Elevating your business to the next level is never going to be easy.
There comes a time, through natural evolution, where many businesses are faced with one of biggest decisions the company has faced since it began – do we scale up?
Scaling up a business is not a step to take lightly, especially when the current business model is working. However, there can be many reasons why growing is the answer – to launch new products, to meet market demand with increased capacity or business goals have been reached.
Whatever the reason, it is not that straight forward a process and so the decision brings considerable stress over whether the business should ‘stick or twist’.
There is risk involved in scaling up. It is unchartered territory and while the rewards can be great, there are many pitfalls if you get it wrong. It is minimalizing risk, but still achieving your growth.
From the outset, it is important to ensure you are making the right decisions, that all avenues have been explored and that the financial, legal and administrative implications have been thoroughly considered.
There are two aspects to the journey of scaling up – the first is assessing if your business is ripe for that to happen. It is going to be a bumpy ride without a shadow of doubt with elements like finance, IT and staff to consider as part of the expansion.
Assessing the marketplace, analysing competitors, engaging staff, identifying potential issues and having the goal of where you want to take the business are all factors to take on board before you even make the second step of putting it into place.
Achieving step two is not something you can do alone, no matter what you think. You need a support network that can assist you on the growth plan and bring their expertise to the table. You also need ‘fixers’ who are there when it just gets too hard.
So, consider this quote from James Cash Penney, founder of US department store that bears his name. He said: “Growth is never by mere chance; it is the result of forces working together”.
Next month we bring three ‘forces’ together at The Base for a special ‘Scale Up Your Business’ event.
Joining us on Wednesday 20th March are:
Jackson Stephen – accountants and business advisors
FDR Law – commercial law experts
Santander – leading high street bank with dedicated corporate & commercial arm
They will present a ‘How To Guide’ sharing their expertise on how businesses can scale up. If you think your businesses is in a position to grow, then this is the perfect opportunity to learn from three companies that have played vital roles in helping many businesses expand.
If you are ready to scale up your business or have been thinking about it are unsure what steps to take and the implications, then click here to come and join us.