You have been through the start-up stage and it is now time to bring your company to the next level, including increasing your turn over to a million and more (the first million is the hardest). Here are some tips to consider:
Set out a financial strategy (not strategy, FINANCIAL strategy), which should be entirely focussed on cash flow and ensuring you do not get undercapitalised.
- Focus all your energy on building a solid reputation with your clients. Don’t focus on the product, focus on the client and sell, sell, sell. Selling is the new fundraising.
- Create a compelling story. Make it easy for people to identify and get excited by the excitement of your company.
- Build an advisory board. Build the best team possible. It will give you the experience and credibility you need.
- Define, design, refine the systems and processes in your business (build a franchise handbook)
- Watch culture (and therefore your hiring policies)
- Make sure your business and it processes are scalable
- Invest in building the relationship with the banks. Now is the time for the banks to get to know and get familiar with you and your story (see 3)
- Get professional about your management team (including yourself ? should you stay?)
- Re-define your business and align your resources accordingly (be ruthless)
- Scale and scare up, risk your and other peoples capital. That means fundraising and a much higher risk profile.
- Go international (preferably global)
- Look at you management team (again)