I think we are all agreed that growth is good. Growth drives our economy, employs more people and improves the public purse.
But for businesses of all sizes it can be a doubled-edged sword. Get it right and it can transform a company, but if not handled correctly not only will it fail but it can also damage the long-term future of the core business.
The best and most sustainable sort of growth is planned growth and it is essential firms set out with a clear strategy in mind. Business owners or managers should review their business structures and operational systems to make sure they can handle growth.
When BDO works with a business, we start by understanding what they seek to achieve, their objectives and that gives us clarity to understand what support they need and where they may have some challenges. Sometimes that makes them take a step back and consider things more strategically.
Sometimes companies may have read or heard about other businesses doing particularly well in export markets. That can take a huge amount of preparation work and cost, and in many cases, companies could fuel growth by looking closer to home and taking the low hanging fruit.
Sometimes a company just needs to flex what they are doing slightly. Often new markets at home can be opened up by businesses applying the skills they have in-house to offer new products or services without having to jump through all the hoops that exporting can involve.
Every business is unique, and a one size fits all approach isn’t always suitable. Looking further afield is a great step for many of our clients, and Britain’s trading history has been built on sending products and, more recently, services across the world.
However, there can be smaller steps that companies can take. We know of companies wanting to access the Chinese market but have started by dealing with Chinese consumers and customers who are here in the UK.
It means that they can, for example, translate their website, can refine their offer and perfect their products and pitch before looking to supply direct to China.
Our Growth Reports highlight some of the fastest growing companies across the wider region along with the support they can get, the challenges some may have had and how they have overcome them. We see massive potential for growth in so many companies, and helping them plan that expansion and then execute it for the good of everyone involved is richly rewarding.
The BDODrive accelerate programme delivers practical services to help businesses have a clear growth strategy and can help remove obstacles to achieving their goals. For further information go to www.bdodrive.co.uk