Scaling a business – 7 tips for success

Scaling a business – 7 tips for success

24 Jan    Advice, Columns, Finance News

Welcome to our exciting new series, “So You Want to Be a CEO,” where each month, I will delve into the world of business leadership and scaling enterprises. Join me this insightful journey as I share my experience in business success.

Handpick Your Team Wisely

The most important asset to any business is its people. Having started in the recruitment industry, this has given huge insight into scaling businesses around hiring and progressing exceptional people. By connecting talented individuals with the right opportunities, I’ve witnessed first hand how a strategic recruitment approach can shape the foundation of a successful enterprise. That’s why it’s so important to take the time to find the right team.

There are a few key qualities to look for when hiring employees, they may sound obvious but the key in finding the right talent is being able to get tangible evidence from their track record during the interview process.

The first quality I look for is the right attitude. You want employees who are positive and upbeat. A positive attitude is contagious and contributes to a healthy work environment, and those people who lead with their heart are often better adapted to dealing with the obstacles that come in any job.

The second is a good work ethic. You want your teams to be focused, have high energy, and work hard. As Samual Goldwyn’s old adage goes “the harder I work the luckier I get” and one of the core traits to almost all our most successful people is a great work ethic.

The third thing to really spend time assessing is the value alignment between your potential employees and your business or brand. Headhunt individuals who understand and embrace your company’s core values and beliefs. You can assess this against all aspects of their life, from their work experience, to life experiences, even their family life and hobbies and interest. When your team is aligned with your mission, overcoming challenges and achieving collective success becomes a natural outcome.

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Lead by example

Leadership sets the tone for the entire organisation. In the same way as a school is only as good as its head teacher – business is the same. Demonstrate the values and behaviours you want to see in your team. Be transparent, communicate openly and foster a culture of open communication where employees feel comfortable expressing their thoughts, ideas, and concerns. Show your team how to adopt a healthy balance between work and personal life. By prioritising these elements you can build and sustain a healthy work culture that not only attracts top talent but also promotes employee satisfaction, engagement, lower staff turnover and fosters long-term success.

Aligning Actions with Values

A dynamic culture is reflected in a company’s daily actions that align with its values. At Truly Nuts, we don’t just consider ourselves a business; we are committed to social responsibility. Our values translate into concrete actions, such as giving back to communities, ensuring fair wages, and empowering women in the workforce.

Ensure that your company’s values are not merely words on paper but principles guiding every decision and action. When values and purpose are deeply embedded in the company culture, they become a powerful force propelling the business towards rapid and sustainable growth.

Embracing Diversity and Inclusion

A dynamic culture thrives on diversity and inclusion. Embrace differences, celebrate individual strengths, and create an environment where every voice is valued. Currently we have teams in San Diego, Singapore, Manchester and Lima working together on a daily basis, and we have always placed a high value on the unique perspectives each team member brings, fostering a culture that encourages innovation and creativity.

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Investing in Team Growth

Invest in the growth and development of your team members. A dynamic culture places a premium on continuous learning. Provide opportunities for skill enhancement, mentorship programs, and avenues for career advancement. When your team feels supported and invested in, they, in turn, contribute their best efforts to the success of the business.

Think like a start-up!

Startups thrive on adaptability, and this trait becomes increasingly important during scaling. The business landscape is dynamic, and the ability to pivot quickly in response to market shifts or emerging opportunities is so important. Instead of always sticking to proven products and marketing strategies that have worked in the past, be experimental, keep trying new things (within budget!), be innovative. If you put the customer first, demand feedback from that customer, and act quickly on that feedback to give ‘best service’ you can shake up any market.

Also, scaling a business often leads to an increase in bureaucracy and additional layers of management to handle growing responsibilities. Keep your team lean and this will allow for streamlined communication and faster decision-making.

Gareth Lloyd

Gareth Lloyd, serial entrepreneur has built a diverse portfolio over two decades with 30 entities across 18 countries. Co-founding the Amoria Group in 2006, the consulting and staffing business has grown from a modest $100k to $175M in revenues. Gareth’s impact extends to White Lion Foods (WLF), a global Agri-tech group he co-founded in 2012, making WLF the largest exporter of Brazil nuts globally. With the upcoming launch of Truly Nuts in October 2023, WLF commits 25% of profits to Amazon Rainforest projects, showcasing a strong dedication to sustainability. Gareth’s philanthropy includes supporting ABCT, a charity addressing child poverty and education, and his Charitable Trust, which has built 500 homes, soup kitchens, and shelters for underprivileged children in Peru. Residing in Singapore with his family, Gareth’s life philosophy centers on “making humanity healthier, bringing wealth to communities, and leaving Earth in better shape than we found it.

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