a strategy
A strategy is a plan of actions managers take to achieve the company’s overall and other subsidiary goals. It often determines the success of a company.
As the scenario is of a steady growth market the first objective was to lead the market in POS software in Latin America. To achieve it the company has to:
1. Land in at least 50 hotels in Argentina and Uruguay by 2023;
2. Get USD 1.000.000 for arrival in LA in the next three months;
3. Hire 15 new employees for each country's working team in three months.
The second objective was to improve the POS software. To achieve it Ticksy should:
1. Save up to 35% in management times;
2. Make the process of invoicing very simple by reducing the time by 15%;
3. Reduce costs by 15%.
The last objective is to increase access to business intelligence for customers in Argentina and Uruguay. To achieve it the firm has to:
1. Develop an advertising strategy for LATAM landing;
2. Design a diagnosis of the sector in both countries;
3. Create an app with an ecosystem of digital tools fully integrated and connected on a single platform.
How to create a Strategic Roadmap for your Business
To lead the market and expand our business in Latin America we developed a specific roadmap regarding landing in Argentina and Uruguay by 2023: our activities were: targeting the audience for an advertising campaign with a marketing agency; scheduling meetings with potential customers to sign service contracts with the help of CEO, partners, distributors, and sales representatives. Also, we should get investors for arrival in Argentina and Uruguay in three months by writing a business expansion plan for each country with the Project Manager, scheduling meetings with possible investors, and close alliances and agreements with strategic partners. Finally, it’s necessary to consolidate a working team, so we should work with the Human Resources Department to schedule interviews, process information from CVs and interviews, and recruit distributors, UX Designers and Software Developers.
Why should you consider expanding into new markets?
Planning and implementing a growth strategy to develop new markets and expand your business before your current market flattens out will not only help your business survive tough times but could also give you a considerable edge.
Expanding into new markets helps businesses adapt to changing consumer needs and industry trends. Understanding how to expand a business into a new market allows you to enhance your employability and contribute to beneficial changes at your company.
Recommendations
Market research can help you to understand your strengths, weaknesses, and opportunities that you can take advantage of. Analyzing your own business and your competition can help you identify where you're positioned in the market.
It’s important to analyze your competition to identify its strengths and weaknesses. This can help you refine your marketing strategy and what's unique about your business.
Identifying and understanding your customers is an essential part of your marketing plan. Not everyone is your potential buyer, so it’s important to have a clear understanding of your target market early on.
To sum up, some tips for getting your startup expansion strategy in place are:
1. Understanding your target market
2. Analyzing the competition
3. Identifying a value proposition
4. Establishing long-term goals for your startup
5. Picking a location with growth potential
6. Building a startup team
7. Develop a startup growth plan
Key takeaways
As part of the Future Founder's cohort I am part of the culture of high-tech entrepreneurship and I learned to implement a strategic roadmap to help young and aspiring entrepreneurs understand the entire venture creation process, from generating ideas to building feasible, innovation-driven businesses.
Using tools such as SWOT and STEEPLE I could develop strategic thinking for business development.
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