How com­pa­nies can join the ELITE

Yorkshire Post - Business - - BUSINESS / VOICES - Umerah Akram Head of ELITE UK and In­ter­na­tional Li­cens­ing, Lon­don Stock Ex­change Group

En­trepreneurs and ath­letes share a lot in com­mon. A drive to suc­ceed is key to achiev­ing high per­for­mance in any field. In sport it’s im­por­tant for ath­letes to crunch the stats to un­der­stand how to im­prove per­for­mance. Sim­i­larly, ef­fec­tive data anal­y­sis is be­com­ing an in­creas­ingly sig­nif­i­cant fac­tor in sup­port­ing a com­pany to drive growth.

What are the strengths? What ar­eas need im­prove­ment? What tweaks need to be made to achieve am­bi­tions and po­ten­tial? Scal­ing up a busi­ness can be a daunt­ing task, which is why ELITE – Lon­don Stock Ex­change Group’s ini­tia­tive for high growth com­pa­nies – has launched the Growth Com­pass to give com­pa­nies ac­cess to mean­ing­ful data and anal­y­sis to stim­u­late ac­tion.

For ex­am­ple, if a com­pany’s growth is reliant on its peo­ple does it have a well-de­fined strat­egy for re­cruit­ing, sup­port­ing and re­ward­ing the tal­ent that it needs? Con­versely, if a com­pany pri­mar­ily re­lies on out­side sup­pli­ers to sup­port its ex­pan­sion, does it have a sys­tem to man­age the pro­cure­ment, de­liv­ery and pay­ment process?

At ELITE, hav­ing worked with over 900 com­pa­nies across 34 sec­tors, we know that every busi­ness will have a dif­fer­ent fo­cus, de­pend­ing on size, sec­tor and growth goals.

We have found that ul­ti­mately a grow­ing busi­ness has three key ar­eas of fo­cus to sup­port scale up plans – strat­egy, peo­ple, and fi­nan­cial cap­i­tal. A busi­ness needs to have a clear strat­egy, a strong value propo­si­tion, un­der­stand its of­fer­ing and how it fits into the com­pet­i­tive land­scape. As with sport, busi­ness suc­cess is a team ef­fort so re­cruit­ing, nur­tur­ing and re­tain­ing tal­ent to help de­liver that strat­egy is crit­i­cal. And in ad­di­tion to the right hu­man cap­i­tal, hav­ing the right fi­nan­cial cap­i­tal is the third ma­jor in­gre­di­ent needed to fuel busi­ness growth.

Sim­i­lar to an elite ath­lete’s fo­cus on nutri­tion, treat­ing fund­ing as fuel and us­ing it ef­fi­ciently is key to en­sur­ing a busi­ness can go the dis­tance. As a re­sult, strong fi­nan­cial man­age­ment, as well as match­ing the right type of fund­ing to busi­ness ac­tiv­i­ties is vi­tal to suc­cess.

Whilst a com­pany’s pri­or­i­ties may vary de­pend­ing on busi­ness stage, sec­tor and goals, th­ese are the three uni­ver­sal fac­tors we see in sup­port­ing busi­ness am­bi­tion..

ELITE’s Growth Com­pass tool has been de­signed to help com­pa­nies eval­u­ate their cur­rent stage and struc­ture against key growth di­men­sions, help­ing them to as­cer­tain ar­eas of im­por­tance and pri­or­ity.

The tool looks at in­ter­nal prac­tices as well as ex­ter­nal con­di­tions, en­abling an as­sess­ment of the key qual­i­ta­tive as­pects of grow­ing a busi­ness.

It pro­vides an in­di­ca­tion of a com­pany’s ma­tu­rity, bench­mark­ing it against top per­form­ing com­pa­nies, by sec­tor and size. The re­sults aim to pro­vide mean­ing­ful anal­y­sis and com­pany spe­cific feed­back, en­abling com­pa­nies to de­vise ac­tion plans to help drive growth.

Ul­ti­mately, an­a­lyt­ics are key to driv­ing growth.

Try the ELITE Growth Com­pass by vis­it­ing www.elitenet­work.com

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