The number of SMEs has grown by 2 million since the year 2000. This means small business offerings are increasingly competitive. So, here's 5 tips from Portman Asset Finance on scaling your small business.

1. Make a Business Plan

Make an actionable plan with realistic goals depending on your vision and how fast you want to get there. Plans are essential if you want to secure funding, but can also define a clear path for success.

2. Invest in Technology

Technology is essential to scaling your business, improving your service offering and meeting increased demand. Assess your technology and systems, can you improve efficiency without hiring more staff?

3. Build a Great Team

You'll need more hands and minds to grow. Consider the right time to expand your team and how fast. Whilst tempting to hire as fast as possible, take time to hire new starters that fit your culture and share your ambition.

4. Implement Efficient Processes

Today's processes and systems may fail when you strive for change and growth. Be adaptable and flexible regarding what has worked in the past. Take time to experiment, look to improve efficiency as you expand.

5. Ensure your finances are strong

Expansion means more people, more equipment and higher running costs. There's often a lag between the initial investment and unlocking the revenue potential, so it can help to spread costs with business finance, helping you boost growth without taking the financial hit all at once.

As a fast-growing small business ourselves, we understand what it takes to succeed. Portman continues to go from strength-to-strength despite the challenging economic environment.

Portman's MD Alex Read said:

"Our post-pandemic strategy has yielded significant growth within the business over the last few years. We have adapted well to the changing needs of our customers against a challenging economic background, we continue to grow and expand our product offering".

As a result, the firm's headcount has doubled in the last 18 months.

Simon Pratt, Director of Operations added:

"Purchasing a new flagship 43,000 square foot office is not only a statement of intent for Portman, but a demonstration of Portman's long-term commitment to our business customers as the firm continues its growth into a leading hybrid broker-lender".

Portman provides a complete range of finance solutions for small and medium businesses, operating a lending arm, as well as finance broking and a luxury car finance division.

Visit www.portmanassetfinance.co.uk to talk to the SME finance experts.