Whichever way you look at it, Brexit is going to have a detrimental short-term impact on the UK economy. Even if Theresa May’s controversial EU deal is passed in Parliament, it’s thought that economic growth could be cut by 5.5% between now and 2030.
This suggests that fewer businesses will experience sustained growth over the course of the next decade or so, but fortunes are sure to vary depending on the nature of individual ventures, their customer base and the market in which they operate.
In this post, we’ll list three considerations for firms are growing at a rate of knots, and ask why they’re important to ambitious business-owners.
1. Secure your Business Rights
The chances are that your rapid growth has been built on a successful product or service, with these representing valuable assets that are integral to the future of your business.
With this in mind, the failure to secure these assets and legally protect them can prove fatal, while it’s an oversight that could allow rivals and competing firms to leverage them for their own success.
This can include an array of assets, from your domain name and branded logo to the intellectual property (IP) that underpins the design of your products.
By investing in these assets and protecting them from the risk of theft or unlawful use, you can safeguard the integrity of your business while also minimising the risk of its growth being significantly undermined.
2. Consider Temporary Buildings to Trial your Growth
Adaptability is central to long-term business success, particularly against the backdrop of a volatile economy and a strained political climate.
This is particularly true when looking to develop your business, as this needs to grow in line with demand and the constantly changing behaviour of your customer base.
Let’s say that you want to grow by moving to a larger premises or opening up another retail outlet. This can trigger considerable costs and overheads, with commercial leases particularly expensive and covering an extended period of time.
You can negate this by partnering with service providers such as Neptunus, however, as this firm offers temporary structures and outlets that enable you to trial your businesses growth in a safe, scalable and risk free manner.
3. Incentivise your Top Talent
Successful businesses are also founded on the talent and the hard work of your employees, so the future growth of your venture will also rely on your ability to attract and retain the most skilled people in the market.
As a result, growth ventures will need to work hard to incentivise their employees, primarily by offering them room to grow within your infrastructure and remunerating them with relevant perks and bonuses in addition to a competitive salary.
This type of approach will not only reduce the cost of acquiring talented employees over time, but it will also increase the value offered by individual staff members as they grow and develop within the business.