After the development phase, the next stage of business growth is start-up – and whilst this can be an exhilarating and fulfilling time, you need to be ready for multiple and often simultaneous challenges.

Finance is a key concern, here, but sometimes managing supplier and payroll payments against the timing of customer receipts, rigorously forecasting, and securing funding can all feel like they’re getting in the way of the core business.

Inevitably, this can lead to stress, as you try to wear too many hats at once, whilst often drawing no salary for any of the

And then there’s the pressing need to acquire and retain both talent (employees) and customers, and to innovate so you keep ahead of changing markets, burgeoning threats, and emerging opportunities.

See below as we explore some of the challenges we see at the start-up stage.

Taking finances in hand

Managing the business’s finances can seem like an ever-moving target, with actual expenditure often exceeding original budget estimates, and revenue falling short of expectations.

But these challenges can be easily and cost-effectively solved by bringing in a financial management specialist who’ll keep the finances on track for growth, by:

• Fully identifying all costs, so there are no surprises, and budgets can be relied on
• Managing expectations around cash reserves, based on reliable cashflow forecasts
• Managing and monitoring the numbers to flag issues and opportunities early on
• Identifying where additional cash could come from (there are often sources of funding – including investment, tax rebates, and grants – your business won’t have considered)
• Keeping you compliant with VAT, PAYE, and other regulations
• Connecting you to additional support (e.g. bookkeepers and credit control) where needed

At EFM, our team gets the financials off your desk and onto theirs, so you can get on with what you do best – leading and guiding your business.

Beating the burnout

A recent study revealed that well over a third (37%) of the UK’s small business owners/founders have experienced burnout as a result of running their businesses.

At EFM, we have experienced business growth advisors who deliver business coaching and business mentoring. They share expertise you won’t find in a book, and provide you with a confidante who can challenge, channel, and encourage you.

Combined with specific advice on creating appropriate management information, managing cash flow, raising equity and funding, performance analysis, and exit planning, this armoury of insight means you’re never really on your own.

Day to day, for as many or as few hours as you need, at EFM we look after the finances and much more, so you can look after the business – and yourself.

Talent acquisition and retention

Having the right people in the right roles is crucial to an SME business like yours, but how do you find, fund, and hang on to them, when your resources are often limited?

At this stage of business growth, conventional recruitment approaches are important to consider, but so are smarter, more cost-effective forms of access to talent.

An outsourced Finance Director, or other Finance specialist, will support your talent acquisition and retention drive by:

• Budgeting and planning to identify feasible recruitment spending with maximum return on investment (ROI)
• Planning reward and financial incentivisation schemes to attract and retain talent
• Giving you on-demand access to additional support where required (bookkeepers, credit control, etc.)
• Bringing on board additional senior experts, without the associated full-time salary costs

At EFM, we not only help you put the right people in post and hold on to them – we show you the way when there’s a more productive and cost-effective outsourced alternative.

Customer Acquisition and Retention

As a start-up business, keeping the customers you’ve already got is critical – but so is acquiring new ones to sustain growth even when some customers leave, or don't renew.

There will inevitably be many challenges along the way – not just financial, but also strategic and organisational - so you need to work with skilled growth advisors to steer your business through them.

These specialists will look beyond the surface numbers to get at a deeper insight into your customer acquisition and retention challenges, including:

• Setting focus and direction for the business (clear value proposition, strategy, and target market) through an effective business plan
• Forecasting and budgeting, to understand where and when income will be available to support customer acquisition and retention campaigns
• Making your finances investment-ready, to secure external sources of funding to expand your customer acquisition and retention activities
• Building relationships with potential investors, who regard customer acquisition and retention as key business performance metrics

At EFM, we understand that keeping and growing your customer base can seem like a huge hurdle every day – which is why we come equipped with the planning, tools, and expertise to help you take it all in your stride.

Adaptability and Innovation

For a start-up business, it can feel like both change and opportunity are coming at you from every angle, and you just  don’t have the  resources in place to manage them, or – even more frustratingly – turn them to your advantage.

This is where working with our business growth advisors comes in. We’ll help you put foundations in place to keep your business both agile and forward-thinking, by:  

• Problem-solving: having the right people in the room to brainstorm challenges and change, and quickly pivot and respond with new strategies and offerings
• Building a business plan and model that has the power to talk up your USPs and capture the market
• Creating a research and development strategy, to plan for innovation early, and attract R&D tax credits
• Smart resource management, to minimise technology costs, reduce non-priority spending in the business plan, outsource staffing, and keep cash flow resilient through good times and lean
• Customer feedback, to spot issues and opportunities on the horizon, and rapidly adjust the business plan to accommodate them

At EFM, we believe we owe it to you as a business owner to help you adapt whenever you need to, and make change and opportunity work for you wherever you can.