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Growth & Scale Up Your Business
Focus on what you want to be – not what you are. Don’t base decisions on where you are – base them on what you want to become. One of the first things I ask clients is what type of company they want to become – £1m a year turnover? £2m? £5m? £10m? You must have definite objectives. The decisions you make as a £200k-a-year business are different to one that turns over £10m. If you want to become a £10m business – you have to start thinking like one.
Make sure you’re ready and prepared for growth. When your business starts to scale up, things can begin to creak. Weaknesses can be exposed, and you can’t always fix them once the journey’s started. You could be held back by your IT system, processes, cash flow, team or all of the above. Think very carefully about how scaling up and growing your business will affect your company – you must be ready and your processes must be robust. There are a number of ways you can prepare for your business to scale up.
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Recruiting might not always be the answer. Often it can be better to outsource tasks and functions to ensure the best outcomes. Also realise when you need to delegate responsibility. Free up your time so you don’t get caught up in day-to-day matters, when your time could be devoted to growing your business. Stay focussed on the ‘big picture’. Operate at your pay grade and ask yourself truthfully if you have what it takes to grow the business as a leader.
“Never compromise on quality or consistency. They both enable growth. There’s no point growing your business if your products or customer service deteriorates, because customers will go elsewhere.”
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Identify your barriers to growth. Once you have objectives, part of developing a strategy for growth involves thinking about possible barriers to scaling up. Be honest and pragmatic.
Try to predict the future. Setting your business up to grow, having the right products, processes and people, doesn’t always guarantee a smooth ride.
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