Founder of The Prelude Group and The Supper Club
What are the mistakes SMEs make when growing their businesses?
Some SMEs get carried away with top line sales like adding a big new client and getting squeezed on price.
How important is cashflow?
Vital. Growth is all about managing cashflow. Make sure new business credit terms are favourable.
How important is timing for your SME?
There’s a danger of trying to expand too early: we saw that in the dot.com boom. Refining your offer before you push for growth is key.
What affect has the recession had on SME expansion?
Times are hard, so if you have the opportunity to expand and a product or service that’s in demand, then you are in a great position. It’s the best time to launch, actually — because when things are tough you are forced to get it right.