According to OECD, a high-growth or “scale-up” business typically is growing turnover by more than 20% a year over a period of three years and has at least 10 employees at the start of the period.
Here are some considerations you need to bear in mind, to get your business ready for Scale-up…
In terms of culture, scale-ups are characterised by having clear plans for growth, being innovative and achieving higher productivity than their peers.
These features prepare growth-ready companies to face three typical challenges every scale-up identifies with, which need a firm and clear plan of action.
How prepared is your business to face the following challenges?
1. Growth and Access to Market
The greatest barrier to growth and a priority for all Growth businesses to address, is how to ready the business so it can access its key markets. Whether markets are national, international, B2B or B2C, many companies are not quite within reach of the markets they wish to gain access to.
Have you identified how you will grasp access and gain traction in your key markets?
2. People and Management Challenges
A vital focus for growth-ready businesses is building the leadership and management capacity within their senior teams. Companies need to attract, retain and develop the right people to help drive the business to high performance, through the required growth stages.
How strong is the critical thinking at your top-level? How can you build on the talent already in place in your organisation?
3. Secure necessary finance
Access to appropriate finance and growth capital is increasing as a challenge for scale-ups.
Three quarters of scale-up-ready businesses are using external finance and six out of ten feel they do not have the right finance in place for their business.
Are you clear on how to gain access to funding to support your growth plans?
Getting your business ready
There is a clear process for getting your business ready for growth and scale-up and a clear ‘order of things’, to ensure success.
1. Strategic Plan
Key to achieving your growth objectives is developing a clear, group-driven strategy.
2. Implementation support & mentoring
Regular review of plans and actions is vital to drive momentum, accountability, and realise delivery.
3. Team Development
Developing senior leaders, leadership and management teams to drive growth in the business needs a clear, tailored plan of action.
4. Executive Coaching
Coaching and mentoring leaders and managers unlocks potential to thrive in individuals and teams.
With 10 years of aiding growth-focused businesses, we can help, support, enable and equip you to scale up. Read a few of our Scale-Up Success Stories below:
Let’s start a conversation about how Rathbone Results can support you in your Scale-up journey.