By Chris Mandzufas
Scaling Up To Boost Business Value
A scale up is a business that is generally defined as one achieving at least 20% growth annually in the past 3 years. There are many pros and cons of 20% growth each year, but it is important to stress that business owners should not aim just to grow for growths sake – they also need to ensure it is profitable and sustainable.
There is no shortage of scale up models within the marketplace. Two well-known scale up models are EOS traction (Gino Wickman & Tom Bouwer) and Scaling Up (Verne Harnish). These and other scale up models all have similar components useful for any business whether they are seeking to scale up or just seeking an improvement in business performance. What we at Brentnalls WA have learnt over time is that no matter what model you choose growth success comes down to how well you implement and how bold your vision is.
The Top 5 Most Critical Scale Up Components To Get Right In Our Experience Are:
- Strategy – A good, differentiated strategy that is regularly updated
- Leadership – Ability to drive change and be a visionary
- Change Readiness – Ability to implement
- Technology / Systems – Efficiency to scale and drive profit
- Cash-flow – Ability to fund growth
In such unpredictable and challenging market environments scaling up a business is so often easier said than done. Scaling up involves accelerating growth but also boosting business value through a variety of factors mentioned above. Using the Business Scale up Diagnostic tool you can decipher whether your business has a clear and direct vision for where it is heading.
The aim of the Mindshop scale up diagnostic is to discover your strengths to build on and weaknesses to address from 10 key success factors relating to scaling up: Strategy, Implementation, Vision, Leadership, People, Change Readiness, Product / Service / Model, Marketing / Sales, Technology / Systems and Cash-Flow.
If you would like our team of business advisors and chartered accountants to follow you up and discuss the results once complete, just tick ‘Contact me to discuss my results’ when you enter your details on the Business Scale up Diagnostic tool.