What do ambitious companies need to think about in order to grow?
When planning business growth it is important to make sure you
have enough money available. While some businesses are lucky enough
to have ready cash,most raise external finance. Couple this with a
strong funding partner where goals are aligned and you can actually
help to accelerate growth. For any company aiming to grow, no
matter their size or how long they’ve been trading,there are a
number of things to consider.
Research and planning
A well-researched proposal will build credibility, inspire
confidence and help gain potential funders’ buy-in.
Build in time to raise the finance you need. Finding a funding
partner whose interests match yours is critical and getting it
right first time can save hassle in the long run. Engage advisers
early on. They can often streamline processes and provide
independent challenges before you pitch directly to funders.
Demonstrate that you can be flexible and can learn from mistakes
quickly. Having a ‘plan b’ is wise as is being able to seize
unexpected opportunities as they can be a game changer. It’s
important to raise sufficient cash to cover contingency plans. In
the due diligence process most funders will examine forecasts. If
you don’t have any contingency this will present a weaker
The right management team is essential. Recognise your strengths
and weaknesses and be prepared to take on new personnel with skills
to fill gaps.
Measure your success
Choose key performance indicators to measure your progress. Make
them specific to your business, and easily accessible. They will
help you keep things on track and provide an early warning signal
to take remedial action if necessary.
Making it happen
Finding the right funding partner is key. A good finance provider
will bring more than just money to the table; they will add value
to your business. Foster a good relationship and it will usually
result in a better outcome for all.