SYB May:June 2022 FLIP - Magazine - Page 7
Think about:
• WHY you want to scale and what the
end goal will be
• HOW you will achieve this – and what
the timescales will be
• WHO you need on board to make this
work
Tips
running like a well-oiled machine you need a team who
are ready for the task and fully on-board with your
aims for the business.
Increase your operational infrastructure
Hypergrowth of the business means a greater volume
of sales and work. To meet this demand, you urgently
need to expand your operational infrastructure. That
means looking at the size of your workspace. The
amount of tech, equipment and machinery you have.
And the ways you deliver your end product/service to
your increased customer base.
The key here is to apply a LEAN methodology –
keeping everything as simple and basic as possible,
while also building in the capacity to deal with
this increased volume of work. Get the operational
procedures out of your own head and turn them into
lean, seamless processes. And invest in the equipment
and operational systems needed to cope with your
increased output.
Look at investment and access to funding
To bring your scale-up plans to life, there’s a need to
invest heavily in the future of the business. You’re likely
to need new assets and equipment. Larger premises or
multiple workspaces. More raw materials or stock. And
a bigger workforce – which will mean a larger payroll
each month.
• WHAT new assets and equipment will
be needed
• WHERE the funding will come from to
bankroll this plan.
You may be in the fortunate position of having
plenty of spare cash in your reserves. But for most
potential scale-ups, there’s going to be a need for
external funding. This could mean you and your fellow
directors putting money into the business. It could
mean approach lenders and business finance providers
to take out a loan. Or it could mean looking for private
investors to plough money into the business. Whatever
the source of this additional funding, you a clear
funding strategy to work from – a funding plan that’s
aligned with your scale-up plan.
Share your strategic goal and growth plan
For scaling up to be a success, everyone in the
company must be on board with the idea. Make your
growth aim and key numbers transparent, so the whole
team is engaged and motivated by this common aim.
And make sure you have a detailed scale-up plan that
factors in the challenges of expanding your workforce,
resources and operational infrastructure.
If you’re thinking about scaling up your established
startup, please do get in touch.
We’ll help you build a viable
scale-up plan, with costings,
budgets and achievable
targets to meet.
i
Andy
Page
If you would like to book up your
complimentary session, please phone
or email me and I will take care of the rest.
Andy Page can be contacted at
a.page@mphaccountants.co.uk
MPH Accountants & Business Advisers
www.mphaccountants.co.uk • 01227 277667
