Transcription Service 5 minute Spotlight: Have You Grown Up Yet?
In summary, during the first five years of business, LS Transcripts mainly concentrated on developing the business model established during the ’start-up’ strategy period. Last January, the key objective of that strategy was reached, and outlined in your blog ‘100,000 - We Made It!' So, how did the ‘new kid’ do, and have you grown up yet?
Lindsay Smith, Business Owner, LS Transcripts responds and discusses aspects of business growth.
“During the first two years, the business was vulnerable and ‘incubated’ as we developed our skills in the application of the business process. We elected to adopt an organic growth pathway during this stage. We had our plan. We positioned ourselves into the market and monitored how the market responded to us. We shared the importance of adopting a data-driven business approach in a previous blog - Business development survival kit. Most of what we learned about during that time was around improving processes and tightening up procedures”.
What followed that early stage?
“Start-up stages are fluid and intertwined. I would say, the latter period of that plan was our ‘acceleration’ stage. Most of our clients hear about us through ‘peer to peer’ recommendation. So, we concentrated on key specifics such as weighting our client communication activities towards client retention goals. For example, by discussing timelines with our established clients about when their next Board meeting, or recruitment interview dates, or research project start dates, or medical assessments would be, we could schedule resources to deliver their transcripts on time. I suggest, the ‘acceleration’ stage was more about firming up the application of our business skills in the marketplace.”
So, why is online communication via social media important?
“We engaged online with the business community on a peer level during our start-up years. We used social media to share insights from our experiences to help other new business start-ups, and also to encourage trust from professionals in the medical, academic, and commercial fields that we too are professional, passionate and serious about business. Social media plays a fantastic showcasing role within our business plan. However, more importantly, our client base mainly indicate LS Transcripts was selected on recommendation within ‘peer to peer’ networks and we respond by weighting our business effort accordingly.”
So, have you grown up?
“Yes. We have grown up! Today, LS Transcripts service delivery model is effective. A marked growth point for us comes in the area of business reputation. We are now delivering transcription services and audio typing solutions for several Scottish university teams operating in the research, PHD, and academic areas of the field. Also, in the commercial field we are delivering routine transcription support for a leading UK automotive industry player. Our medical client base has remained stable. Servicing our relationships was key in 2018 - the grapevine, via word of mouth recommendation is how most of our new clients are hearing about us. Our clients trust in our ability to provide a professional, value for money transcription service and that speaks volumes in the marketplace.
“During 2019, we plan to continue developing our reputation through best practice application of service delivery, and by strengthening our client relationship skills. To remain competitive and aligned to current market conditions and associated financial uncertainty, we are maintaining our 2018 pricing strategy, and in gratitude of the support we have received over the past six years from the business community we are extending our New Client 10% Discount offer until the end of this year.”
To contact LS Transcripts – click here.