Whether your business has been operating for 6 month or 6 years, and whether you are a ‘one person’ business or a ‘company ‘ with premises and staff, the planning processes for scaling up are the same.
Many business reviews will say ‘when we get the funds, we will grow or expand’. However, experience says that, the interest in getting some funds usually hides other business issues. And reasons why the business has not been growing. These reasons might be, cashflow due to insufficient sales or financial management, profit margins, ineffective marketing, or overall business management.
The process of scaling up, starts with looking at the current business and financial operations, and identifying the strengths and weaknesses, before creating a new or updated Business Plan.
So many young businesses have been driven by people who have spent most of their time working ‘in the business’ and not ‘on the business’. And part of the reason for this is they do not have the business experience to understand all the issues involved in growing a company, outside their current vision. But also, who do they turn to for experience and advice? The business arena is flooded by ‘experts’, all trying to sell ‘their services’ . Many young businesses need advice on how to grow a business, and, to seek funding or investment. Two different areas of expertise.
How to progress? Create a one page Plan of your business ambitions. Why? How? When? Etc. Then ask at least 3 experienced business for comment and advice … and you should get a number of commentss and recommendation to help you plan the way forward.
For one review, based on 40 years business sales and growth experience, use this form and submit for comment and advice, by return:
https://startupassist.uk/new-business-review/
Or join the online webinar ‘How to Scale up a business?’ Friday 21st April 12.30. Click to register: bit.ly/3MbVLA4 And repeated monthly.
Or email for specific information or advice: ian@startupassist.uk