Negosentro.com | Your First Scale-Up as a Startup: A Guide | Some of the firms to have perfumed best during the coronavirus pandemic have been those that are situated in the digital world, offering digital products and services to customers around the world. A high percentage of startups run on this model – as many as 80% in the UK. While other businesses struggle, many startups in the UK are currently preparing to make their first significant scale-up. This guide is all about how you can best grow your fledgling firm without jeopardising your work so far – ensuring success and higher yield in the future.
It’s not unusual for startups to work remotely and from their homes in the first weeks and months of their lifecycles. And, with the coronavirus pandemic forcing even the largest incumbent businesses to conduct their work in their homes, 2020 has seen big business acting like startups for the first time in history. Now it’s time for your startup to act like a big business.
This means finding a flexible and modern workspace to gather your team within. You need to meet face to face, at least sometimes, to boost your productivity and collaborative capacity. In London and beyond, Work Clockwise has set up the perfect startup environment for firms to take advantage of – helping growth firms find their feet in a simple and stress-free working environment.
All growth firms need to reinvest in their business in a constant cycle of profits and investment. It’s a simple cycle that helps propel some of the UK’s most successful firms – including some of the tech ‘Unicorns’ that the UK has seen in the past decade – to achieve huge profiles and industry dominance.
Your firm should look to these startup success stories for inspiration. Each of them has used the dual investment strategy of angel investment – something you’ll secure if you’re making promising progress – and investment from the company’s funds and the founders’ funds. Know that growth cannot happen without more cash – and be willing to present your growth case to investors to deliver more cash to your ambitious startup firm.
Scaling with Personnel
You cannot achieve your scale-up without the significant involvement of new human resources in newly created departments. There are new jobs for your firm to cover and new teams to lead when you’re scaling up. That’s because a big part of your up-scale is bringing your outsourced services – like customer service, tech maintenance, and digital marketing – in-house, saving cash as you do so.
So, you should expect to go on a hiring spree in the coming months as you plan to up-scale your business and recruit new teams to help manage the increasing workload that your company will soon be operating beneath. Recruiters can help you find the best talent – but an HR department, savvy in hiring the best new employees, is crucial for your long-term hiring efficiency.
Adjust your aims and objectives this winter, and into 2021, with the above tips, help you responsibly scale-up your startup.