Going for growth: Tips for OMBs
By Duncan Reid, partner at Weightmans LLP
Every management team is driven by a desire to grow and to see their business thrive. But in this unchartered economic territory, where achieving sustainable growth will continue to challenge businesses of all sizes, it’s critical that the region’s businesses have a clear growth strategy that allows them to capitalise on the opportunities that come their way.
There are a series of key steps that every OMB should follow to help set them firmly on the path to growth.
1. Growth in partnership
There often comes a point in a business’ journey when the support of an investment partner is key to unlocking the next phase of growth. Choosing the right funder is the key to success – you need to make sure that they are fully bought into your vision and offer the right blend of capital and expertise to best suit your needs.
At Weightmans, we have worked with a range of funders, whether debt, equity or asset-backed lenders, across a variety of sectors in the region and beyond. We can help you identify appropriate funding sources to help with your business growth plans, as well as provide an insight on what added value to your business they may be able to provide.
2. Plan ahead
To achieve successful growth and attract external finance you need a clear business plan that identifies opportunities and how they can be met by your business, combined with an awareness of any future risks or potential hurdles on the road ahead.
Always take the time to make sure your books are in order – having a clear picture of your growth and successes to date will help you to outline a clear, achievable plan for the future.
It’s also critical to be realistic about potential challenges and having awareness of potential economic or regulatory shifts or changes in your market place. This will allow you to keep control and understand exactly how your business is set to grow as well as help identify any gaps you may need to fill in order to meet the objectives in your plan.
Partnering with an advisor can support this process – whether you’re a start-up or an established player, having access to the right expertise, advice and mentoring can help you paint the clearest picture and we are well-connected in the local market to help you find the right advisory team.
3. Build the strongest team
The most successful businesses are invariably those with the most effective management teams in place. For any business leader, having the right mix of talent and expertise around them is vital for any successful growth strategy.
Taking the time to invest in new, and nurture existing, talent within your business shows that you’re focused on safeguarding your firm’s future prosperity. This process also helps to ensure that your entire organisation is bought into your strategy, as you equip them with the ambition and capability to deliver against your plans.
Again, the partnership of an external advisor can help with this process. We can support your business in constructing new employee engagement and incentive schemes, working alongside your HR team to implement initiatives such as share programmes and revised bonus structures.
4. Rely on your advisers
It is important when you are looking to embark on a period of growth that you develop your adviser network, whether accountants, tax advisers or lawyers, and assess whether your advisers can add value to your business and potentially look at advisers that may be better suited to your growth aspirations. Good advisers can add real value to your thinking and can help you pin down the best route to growth – whether it’s driving existing organic growth, acquiring complementary businesses, expanding internationally, or even preparing for flotation.
Partnering with Weightmans gives you unrivalled access to the expertise of people who have been there and done it, and who can help you craft the strategy that will deliver maximum returns for the long-term, offering sustainable growth even through the most challenging of times.
This was posted in Bdaily's Members' News section by Weightmans .
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