Although most new businesses start well, it can be very difficult for them to grow or ‘scale-up’ but a recent seminar at London Technology Week put forward a number of tips on how to face expansion challenges.

One was to divide up shared capital before looking for finance, as to bringing more cash into the business if the capital has not been sorted out can create tax risks for the founding group. In addition, the founders should have at least a medium-term plan for all areas of their business.

One of these is Intellectual Property (IP), which needs to be secured within the business. Partners should do all the basic searches at the beginning on things such as trademarks, otherwise they could find as they start to grow that they face challenges.

Thought should be given to the business’s brand, as it must represent the purpose and values of the firm in an accurate manner and reflect its goals, not just be a visual identity. It is important for customers and other stakeholders to understand who the founders are and what they stand for in a formal format. The digital image also needs to reflect the business as a whole, as this will be the first impression of it for many people.

Another key issue is the hiring process. As a spokeswoman for the Chartered Institute of Personnel and Development (CIPD) commented, research shows that people who are emotionally invested in a business will be much more effective than those who are just in it for the money, so it is important to hire people who will fit in and really care about where the firm is going.

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Glazers is a well-established and progressive firm of accountants based in North West London.

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