Expert Advice

Business growth management

The British Chambers of Commerce introduce their business growth clubs and highlight how they can help you reach the next level and continue to grow.

By John Dunsmure: Managing Director of the BCC

In many ways this is simply part of the normal business cycle - when the freewheeling ethic that often accompanies a business start-up phase changes as it matures. Effectively managing this stage is a concern for many small businesses, but there is help out there – not least from fellow entrepreneurs.

In the current climate, an increasing number of businessmen and women are turning to each other for support and advice. The development of a number of online business networking sites has made this even easier. It’s a cost effective way to develop and build contacts, meet new suppliers, reach new markets and share experiences.

Earlier this year the British Chambers of Commerce (BCC) launched the Business Network Online (BNO) and initial feedback suggests that the combination of being able to make new contacts as well as buy and sell products on a safe platform is a real advantage.

John Dunsmure, Managing Director of the BCC, said: “Managing growth is a challenge for many firms and there’s no doubt that linking up with like-minded people to share expertise can pay off. Online networking makes it so much easier – although sometimes there is no substitute for face-to-face contact”.

With this in mind, the BCC is launching the Business Growth Clubs, which are all about helping businesses grow to reach the next level. The informal workshops, which are being held across the country, will bring together a group of likeminded business people and give them access to peer learning and industry experts from the likes of BT Business, Dell, Design Council, NatWest, PTI Worldwide and RBS.

Sessions will cover a range of subject areas that can become barriers to growth such as money matters, sales and marketing, working with ICT, motivating and empowering people, innovation and international trade.

John Dunsmure said: “Most businesses come up against similar problems when they reach the expansion stage and in many ways the Business Growth Clubs aim to tackle some of these issues head on and give people the support they need to develop their business further.

“The delegates at each session will help to shape the content so it’s relevant to them and hopefully being able to learn from industry leaders in a relaxed environment will be a major benefit.”

Not surprisingly one of the Business Growth Club sessions will be based around people. A challenge for many entrepreneurs is to acknowledge that their company is too large to manage in the hands-on way that was successful in the beginning. Finding good people with the right skills can be hard – even in the current climate many companies struggle to recruit quality employees. The key is to consider all the options out there from traditional recruitment agencies, CV web databases and networking sites right through to paying current staff to refer their friends. Chances are that an employee who is already doing well in the job will know people with similar talents.

Also, as businesses grow, the ability of the owner-manager to treat the enterprise as a commercial venture rather than something personal is particularly important. This means approaching investment and finance with a different mentality. For example, rather than relying on personal savings or friends-and-family money it may be time to consider bank loans, equity finance or venture capital. Again, this is a subject that the Business Growth Clubs will tackle.

Innovation is another critical area. In many ways this simply means focusing on how you can do things differently and more effectively – the economic backdrop makes this even more critical. Investing in design allows businesses to get their name out there, strengthen their brand and promotional activities. Thinking creatively doesn’t have to be complicated. You don’t have to necessarily change your product or service but maybe the way you talk to your customers and promote your goods. Writing down present and future goals can help simplify strategies on how to get there. Make sure you use free technologies, such as social media and discussion forums, to raise your profile rather than always opting for traditional media advertising which can be costly and get as much customer feedback as you can. Keep your eyes and ears open with online surveys and research your competitors’ moves and successes.

Encouraging growth is key to the UK economy and therefore it is important to recognise that support is available to help businesses manage the process of growth effectively. Developing further sales expertise, drawing up an effective marketing plan or managing cash flow are all examples of impediments to growth that can be resolved if companies get the right help. Having growing pains is a nice problem to have – it’s even better when you have workable solutions at your disposal. In many ways this is what the Business Growth Clubs are all about.
www.businessgrowthclubs.co.uk

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