In our latest growth conversation blog we speak to Michael Shroot, partner and head of the commercial department at WHN Solicitors, which is also a member of Boost and Co.
What type of advice is in demand at the moment from growing businesses?
From a legal perspective the main concerns of a growing business are twofold. In one in respect, having a legally watertight infrastructure in place, such as terms and conditions of business and credit control systems is important but business owners are also keen to access our expertise on employer liability too.
In your experience, what are the top three challenges facing growing businesses at the moment?
Cash flow, cash flow, and cash flow
Which high growth entrepreneur would you most like to invite over for dinner and why?
CEO and founder of Google, Sergey Brin. Having gone from a basic maths algorithm to global phenomenon in a matter of years, I would like to understand how he and his team thought of the idea, obtained funding, planned the strategy. I’d also get insight into his view on the future of the business world.
If you could go back in time to the beginning of your own business growth journey, what one piece of advice would you give your younger self?
Learn to delegate earlier
How can Lancashire businesses ensure they continue growing? Remember to know your product. Provide excellent customer service. Have a clear development strategy and take advice from people who have been there and done it.
What steps can businesses take to make themselves a better investment proposition?
Have a clear 12-month and 36-month business strategy and plan. Maintain a good ‘corporate’ structure, good management accounts and cash-flow forecasts.
What are the key legal considerations for growing businesses?
Have in place and review your contracts with suppliers, employees and customers. Ensure your credit control procedure is monitored and debtors are kept to a minimum.
How can business owners protect themselves against the key risks for growing businesses?
Like building a house, always get the foundations and plans in place first. If that part of the task is not dealt with properly then when you grow the ‘house’ could collapse. Don’t be afraid to take advice from a good accountant, an experienced business owner or lawyer.
Find out more To find out more about Boost Business Lancashire, and to start your growth conversation complete our online form or call 0800 488 0057.
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