Did you know that only 4% of businesses achieve a turnover of £1m? And only 0.4% of business achieve a turnover of £10m. That journey, from £1m to £10m and beyond is often referred to as “scaling up”.
Why am I wittering on about this, well I found it out last weekend at the first 2 day instalment of Entrepreneurial Scotland's “Scale Up Scotland” programme. The Cashroom, along with 18 other growing businesses, was selected to join an 18 month programme, focused on the challenges facing businesses as they grow.
Over the last 5 years the Cashroom has grown at an annual rate of over 30%, year on year. We now act for 130 firms across the UK, from Orkney to London. We’ve grown from a business in which I was the 13th employee 6 years ago, to one employing 72 people today.
And of course, great as that growth is, it brings many challenges. The business I joined 6 years ago is very different from the business today, which will be very different from the business in 6 years’ time. As the business grows I need to grow with it, and as the challenges change, I need to upgrade my skill set to meet those challenges.
So over the next few months I plan to share some of the insights from the course here on the blog. I hope you find them useful.