Scaling Up
Business Advisory Services Updates
As we consider the challenges, potential problems and rewards that might be possible in 2021, SME leadership teams and their accountants could do well to incorporate the strategies of “scaling up” in their strategic plans for the next few years.
The key concepts of “scaling up” require businesses to:
- Attract and keep the right people - leadership team and team members with adequate training and motivation.
- Create a truly differentiated strategy - relating to customers, suppliers, supply chains, communications, products and services.
- Driving Flawless Execution - “daily huddle”, weekly team meetings, monthly business review meetings, financial accounts and KPIs produced for each business department - not consolidated into one Profit and Loss Account.
- Having plenty of cash to weather the storms - using Predictive Accounting to identify cashflow shortages, awareness of the ability for private companies to be able to raise capital from the public.
Not many businesses can successfully “mark time” - “scaling up” leads to rewards.
