Culture and ambition are the dual drivers in building a Fast Growth company in Scotland, believes Graeme Miller, the S&W Managing Partner, Scotland.
“Culture is not simply about leadership sitting at the top: it is about everyone across the business playing their part. It is a joint effort. If a business has a genuine ambition to scale up, it will need everyone to be in alignment with every aspect of that business.”
S&W has created the Fast Growth Index Report, which highlights the key factors businesses need to scale up, particularly their purpose, people, and capacity.
“If everyone is crystal clear about the purpose and focus, then you have added corporate behaviour to this. Do the right things, even when no one else is looking. I’ve always been lucky to work with fantastic leaders I’ve learned a lot from over the years,” he says.
As a company scales, its leaders cannot be in every area of the business, so they need to instil positive behaviour and foster a shared belief in the business’s success.
“Businesses must have a set of values, and they must be more than a set of words. They must live these values every day and everywhere,” he says.
“While the leadership and management have to set the pathway, any Fast Growth business should have a tiered structure or departments where there is an opportunity for everyone to have a voice, and be allowed to speak frankly, in a safe space, and with respect for the company’s direction.”
These are the important building blocks for ambitious businesses keen to scale.
Businesses must have a set of values, and they must be more than a set of words. They must live these values every day
Fast Growth companies
“The next question that Fast Growth companies must ask is: how are we funding this growth?”
Ensuring the right level of finance to support proper growth depends on the specific needs of individual companies, and there is no ready-made formula.
“Where does the company get the funding for growth? Today, there are so many options, including angel investment, private family offices keen to support emerging companies, private equity firms, pension funds, and, of course, traditional banks. But how do you structure the funding for growth? This is where good advisory help is worth its weight in gold,” he says.
Miller understands the trials and tribulations of growing companies with over 25 years’ experience working with a wide range of businesses across Scotland.
He is a former professional footballer, chartered tax adviser, and S&W Managing Partner, Scotland, which has an established clientele and reputation in Edinburgh, Stirling and Kirkcaldy. Miller is building S&W’s name north of the Border.
“As S&W, we are now one of the UK’s fastest growing accountancy firms, offering audit and assurance services. We’re looking to scale up the business in Scotland.
“While S&W might be a new name for many people, we have a long history of extended client services. We’ve even had inquiries from Europe about Scottish companies coming through our colleagues in the CLA Global network.”
What is the primary focus of a company looking to scale in Scotland?
“A company with ambition to scale fast is probably looking to change a market with a new product or service. Across Scotland, this could be manufacturing or fintech, two completely different industries where we have a national lead, yet the question remains the same: do they have the right access to funding, the best people in position, and in the UK today, it is more expensive to hire staff. Then does the company have access to the right markets?”
This leads on to looking beyond Scotland to scale up a company and ensure they have the right advice in place to take their products to new territories and locations where taxation will differ.
If you’re a Fast Growth company only within the Scottish market, you will likely run out of road for expansion.
If you’re a Fast Growth company only within the Scottish market, you will likely run out of road for expansion.
“The business needs their bankers, advisers, lawyers and investors working together to help that business succeed and ensure the best outcome for growth.”
Miller says it is inevitable that a growing business looking at an opportunity will be wrapped in new layers of complexity, such as logistics, employment issues, or customs duties, but it must strive to retain the culture that ignited that initial spirit of enterprise.
If you are looking for advice to help with scaling your business in Scotland, start the conversation at swgroup.com
Partner Content in association with S&W Group
