Growth strategies for any business
One step at a time
"Consideration and careful planning help no end when growing your business", says James Hind, founder of car review aggregator carwow.co.uk.
"We launched Volkswagen first, sold 400 of them and got that working smoothly over a year. Once visitors could use the platform without any signs of a glitch, we launched Audi and nearly doubled the volume of sales within a few months. We kept this progressive rollout approach going until we had all of the brands on the site that we were aiming for.”
Think about exporting
Finding new customers is an obvious way to boost your business but many UK companies neglect the opportunities that exporting to markets overseas can bring, fearing it to be too complicated, or incredibly expensive.
Any business can benefit from experience at boardroom level. In fact, according to executive search and interim management firm Intramezzo, not having the right board make-up is one major way to hamper growth.
Their Talent Capital Report found that the quality and strength of the leadership team was a top factor in gaining investment, with 85% of respondents ‘unlikely’ or ‘highly unlikely’ to back a company that lacks the right skills.
"A successful talent strategy is dependent on recognising whether the existing leadership team is capable of meeting not only current objectives but the longer term ambitions of the business." Says Dermot Hill, CEO of Intramezzo
With so many businesses out there, the quickest way to grow could be through a simple and informal tie-up or collaboration. Becoming a member of a local networking group can often help establish relationships, helping to gain and give referrals while also hearing about work you could join forces on.
NatWest run a number of events throughout the UK, helping business owners grow their network and collaborate under one roof.
Our fully funded accelerator has 12 hubs across the UK. We provide startups with unique coaching environments, digital learning and networking opportunities.