How to scale your business
Business Leader recently spoke to Zain Ali from Centuro Global to discuss more about the firm and how they can help scale up your business.
Can you tell us more about Centuro Global and how you support businesses?
We work with scaling companies and large multinationals who enter new markets for projects or new entity set up. Our work spans across 150 countries worldwide and our core focus has been to make the global expansion process easier for companies. We are trying to cut the red tape and empower businesses with the key facts, information and local contacts they need to help them reach their commercial objectives in new markets.
What would you say are the main challenges you’re seeing scale-up businesses facing?
Scale-up businesses face a host of challenges. Whilst they may have achieved some local success, this will not necessarily translate to wider markets in the same way. Scale-ups must consider product-market fit for each new territory they look to scale to and adapt to local needs, wants and desires. Even with the right offering, scale-ups subsequently face countless issues with market entry.
There are a number of important decisions that need to be made when scaling, ranging from how to enter a market, the best entity for you if you’re looking to setup, tax implications, legal regulations, how to recruit and/or relocate staff. With such a wide gamut of areas which often impact each other, gaining access to the relevant information and trusted local experts who can offer reliable and cost-effective advice in a timely manner is a major challenge.
From experience over the years we have seen companies fail because they have not managed to get the right advice at the outset or they have not carried out the required due diligence in their selected market. Centuro Global is addressing these challenges by providing a tech platform that offers a web-based database of processes and checklists for over 150 countries, as well as key local contacts to assist.
The other major challenge for scale-ups is access to finance. Although there are many options to secure capital, the challenge is always going to be which option is right for you. Investors will be interested in a robust scale-up strategy that demonstrates the vision and capability of succeeding, so the ability to secure finance rests with the quality of your strategic plan.
What should scale-up leaders be preparing for?
With the onset of coronavirus, all companies have had numerous challenges in recent months. With the number of liquidations and decline in business operations, funding has been a critical factor at the top of everyone’s list of priorities. Many CEO’s of growing businesses have commented on the complexity around the funding process, saying it is difficult to find options which are easily comparable.
In addition to this there does appear to be a lack of knowledge and understanding amongst CEOs when it comes to accessing equity-based funding. All too frequently, business leaders may push towards debt financing which is not always the right direction for the business.