The secrets to scale up with success by Receipt Bank

By January 19, 2019 ScaleUp

Receipt Bank provides a quick turnaround of extracting key data from accounting documents like invoices, receipts and bills, allowing customers to download this information straight. That´s the solution that allowed Receipt Bank to scale up with success. The process saves a lot of time and hassle for the customer going through a file to sort the necessary information they need from receipts. This bookkeeping automation offers competitive price points and delivers quick, easy, and simple solutions through an app.

Here are a few secrets about how to scale up with success extracted from the conversation between Miguel Dias, CEO at ScaleUp Academy, and Alexis Prenn, CEO and founder at Receipt Bank, during the last episode of the ScaleUp Heroes podcast:

How will you get to the next level of the scale up process?
The truth is I do not know what everyone else is doing out there. I just do my own thing, and for the next day, I do what I did yesterday a little bit better. These little improvements daily when accumulated at the end of the year, you realize that you have actually scaled to the next level already.

When did you start becoming a growth company?
We became a growth business when we said we’ll do 3% per week. That’s the moment we focused on growth. We begin analyzing what we did, how we didn’t hit the goal and how to fix what we did wrong. The growth process gives you the time to fix everything. The secrets to scale up with success of Receipt Bank are no secrets at all. It’s just there in front of us, waiting for us to realize that. Many time the secrets that we’re looking for are only hiding in plain sight

How did you build your leadership and core team?
People actually want to join growing companies because they know that a growing company will provide them with opportunities to grow as well and because of this primary reason they’ll want to stay.

Do you believe that personal branding is an important aspect of growing your employees?
Back in the day when we first started, we would often hire people with no experience, and we like them because they do not demand higher pay. These people were also remarkably talented. When we hired them, we made sure they understand their roles and we reviewed their roles every three months.

When companies grow, the roles of the team also changes rapidly. One of the secrets to scale up with success is that for innovation to work in scaling the workforce, it’s the employee’s job to review their responsibilities and not the manager’s. As a member of the team, it’s the employee’s responsibility to demonstrate to the team what they can do. In essence, the growth of an employee is their own personal responsibility.

What is your main secret to scale up with success as a CEO?
As the CEO, it’s my responsibility to consistently repeat my presentation to new hires. The reality is, I and the rest of the old workforce have seen or heard my presentation but to the new hires, my presentation is new to them. They get really excited, motivated, and inspired. For me, as a CEO, I don’t need to reinvent new things, I just need to make sure everyone is on the same page and understand their roles to scale up with success and achieve the organization’s goals. This is a full-time job.

What is the priority mission that you need to do or check constantly?
To grow the way we want to, there’s an element of getting big funding to achieve that. There’s an awful lot that can go wrong and many things that can go right. That’s the journey I signed up for personally. In terms of risk profile, it’s risky and you can fail. That’s what gets me up in the morning. I focus on the journey, not the end goal.

If you were to meet yourself 10 years ago today, What advice would you give yourself?
Say ‘No’ often. Say ‘No’ regularly. It forces you to make choices. Saying ‘Yes’ commits you to time and money that you don’t have.

ScaleUp Heroes is the podcast of ScaleUp Academy that helps you scaling by learning with references from the best scaleups worldwide. If you are craving for more, join the next episodes. They always go live on Mondays. If you want to know more about ScaleUp Academy initiatives, calendar and purpose, join our community by subscribing the ScaleUp Academy newsletter.