How to scale up your business the right way
Think you’re just about ready to scale up your business?
Whilst it’s easy to get wrapped up in the excitement of going to the next level, it’s absolutely vital that you understand the key elements involved in that development before you hit go.
Rapid growth can introduce an immense amount of pressure which could expose hidden weaknesses in your business. Your finance, operations, sales and other key functions must not only be running like clockwork but also be capable of supporting increased volumes.
Many high potential businesses fail due to unforeseen cash-flow “hiccups” caused by rapid expansion, which is why you must ensure you have adequate funding in place and have strong financial forecasting in place to enable you to look ahead, as well as in the rear-view mirror.
After all, before you can take your business to the next level, you need to be confident you have the support in place which can sustain your growth.
One of the most critical ingredients for that success will be having a team around you that not only have the skills and experience you need right now but will thrive as your business begins to experience increased scale and complexity.
This is the time to identify those who are resilient, adaptable and committed, and ensure you have a plan in place that will allow them to develop their skills to match what the business will need going forward.
It might even be an opportune time to ask whether your employees are deployed in the most effective way. Perhaps some of your team have skills that would make them better suited to a different role, or maybe their passion lies in another part of the business.
Time invested in assessing your team’s strengths, putting the right structure in place and addressing any cracks before they appear will pay dividends in the longer term as you enjoy a much smoother growth journey that doesn’t place unnecessary stress on your employees.
It may sound obvious, but it’s also so important to pause and ask yourself honestly if your business itself is ready and capable of taking this next step, as well as having a clear step by step growth plan moving forward.
You need to have a high-quality product that’s in high demand with a clear route to market with exceptional customer service, and it all has to come from a brand that has a strong reputation.
If you’re not sure you have this in place, that doesn’t mean all is lost. At BHP, we have a team on hand that can help you scale sustainably into the future – with services ranging from our business health check, management and leadership academies, funding support and tax relief advice.
Looking to take your business to the next and need support on the journey? Contact a member of the team today!