Skip to 0 minutes and 4 secondsWelcome to the second week of the course. This week, we look at how organisations can build upon their initial promise by successfully growing their business. At the end of last week, we asked you to think about the key challenges a business might face when it tries to expand. We asked a number of businesses the same question. It is all about a tenacious, focused, diligent team. I need some more money to be able to grow. So my orders are getting bigger and bigger. I'm beginning to export around the world. Whether you're a tech startup, whether you're Facebook, Google, or the Wow company, all of these companies have the same issues, which is hiring really high-quality people.
Skip to 0 minutes and 50 secondsGrowing a business can be very, very difficult. It's really good to get out there and gain market share or create or tap into new markets, but you need to make sure you've got the staff and the infrastructure to support that growth. Or else, you'll outgrow yourself and undo yourself eventually. At one point, we were growing by 200%, 300%, 400% year on year, which was great. It was fantastic. We felt very much part of a success story. But at the same time, we were having to hire more people, our costs were increasing, the revenue that came in takes some time to come in, and you're constantly managing that cash. And success, ironically, puts a real pinch point on cash flow.
Skip to 1 minute and 31 secondsThis week, we'll explore the decision making process a business may go through to choose the right strategy for growth and we will consider the types of finance available to business owners to fund expansion. We'll see the benefits of being able to understand financial information and we'll explore some of the key skills needed to do this successfully.
The week ahead
Welcome to the second week of The Importance of Money in Business. This week we will be exploring how successful businesses grow.
At the end of last week we asked what you thought were the biggest obstacles a business faced when it is trying to expand. We asked our business experts the same question and you can see some of their answers in the video above.
In this week’s content you will see the different ways in which organisations can expand and the range of ways in which businesses can find the money necessary to finance their growth.
We will also see the benefits of being able to understand and analyse financial information when making critical business decisions, and some of the key skills needed to do this successfully.
All organisations are faced with choices and need to make decisions. In the next few steps we’ll see how businesses use financial data and expertise to analyse the options available and make business decisions.
© University of Leeds / ICAEW