Scaling up your business is a common ambition for many business owners. However, sustained growth comes with a fair share of challenges and requires a careful balance between taking risks and ensuring those risks reap rewards. Below are some
of the most common hurdles you may face and how to overcome them.

Maintaining quality and consistency

Maintaining the quality and consistency of your products/service is essential when scaling up to retain your reputation and keep your customers returning. This can be done by establishing standardised processes and implementing training programmes to reinforce the message throughout your team. Regular quality control checks will help you identify any
issues promptly, allowing you to save on waste and any unnecessary costs.

Setting high quality service as the standard helps to encourage repeat business and positive word-of-mouth recommendations.

Securing sufficient funding

No matter your method for growth, scaling costs money. There are a number of funding options which can be used, depending on whether you are acquiring another company, expanding existing premises or investing in new equipment. It is important to consider all of your options, balancing the risks and opportunities presented with each option.

It will be beneficial to create a strategy that outlines your growth plans and any financial projections, which can be shown to banks. There are many funding options that should be explored, most commonly in the form of loans, investments and grants.

Scaling infrastructure and technology

To successfully jump from being a startup to being an established scale up, you’ll need to expand your existing infrastructure and ensure your technology and processes are set-up for growth.

Current systems may no longer be fit for purpose, requiring you to invest into scalable solutions that can meet the needs of your increased demand. This includes things like machinery, equipment, office space and any other operational elements.

Managing talent and culture

Naturally, as your business expands, so will the workforce. Attract and retain top talent by offering competitive compensation packages and a collaborative work environment where employees feel aligned.

When scaling, you want to ensure the core values of your business do not get lost and your culture is maintained. Throughout the recruitment process, you should be taking time to consider whether potential new employees will be a good fit both in terms of skills and mindset.

Reinforcing your company values often is crucial, so that they are understood and respected by every member of the team. They should also be used as the foundations for your business related objectives to keep reminding your teams of the ‘why’ behind your decisions.

Scaling a business does not come without its challenges. However, when effectively managed, it can be a very exciting and beneficial endeavour.

To find out how you can scale efficiently, get in touch.

www.hwca.com/accountants-esher

T: 020 8549 5137

E: esher@hwca.com