Friday 22nd March 2019
Scaling up your business:
The 2019 business model driving SME growth
Pitching your company in 2019, how scalable is it?
Still growing at the speed you’re banking on or has it stalled?
Not every entrepreneur aims, or even wants, for their company to skyrocket. And if your business has been up and running for a couple years, a history of steady growth (as opposed to one big spike and you’re out) is a sure sign of a healthy run. Somewhere between the hare and the tortoise, strategising the long-game is ultimately a smarter play than a mad dash to the finish line.
What even is a Scale-up company?
Beyond just a regular start-up, scale-up companies are the ones growing year-on-year by an average 20%. In the UK alone, there are 35,000 scale-ups making us one of the leading OECD countries for our number of high-growth enterprises. Taking into play the cash coming in as well as the employee count, scale-up companies have a proven business model that’s focused on growth.
Not all companies make it big, but over recent years there has been an upturn in the backing of potential scale-ups from organisations like the Scale Up Institute. Why? Because a company that has high scalability has the potential to cash-in big on revenue with minimal incremental cost.
Here at Growth Partners, our story is all about scaling up companies from the inside out. By this, our energy is focused on the heart of your business: your employees. These are the people day in and out doing the legwork to keep your business ticking over, so we ensure they have the right resources to keep on track.
Work SMARTer, not harder
You know the phrase “work smarter, not harder”? In a nutshell, this is what we offer through SMART Employment. Perhaps you’re already familiar, but if not, SMART Employment is a business model that helps smaller companies scale up by giving them access to perks that are often enjoyed exclusively by big corporations.
Tried and tested, its purpose is to fuel the productivity of an SME.
It gives employee engagement a boost (meaning staff performance) and takes off your hands the long (but unavoidable) paperwork-y tasks like Payroll, Employment Law & Pensions. By doing so, SMART Employment gives back to you, the employer, two precious resources – time and money – in turn fueling momentum and even better, acts as a protective shell, safeguarding your company from a jumble of tricky HMRC & corporate traps (one example).
Somewhere between a hare and a tortoise, remember? Think of SMART Employment as a tortoise with wheels.
Scaling up for Scale-ups
Despite the political chaos that has dominated the headlines of late, Brexit crisis and all, the 2018 Scaleup Institute Review paints a bright picture for UK scale-ups. 80% of those surveyed expect to see further growth in 2019 and, showing greater signs of innovation, a matching percentage have introduced a new product/service, or improved an existing one, in the last 3 years, outperforming larger firms by double.
Confidence is high, but it has to be said that old challenges present gaps where work still needs to be done to secure growth.
The most pressing obstacles:
- The UK skills gap impacting access to talent
- Training & development of existing workforce
- Worry over Brexit impact on international market
Out of the mix, from the Scaleup Institute Review: ‘for the fifth consecutive year, the challenge to find and develop the right talent and skills is viewed by scale-up leaders as the single most significant barrier to growth.’
Because great people make great business, the emphasis year-to-year on the importance of finding passionate hires to keep driving business momentum is not surprising. However, what’s a regular frustration for many business owners is the amount of time needed for this key task, and is a core reason why many choose specialist support in order to focus instead on more critical business strategy like market analysis.
Adding wheels: IN with the Old
Finally, let’s talk strategy.
Though SMART Employment is a modern business model, don’t think of it as a total out with the old and in with the new. Some aspects, like our experts taking on your Payroll & Pensions admin is an obvious new, the legal safeguards we put in place for you new, our kit of Wellbeing perks again new, but the beauty of SMART-E is it helps companies to grow in line with the existing vision they’ve worked hard to build.
To repeat a phrase: great people make great businesses, and making greatness the new normal for your company is at the core of what we do. Our platform of resources are at your disposal, simply a cost-effective way of boosting the strengths of your existing team, and as your company grows, if needed, our matrix of experience is at hand to help you recruit and develop.
Essential to any well-rounded business strategy, employee engagement is the key to scaling up, we couldn’t recommend it highly enough. Only the rarest of staff members commit, performance-wise, to scoring well wholeheartedly when they feel hard done by at work, disengaging. By putting in place a means for your staff to feel better, happier and healthier, a positive change in job performance is the direct result.
Feel better, work better, it’s the employee engagement goal. Once achieved, a knock-on effect on overall company performance is next, offering the reason why SMART Employment continues to be considered a fantastic asset to UK scale-ups.