Scale-ups are defined as businesses that have increased their turnover or employee numbers annually by more than 20% over a three-year period – they collectively contribute £1.3trn to the UK economy.
Seven tips for scaling up
1. Create a three- to five-year strategic plan with clear growth targets.
2. Communicate it to ensure all your management, departmental leaders and staff understand their roles within it.
3. Align all main functions, such as HR and finance, to the plan.
4. Invest in your people by identifying skills gaps.
5. Ensure all management understand how their decisions, roles and responsibilities will impact turnover and profit.
6. Keep reviewing and evolving your strategic plan as the market opportunity changes.
7. Secure finance to invest in your current team and operations.
Article courtesy of natwest
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