You have customers and market demand, and you have excitement - but then you remember that 90% of start-ups fail. How do you ensure your business scales to become a thriving one with a long-term future? In the world of business, the rate of growth differs wildly, and one size does not fit all. That’s why expert advice is so essential.
The Startup Genome Project found that 70% of start-ups fail because of premature scaling, so don’t spend money on things like sales and marketing until you have nailed the product/market fit.
In those exciting days of youth and scrappiness, you can forgo things like “the way we do things”. Now, though, you need to get your financial house in order. Sort out your systems and your ways of working. Professionalise your accounting and cash flow.
To truly grow and scale to the next stage, you’re likely going to need an injection of capital. Where is the best place for this to come? Expert business advice at this stage can help you to make the growth move seamlessly, safely and with eyes wide open.
You need to become operationally and financially efficient. Examine your team, your operations, your sales volume. You may want to revise the company’s business plan now to reflect how far you’ve come, and what the next stage will mean for you.
The smart way to focus is to hire people with complementary skillsets; these are the people with which you can innovate and expand. And you’ll need it, because at this stage the competition is starting to notice you. Make sure you’re attracting top talent with a strong benefits package, or competition will steal the talent, too.
Growth and expansion into new territories is risky, and it may pay to spend a few more years stabilising before pushing forward. Working with an expert partner can help you to mitigate the risk.
MHA MacIntyre Hudson can help growing businesses through:
Get in touch to discuss how we can help your business to grow efficiently and compliantly.
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