Meet John, he owns a manufacturing business. He has been in business for around three years now, building up his product line and becoming a successful business in his community. He only employs people from his local community and, as a result, has enjoyed the support of most people in his immediate surroundings.
He was doing well and spent much time building key relationships; however, he did not pay too much attention to the legal or systems and administrative side.
John decided to sit down and plan how he could expand his business to grow. A key point to that was to obtain funding for the expansion. John wanted to scale his company; this means he tried to set the stage to enable and support growth in his business. It means having the ability to grow without being hampered. Scaling differs from growth; John already did that. The most common distinction between growth and scale is that we think of growth in linear terms: a company adds new resources (capital, people, or technology), and its revenue increases as a result. By contrast, scaling is when revenue increases without a substantial increase in resources.
However, growth to a certain level leads to scale.
John sat down and started planning some more; he tirelessly completed application forms for loan/bank funding. He even approached investors but had no luck.
This was because the bank and investors saw him as a risk. The fact that his company was not compliant created the impression of an inability to grow and scale.
John called several firms but saw that the time and cost would significantly slow the process. So, he enrolled on the PocketAdvisor Early Stage and Intermediate Programs. He paid less than R5000, completed both Programs in two weeks and populated all contracts at the end of each module, which he implemented within his business. He continued to use the Contracts4Biz platform. Six months later, he pitched his business at a venture capital event and found the right growth partner and financial support he needed to grow and scale.
Today, he achieved both growth and scale, and he is the proud owner of a well-known hair care brand with branches all over the country and employs over 600 people.
PocketAdvisor helps you navigate the complex world of compliance, enrol for one of our Programs today!