If your business has achieved year on year growth and you feel that you are able to access new markets to increase sales, while decreasing the cost of doing so then you might be ready to Scale Up.
Hints and tips
A Scale-up is not a Start-up
It might sound obvious, but a if a start-up is searching for a 'scalable and repeatable business model', then a scale-up will have found it. If you are aiming to raise scale-up funding then your pitch must be evidence backed and not still at an idea stage.
“Get the Right People on the Bus”
As a Start-up founder it is not uncommon for you to be a jack-of-all-trades, carrying out a range of different roles that you hadn’t previously had experience in. As you scale it is important that you strengthen your senior team, finding people with the right skills to take on specific tasks.
As well as getting the people right, you must also consider your operations. Think carefully about your core processes and systems for things like sales, IT and financial control to make sure they are robust before you begin to scale.
Carry out your own Due Diligence
Finding the right investors is as important finding the right executive team, so make sure you carry to your own due diligence on anyone you are considering bringing on the journey. Are they aligned with your strategy? Who else they have funded? Have they got the funds to support you throughout the journey? Be objective in considering if they are a good match for you/your business.
Be Prepared to Change
Having found your ideal investor you need to develop an understanding of the criteria they look for in an investee, and be prepared to critically assess yourself and make any necessary changes. Listen carefully to what you hear from them and be open minded enough to consider adapting your organisation. Each pitch is a bit like preparing a CV or job application – the core may be the same, but you need to adjust the presentation for every application to highlight how you meet the criteria.