Scaling a business from a startup to a sustainable enterprise is a major challenge. Statistics show that 23.2% of businesses fail within their first year, and nearly 50% don’t make it past five years, according to Lending Tree. To avoid becoming part of these statistics, entrepreneurs need clear strategies for growth. Experts from the Kosmos Innovation Center —Fatou Soumare, Senior Banker and Coach, and Anna Sarr, Kosmos Innovation Center Senegal Coordinator—share their key insights on how to scale effectively.
1. Focus on Long-Term Growth, Not Just Immediate Profits
Many startups focus on turning a quick profit, but Fatou Soumare warns against this mindset. “Have a medium-to-long-term vision to ensure controlled and sustainable business growth. This will help secure potential funding and reassure investors,” she says.
Beyond financial considerations, Soumare highlights the importance of differentiation: “Most importantly, create a viable business model—don’t chase immediate profitability at all costs! Instead, focus on differentiation and building a competitive advantage.” A solid, scalable business model attracts both customers and investors, positioning the company for long-term success.
2. Leverage Support Programs for Growth
Entrepreneurs don’t have to scale alone. According to Soumare, joining incubators, accelerators, or corporate ventures offers “strategic resources such as grants, funding, specialized services (accounting, legal, marketing support), and tools.” These programs also provide mentorship from experienced entrepreneurs, networking opportunities, and validation of business models—all of which help startups transition smoothly to the next stage.
3. Secure Multiple Revenue Streams and Long-Term Contracts
For sustained growth, businesses need reliable revenue sources. Sarr advises entrepreneurs to “identify three to five revenue streams, secure a B2B contract for a year or two, maybe one, and start growing within your local community.” This strategy keeps costs low while ensuring quality service and real-time customer feedback.
To maintain financial stability, Sarr also emphasizes securing long-term funding: “Secure working capital over two years through bank loans.” Having financial runway allows businesses to scale without the constant pressure of cash flow struggles.
4. Master Low-Cost Marketing Strategies
Marketing doesn’t have to be expensive to be effective. Sarr recommends using digital tools to “master a low-cost marketing strategy using social media platforms to increase your customer base.” Engaging content, customer testimonials, and targeted campaigns can help businesses expand their reach without large advertising budgets.
5. Form Strategic Partnerships to Strengthen Growth
Collaborations can accelerate business development. Soumare advises seeking “strategic partnerships and alliances to gain access to additional resources and expertise, enhance credibility and brand recognition, and accelerate business development.” These partnerships can help startups tap into new markets and scale more efficiently.
Growing a startup into a thriving business isn’t just about working harder—it’s about working smarter. Entrepreneurs who prioritize long-term planning, seek external support, diversify revenue, secure funding, leverage low-cost marketing, and build strong partnerships have the best chance of success. As Soumare puts it, “Focus on structuring your business properly before scaling, and growth will follow.”
By implementing these expert strategies, startups can increase their chances of not just surviving, but thriving. Whatever stage your business is at – whether it’s growing from “just me” or an SME, Kosmos Innovation Center programs can help you to identify what your business is and how it can grow. Have a look around the website and see how we can help.
