Advice + Tax + Accounts for smart business owners.
March 29th 2018

Grow your business to £1m

In the UK we are extremely lucky to have a thriving small business community, with about 5.7 million small businesses serving the needs of individuals, communities and other organisations everywhere. (Source: FSB.) Entrepreneurs, we salute you!

Whilst a high proportion of those small businesses will stay relatively small (and there’s nothing inherently wrong with that, by the way!), a significant minority accept the challenge of how to grow and scale up. How do you grow your business to £1m turnover? Here are some things to consider.

1. Be clear on your purpose - and don’t lose sight of it
Why did you start the business? What drove you to start in the first place? Businesses with a clear sense of purpose tend to make better decisions and be more sustainable. It’s easy to lose focus as you grow, pursuing opportunities for short term gain that may not be in the company’s best longer term interest. Never lose sight of your core purpose and beliefs.

2. Communicate value
How does your product or service benefit your target customers? Communicating a clear value proposition is important if you want to reach your target markets, so communicate from the customer’s perspective. What are their problems, how do your offerings solve their problems, why are your products better than any others on the market, and why should your target customers believe you?

3. Build your business processes
As you scale up, it is inevitable that, as the business owner, you will be less closely involved at the coalface. Without robust business processes, the quality and efficiency of what your business does will suffer. Stay in control by building business processes that enable you to monitor and manage all aspects of strategy, finance, and operations. Our experts have assisted a variety of growing businesses to design and implement better processes - contact us for details.

4. Market your offerings effectively
To grow your business by a significant margin, marketing becomes very important. Nowadays businesses enjoy a range of options for communicating their brand and value propositions. This can be a blessing and a bit of a curse, too, so depending on what your business does, it may be necessary to experiment with a variety of methods to determine what works best. Importantly, do try to measure the results of your marketing efforts, to determine what works and what doesn’t.

5. Outsource
As you grow your business it may become desirable - or essential - to outsource some business activities, such as finance or IT. This may be driven by a lack of resources internally, or simply because outside experts can do a better job. Consider how outsourcing can help you free up your time and focus on core activities.

6. Recruit wisely
Identify the skills gaps in your growing business and recruit to fill them. A word of advice though - try to make sure that the people you employ are not just technically able, but also a good fit culturally. If new recruits do not understand or accept what you are trying to achieve, they will not be a good choice in the long run.

At Scholes CA we love to help small business owners achieve their full potential - often against considerable odds! So, I hope a few of you find the above thoughts interesting and please get in touch if you’d like to discuss how we can help.


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