The Great British Entrepreneur Scale-Up Conference will attract an audience of 500 founders, entrepreneurs and business owners from ambitious businesses.
Working in association with Coutts, NatWest and RBS alongside significant partners and the media the inaugural Scale-Up Conference will take place in Central London on 20th November 2017 touching upon several areas of how to scale up your business from experienced entrepreneurs. Andres Richter, CEO of Priority Software offers his advice on how to ensure your business is growing in the right direction.
When it comes to growing your business, it’s important that you have a strategic plan, with outlined objectives. It might be tempting to say yes to every opportunity that comes your way, but without a targeted approach, you’ll find your resources and energy spread thin across the ground. Here are a few tips to ensure your business grows in the right direction:
Develop a vision, and don’t lose sight of it
Implementing a well thought out vision for your business, executing it, and leading by example, should be the foundation for any successful business. Not only will it build trust and loyalty amongst your employees, but a clear vision will also help expand your brand and reputation externally.
However, it’s important not to stifle creativity within the business, and that your employees don’t become robots, repeating monotonous company mantras. Ideally, you want to foster an environment that encourages independent thought, within the boundaries of your overall vision.
Make sure you’re equipped with the right tools
Growth stems from intelligent business decisions that are made with accurate, up to date data. This requires investment in business tools such as ERP and CRM, which are quickly being seen as a necessity for all companies, regardless of sector or size. These tools will provide you with an oversight of all your company’s data, allowing you to make informed decisions. Furthermore, it can streamline and improve every aspect of your business, often saving you time and money. As with all technology though, it’s important to regularly review your business management tools to ensure they’re up to date.
Trust your instincts
Although numbers and data are important when making corporate decisions, you should also listen to your instincts. In an ideal world, your business will grow when machines and rational human thought come together. Technology and automation should be integral to your business, but they shouldn’t replace humans, especially in areas where humans add more value. It may be tempting to side-line humans in favour of machines, but the ‘human touch’ should always be preserved.
Know when to make changes
Good leaders are those that can recognise when growth is slowing, and the business is becoming stagnant. The best leaders however, are those that can pinpoint precisely where the change needs to be made. AN easy tactic is to look at the processes you have in place, and ask: “why is this done this way”?
Regularly doing this will ensure you’re continuously reviewing the way your business is being run, allowing you to spot the cracks in your business the moment they appear.
Another method, is to encourage employees and the community to find vulnerabilities in your product, or methods, in order to improve your business model. For example, a firm called Bugcrowd connects companies such as Pinterest, LastPass and Western Union with hackers who then receive rewards for solving problems. This method allows the companies to constantly ensure they’re at the top of their game.
For more information on the The Great British Entrepreneur Scale-Up Conference visit here.