100 Stories of Growth - Insights from Entrepreneurs

The six building blocks for scale-up excellence 38 THOUGHT LEADERSHIP www.smithandwilliamson.com For further information or to understand how the Smith & Williamson team can help you and your business, please contact: NICK TRAVIS 020 7131 4223 nick.travis@smithandwilliamson.com JOHN MORRIS 020 7131 4223 John.Morris@smithandwilliamson.com BUSINESS SUCCESSION AND SALE • Choose your successor with care If there’s a suitable candidate, promote from within rather than going outside. • Don’t ignore the option of keeping, rather than selling, your business – why sell the best business you’ll ever own? • If you decide to sell appoint experienced advisors early. Work with the experts and take their advice. • Remember that buyers do detailed due diligence Take time to prepare and make sure your business stands up. • Listen to the market and avoid being a forced seller. Only sell when the marketplace is ready to buy. • Share bad news early It will be difficult for a buyer to chip your price if you’ve already disclosed your problems. • Wait for the buyer’s offer and never disclose your price. 6 SALES AND MARKETING • It’s your products and services market positioning and business model that will determine your long-term success. Don’t start your marketing until these are tested and in place. • Identify your target audience and develop your marketing strategy to reach and influence them. • Create a value proposition that clearly sets out the benefits of buying your product or service. • Remember that one-off marketing activities rarely add any value, so develop a sustainable programme. • Identify your channels to market and consider how to access these using your own or third-party resources. • Marketing and sales are central to your business. Recognise this in the way you develop and structure your teams. 5