1. Great Leadership
At the heart of every great scale up business is a capable leader. They need not just the talent and the insight to lead an organisation, but the ability to be agile and adapt. It is a high-pressure, high-intensity role, and the challenges they face tend to increase as the business starts to experience exponential growth.
Almost every scale up business needs external capital in order to continue growing at some point in their development. External capital can come from many different sources, including bank debt, crowdfunding, peer to peer lending, or equity from private investors, and each of these has unique benefits and drawbacks – some of which can have serious impacts on the business’s long-term trajectory.
3. Sales and Marketing
No business can truly grow without fuel to expand – and that means sales. You will need a powerful, accomplished, and efficient sales team that can pivot and change as your scale up business does, and this calls for a mix of personalities and skillsets.
4. Management Structure and Systems
Many businesses fail because their technology and personnel management systems can’t keep up with rapid growth. These challenges are often IT-related, but also arise in both management and administration as a business begins to see massive growth.
Business leaders can’t do everything – and many organisations suffer because they either hire the wrong talent or simply hire too late, after major opportunities have been missed. Attracting, investing in, and retaining top talent is not an easy task, but it can be the difference between success and failure.