Upscaling Your Business

Scaling up isn’t just a case of letting organic growth take its course – genuine hyper growth means achieving accelerated 20% growth over a 3-year period. A big ask for any company!

So if you’re planning to make the transition from established startup to ambitious scale up, what are the foundational elements you need to get right?

Setting the scale-up foundations

To scale effectively, you need the right systems, the required funding and a team of people who have the skills to expand your enterprise at an accelerated pace in a short timescale.

To successfully scale your business, you need a strong strategic growth plan. But that plan will only be deliverable if you also:

  • Create systems that grow with your business – so you have the systemised processes and software automation needed to drive scalable efficiency.
  • Upscale your sales and marketing – to raise your brand profile, boost sales and create quality customer experiences and interactions in a competitive marketplace.
  • Access the right level of funding – by working with lenders, private investors and commercial experts to find the additional cash needed to fuel your growth.
  • Build a team that can deliver your growth plan – with people on board who share your core vision and have the motivation, talent and flexibility to drive expansion.

Making your business an attractive investment

When considering your financing option, it’s important to think about which route will work best for the long-term interests of your business.

Traditional routes include banks loans for smaller amounts, or working with private investors or venture capital firms when more substantial investment is needed. And there are other less traditional routes like crowdfunding and invoice financing to think about too.

It’s also vital to present the most impressive overview of the financial and commercial prospects for your business – lenders will want a positive return on their investment, after all.

To attract the right funding:

  • Have a robust growth plan – so investors have a clear idea of what you intend to do with their money, and how you’ll aim to achieve that.
  • Improve your financial health – investors will want to see a healthy set of accounts, so be proactive about getting on top of cash flow, cost management and budgeting.
  • Align your budget to your strategic plan – cost out every element of your growth plan and provide investors with a breakdown of how you’ll budget your spending.

Getting a Business Loan

Need some extra cash to take your business to the next level, but daunted by the loan process? You’re not alone. There’s a lot of paperwork and number-crunching involved.

Before you get started, remember that banks wants your application to succeed as the interest you pay is a vital revenue stream. So it’s up to you to make their job easy by turning up with a good business case.

Connect the dots for them. While banks are experts in money, they’re not necessarily knowledgeable about your area of business. Remember to present a clear story and demonstrate clearly how the loan will unlock business growth which will ultimately ensure the bank gets paid back.

When applying for a business loan, ensure you have:

  • income statements and balance sheets for the past two years
  • up-to-date financial statements
  • business plans or project plans to show the direction your business is taking
  • tax returns to verify your income statements
  • bank accounts, also for verification

If you use cloud based accounting software, you’re in luck as the better platforms will produce much of information on demand, including:

  • income and expense reports
  • growth trends
  • forecasts

Talk to us about achieving your scale-up goals

If your business is looking to looking to launch its scale up rocket, we’ll help you create a meaningful scale up plan that gets your systems, funding and resources ready for take-off.

Get in touch to start planning your scale up.

 

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