Scaling up Your Business
How do you scale up your business and take it to a new level?
If you have still got the drive to build your business to the next level then fantastic. We have stacks of stuff on our website to help you build your business so check out our blogs page and visit our growing businesses page for suggestions on some of the many ways we can help to scale your business. Our latest offering is a free download of our latest publication 57 Ways to Grow Your Business.
If however you are uncertain on the next steps then let’s get back to basics and look at your options.
A scale-up business is any firm that is looking to grow in terms of market access, revenues, and number of employees, adding value by identifying and realising new opportunities.
Scale-up businesses are the engine of growth for the UK economy, creating wealth, opportunities and employment in a competitive environment.
Organic versus inorganic growth
Firms can scale up in one of two ways. They can focus on organic growth – growing gradually through increased sales and market share. Alternatively, they can scale up through inorganic growth strategies such as through an acquisition or a merger with another business.
Commit to growth
Scaling up a business takes a huge amount of time and effort so you need to ensure that your management team is committed to growing the business. You and your team will need to create realistic growth targets and develop plans and concrete actions of how growth will be achieved.
Upskill your team
Your management team will have a given level of expertise. However, delivering a growth strategy may require an expanded skillset. Take the time to identify the skills required to realise your growth strategy. Do you have people with good management experience, an understanding of the relevant technology, good financial skills and a background in change management? If not, you will need to upskill your current team or hire in experienced professionals to help drive growth.
In order to scale up your business you will need to create partnerships with people and firms outside of your business. Consider your routes to market and identify potential service providers, sales channel partners, suppliers and key clients who you can work with in order to form alliances which will drive the growth of your business.
If you are focused on expanding into new markets, you will need to create collaborative business relationships with sales partners and suppliers in those countries, and may need to create formal agreements with these new business partners too.
If your business plans include scaling up contact Mark Friend or Andrew Grant for help to grow organically or to review any possible acquisitions.
The content in this blog is correct as at 23.07.2019. See terms and conditions.