100 Stories of Growth - Insights from Entrepreneurs

John Morris (left) and Nick Travis, Partners, Smith & Williamson 34 THOUGHT LEADERSHIP 35 SMITH & WILLIAMSON The UK excels in the international rankings for start-up companies, but when it comes to scaling to headier heights, a very small number of them succeed. John Morris and Nick Travis, partners at Smith & Williamson, present a detailed and robust roadmap that will help entrepreneurs achieve their scale-up ambitions. Britain is a hotbed of start-up activity. For a multitude of reasons, many of the start-ups formed in the last 10 years have been unable to survive the course. Some that have found their way have flourished and thrived – and might now be considered as scale-ups. A select few can even boast their unicorn status. The pace of change is clearly increasing. Those entrepreneurs that dare to dream bigger are able to exploit new technologies and markets to build large companies. Each one employs hundreds and even thousands of people, helping to change the world, one company at a time. It is vital to understand the obstacles a fast-growth company will encounter, as well as the determinants of success. At Smith & Williamson, we advise strategically on financial management, tax and corporate finance for a growing stable of entrepreneurial and scale-up businesses. We provide both advisory THE WELL-TRODDEN PATH TO BUSINESS SUCCESS AND SALE WORDS BY JOHN MORRIS AND NICK TRAVIS Partners, Smith & Williamson and compliance services, and offer busy founders the peace of mind they need to maximise their potential. To do this properly, it is vital to understand the obstacles a fast-growth company will encounter, as well as the determinants of success. Businesses that achieve scale and long- term success share distinct characteristics: vision, strong leadership, an enthusiastic and effective management team, great products or services, and a clear value proposition. These businesses typically challenge the status quo, finding a better way to achieve their goals and overcome their competition. Lessons learned from entrepreneurs and founders From Vision To Exit: The Smith & Williamson Guide to Building and Selling a Business , published by Harriman House, draws on Guy Rigby’s 40 years of experience of working with entrepreneurial businesses and their founders. Guy has led our Entrepreneurial Services team for the last 10 years. During his career as an owner, investor, mentor and adviser, he has seen success and failure, joy and despair, good-luck stories and horror stories. Guy has found that, with only the very occasional exception, there are clear reasons why businesses succeed or fail. Drawing on the rich content in From Vision to Exit, the following excerpts highlight many of the key areas that are vital to business success. Scale-up entrepreneurs will derive great benefit from these insightful and succinct points of guidance. Taken together, they provide a highly practical blueprint for a scale-up roadmap.