Thinking of Scaling Up – Who do you need in your team & Why?
Your business has grown to ten or more employees and a big turnover: life is good. But you are still frustrated, working long hard hours, and there is still not enough money for the life you really want.
Perhaps your company has hit a ceiling? Don’t worry this happens to every single business during its business life, it’s a natural process … so could you use some help to navigate your business journey?
Most businesses fail or don’t achieve their potential because they don’t have a handle on the numbers, or the owners work in and not on the business.
Why?
You want to scale the business to increase profits, so you have more cash in the bank, more time and freedom. But how?
How?
Develop a Strategy
Clear Vision & Financial Strategy to build the business you want – Clarifying 3-5 years business goals, as your North Star.
Optimise Operations
Expand Customer Base, Strong Team, Streamline Processes.
Create Accountability & Track Performance
Set milestones, track performance & get accountability to make sure you get there. Have someone to challenge and chase you. Because what gets measured gets done.
Who can help?
To do all this you need a critical friend to help you find perspective, make the best of where you are and where you want to be. That comes from taking a good hard look at the numbers, which tell their own story, with someone who speaks the language.
Your fears
With that success you are understandably nervous about your tax bills: you need help to plan for & reduce your tax bill, and know how much is payable, and when, to avoid expensive fines.
The Benefits
Freedom
To work when, how and where you want.
Control
Over to you, it’s your life to do the things that make you happy and spend time with your loved ones.
Money
Have enough money to enable you to do the all of the above without worrying.
Who Do You Need & Why?
You were not trained in finance, yet you are trying to manage and oversee the finances of your business alone. You might be making profit but have no cash. Or you could have cash in the account and think you’re doing well but are actually making no profit – But without lifting the bonnet and having a look at the numbers at least once a month how do you know?
Too many business owners think they can run their business just from seeing what their bank account is doing but that is the cause of so many failures.
Conclusion
Every large business has an FD that sits on the Board of Directors, so perhaps it’s time to add a capable experienced senior financial professional to your team, who has done this before. A capable full-time Accountant or Finance Director would be expensive, above £80k. But you could add a Virtual or Part-time Finance Director at a cost you can afford.
Most successful businesses use external experts to hold them accountable to get the right things done, don’t you deserve the same chance.
If you find this interesting or helpful, why not book a meeting to see how we can help you?
