0345 646 5201
by Antonia Maclean, Vistage Chair: East Midlands, Cambridgeshire, Essex, Hertfordshire & Bedfordshire
Scaling a business can be a challenging yet rewarding journey. For many business owners, the focus is often on running day-to-day operations. However, when the time comes to scale, it becomes crucial to shift focus towards building the right systems and processes that will support future growth. We are delighted that Antonia Maclean, from Vistage UK, has shared her insights with People Puzzles on this topic.
I’m delighted to be chairing the upcoming business scale up panel event being run by Liberti Group. It will provide insights from experts who have worked alongside small businesses to help them transition into larger-scale entities. Below are some of the key insights I’m excited to share, from essential strategies to lessons learned when it comes to scaling.
The role of experts in the scaling process – components for success
When scaling, the most important shift for business owners is towards building the right infrastructure to support growth.
One recurring issue many businesses face is accessing the right expertise at the right time. Today, we are seeing fractional experts, such as finance consultants or HR specialists, sailing in on their functional expertise and increasingly becoming the solution for growing businesses that require specialised knowledge without the commitment of full-time hires. For example, two of our upcoming panel members Markham and Camena Bioscience have been able to grow successfully with fractional expertise – helping them navigate their scaling challenges.
But beyond this expertise, these experts also play an important emotional role. Scaling a business is often a journey fraught with challenges and having a trusted and experienced advisor can make all the difference.
People challenges faced by growing businesses
As businesses grow, one of the most significant challenges they face is managing the changing needs of their workforce. Decisions about employee status can be difficult, especially as the company needs to bring in new talent to support expansion.
As businesses scale, it’s vital to bring in individuals who align with the company’s core values while ensuring that they have the skills to drive growth. Emotional intelligence becomes vital for businesses seeking to manage growth. It’s not just about systems; it’s about understanding the human side of scaling to support business owners through the stresses and complexities of the process.
Liz Allan, panellist and People Director with People Puzzles, said: “One of the common mistakes growing businesses make is not addressing the emotional side of growth. This often involves making hard decisions, such as reshuffling teams or letting go of employees who no longer fit the company’s evolving needs. These decisions require empathy, sensitivity, and strong leadership.”
Recruitment and retention
Recruitment and retention become more complex as businesses scale. Scaling businesses require a structured approach to attract the right talent. Clearly defining the type of employees that will fit into the company’s evolving needs and ensuring that systems are in place to retain high-performing individuals is key to maintaining sustainable growth
Financing and managing cash flow
Many businesses struggle to scale due to a lack of financial expertise or inadequate cash flow management. Having the right external financial support can help business owners make informed decisions about securing funding, managing cash flow and ensuring financial sustainability.
Technology and automation
In today’s fast-paced business environment, technology plays a vital role in scaling a business efficiently. From automating administrative tasks to implementing systems that support inventory management and customer data flow, the right technology investments can help to drive significant growth.
Businesses that prioritise automation and technology integration will be better positioned without experiencing the growing pains associated with manually driven systems.
Scaling a business is a multifaceted process that requires a combination of strategic planning, expert knowledge, emotional intelligence and a focus on building a scalable infrastructure.
Business owners must recognise when and what type of external expertise they need to adopt, to help build a solid foundation for future growth.
Scaling may not always be easy, but with the right strategies and support businesses can turn the challenges of growth into exciting opportunities for long-term success.
Book your place here: Select tickets – Unlocking Growth: Strategies and Support for Scaling Businesses – St John’s Innovation Centre, 8.30-10.30 Friday 28th March
