Fast Growing Companies – What are their secrets?
We recently celebrated the success of one of our clients, a fast-growing company which was awarded a Sunday Times Fast Track 100 Award for International Sales after achieving a whopping 102% year on year growth. Hats off to them – they are a great company with some fantastic products, like Gold Collagen hair and skin supplements. But asides from great products, what are the secrets to fast growth? What do companies need to do to get onto the Fast Track lists and really drive forward their success?
Many people will tell you it’s all down to hard work but there are other factors too and these can be replicated.
Here we identify 5 success secrets of fast growing companies.
1. Clear Vision & Leadership
Entrepreneurs are talented people with great ideas and the passion and capacity for hard work. But when it comes time to move on from start up to scale up, a different kind of vision and leadership is required. A clear strategy and a road map for how to get there is essential. Fast growers definitely have a long term outlook.
2. Digital First Mindset
“Fast-growing companies are more effective than slower-growing ones at using digital tools and capabilities…”
This quote from a recent McKinsey report highlights the sales advantage to companies with a digital first mindset – but it’s true for all aspects of the business. Having a Digital First Mindset means being the kind of leader who embraces technology from the outset and has the imagination to see the benefits further down the line. It means thinking about digital skills when you hire and thinking digital when you start to develop business processes. Choosing technology that allows you to automate repeated process and expands as you grow, is essential.
3. Invest in Technology
If you want to attract investment, a future buyout, or simply need to get on top of burgeoning business processes – technology is the answer. Cloud based business tech like ERP aimed at the mid market is easy to find these days and will help you streamline your processes. It’s worth getting to grips with, as it makes it far easier to scale up. Many packages let you to start with financials and add in more functions as you go along. You will start to get visibility in real time, right across your business, making you an attractive prospect to any potential investors.
4. Prepare to Keep Hiring
Fast growing companies will find themselves in an almost perpetual state of seeking new staff. It’s a great problem to have but it can be time consuming. It goes without saying you need to pick exceptional people with the stamina to keep feeding your hungry growth machine. Some mistakes may be made along the way – accept them and move on.
5. Try not to be the problem
As you scale up and take on a bigger team you will need to delegate more and more responsibility. Try to free up enough mental space to think about future strategy for your company. Many founders become so central to day to day operations that they can’t get out from under it all to take a clear view. Beware of this issue before you become the problem. Getting on top of points 2 and 3 should clear you some of the time and space that you need to do this.
Finally, if you like the idea of being a high growth heroes you need to invest in technology. Find out if cloud ERP is for you in as little as 20 minutes by signing up to our
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Join us on May 16th at 3pm to discover valuable information which will help you decide if cloud ERP is right for you, including examples from the companies who’ve been there before you – see you there.
In Cloud Solutions are the cloud ERP experts helping fast growing companies scale up to success.