What’s your version of business growth?
Growing businesses are vital to our economy. In North Tyneside, there are 5,070 private sector businesses contributing to the economy and enabling employment to the borough (Inter Departmental Business Register (ONS) UK Business Counts 2018). The growth of even a small percentage of these businesses would have an incredible effect on the sustainability of our region, creating a positive future for ourselves and generations to come.
The team at NEL Fund Managers, the firm responsible for the successfully delivery of The North East Small Loan Fund (Supported by the European Regional Development Fund), are huge advocates of business growth. As impact investors, we’re committed to providing funding for economic development and nurturing ambitious North East SMEs through their growth journey.
What we’ve witnessed, from decades of investing in the region, is that there’s no shortage of brilliant business leaders and even less of a shortage of ambition. So, there’s every chance if you’re a business owner reading this, that opportunities to expand are at least within your plans if not at the forefront of them.
What do you want to achieve?
If you are indeed looking to grow, it’s important that you take a step back and consider exactly what it is you’d like to achieve.
The term ‘scale-up’ is everywhere at the moment, and if that’s the track you’re on then great, but it’s not for everyone. We see hundreds of growth plans every year, some with strategies to scale, but many more with modest plans which will take the business on a much steadier growth curve.
Examples of some of these growth plans have been from businesses looking to purchase new equipment to expand the product range, taking on new members of staff to increase sales, investing in technology to increase competitiveness and purchasing more stock to reach new markets. It’s all growth, and in the eyes of the Small Loan Fund, it’s all growth which is perfectly investible.
The point we’re trying to make here, is that everyone’s growth aspirations are different and its important to do what’s right for you!
Get the support you need
Once you’ve decided what it is you want to achieve, working out a plan of action should be somewhat less daunting. Having a clear vision for the future helps you put things in to perspective, enabling you to concentrate on your own version of growth and the steps you need to take to get there.
It also helps in working out which types of external finance would best suit your growth aspirations. For expert advice on the types of funding available to you, please feel free to call the Small Loan Fund team on 0345 369 7007 or contact us via our website – www.smallloanfund.co.uk.
Should you need further support, there are many resources available to you. In North Tyneside alone, there’s access to free networking and information events through North Tyneside Business Forum, and The Business Factory have Specialist Business Advisors who have the knowledge and networks to help you though the lifetime of your business.
Please look out for our next blog, which will give you all of the information you need to get your business ready to take on investment. In the meantime, if you have any questions, please get in touch on 0345 369 7007.