With more than 99% of the UK’s 5.6 million businesses classed as small or medium enterprises, SMEs form the backbone of the UK’s economy. Despite this, according to the government’s Insolvency Service, the number of businesses in England and Wales that went bust last year hit a 30-year high.
Whilst many UK businesses manage to stay financially afloat, the significance of these figures remains highly relevant to all business leaders. As the UK continues to grapple with inflation, market conditions remain to be some of the most challenging in recent times, yet consumer demand and innovation persist. This paradox means that even healthy businesses can soon find themselves in financial difficulties.
One of the core challenges facing entrepreneurs is navigating the complexities of scaling their businesses. Scaling too fast can result in cash flow problems and operational chaos. However, scaling too slowly can lead to missing growth opportunities and falling behind the competition.
There are numerous strategies for business growth and each one requires careful navigation and execution. Whilst for some businesses organic growth is a rare possibility, it’s crucial to recognise that for the vast majority, each of these strategies either necessitates or is greatly enhanced by securing growth capital.
Automation
Automation. It’s the major talking point in every boardroom across the country. With emerging technologies such as artificial intelligence (AI) revolutionising the workplace, businesses that leverage its machine-learning capabilities may be able to achieve growth at an exponential rate.
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