I read a really interesting article in Forbes recently, which is linked below. We’ve all read the statistics about how small businesses account for the vast majority of job growth (and innovation) in this country. But when does a “start-up” turn into a “scale up” – that is, a business that is truly growing and dynamic? What are the milestones and challenges facing these business owners to move your business out of the garage and into bright, shiny new offices?
According to Forbes, small to medium enterprises (SME’s) account for 60-70% of all employment growth worldwide! As bigger companies downsize, they have been seeking out subcontracting opportunities with smaller firms who can take over back office operations cost-effectively for the downsizing larger firm.
But when opportunity knocks on your door, you need to be careful to manage your growth. One of the following milestones usually signal your company’s leap from “Start Up” to “Scale Up”:
- Moving to a Bigger Office
- Rapid Increase in Customers
- Launching a New Website or Social Media Presence
- Starting to Do Business Internationally
- Implementing a More Reliable Payment System
- Hiring an HR Service to Offer Employee Benefits
- Investing in Customer Experience, and Not Just Products
These changes do more than give you a bigger office – sometimes they transform the culture of your business. This happens in so many small ways that sometimes we don’t even notice until after the change has already happened. Bigger offices means you might not see your employees as much during the day. Feedback may become more formal. Your interactions with customers may be changed, as well. It’s up to you to make sure you manage this change for the better, and not sit by as a passenger to what’s happening around you.
I have 30 years of experience helping companies grow from “start-ups” to “scale-ups”. If your business is hitting one of these growth milestones, it’s time for you to identify a trusted legal advisor to help you navigate these next phases of growth for your business.
For advice about growing your business, feel free to send me an inquiry or give me a call at (315) 877-1741.
Thanks very much, and I look forward to working with you!