Our Business Development Director, David Johnstone, was along at our client Encompass' latest workshop on making the most of business investment opportunities last week at the beautiful Lighthouse in Glasgow.
With around 50 delegates, this workshop brought together micro and small Scottish businesses who were interested in business growth and external investment. The workshop consisted of key presentations from high profile speakers including Brian Hale of LINC Scotland, Andrew Sloane of Morisons Solicitors LLP, Gary Torbett of the Scottish Investment Bank and John McAuslin of Johnston Carmichael.
External investment allows small companies to expand their market presence, gain market share, innovate and develop their offering to increase the chances of commercial success.
The workshop provided top tips for those looking to apply for external investment.
Here's the key points we took away from the session:
- Make sure you have a well established business plan and proposition, with measurable goals and objectives.
- Identify your specific funding requirements.
- Target specialist investors - Select your investor based on the relevance to your industry and business, so that you can make the most of their knowledge, experience and network.
- Do your research - Understand the expectations and requirements of outside investors, as well as the wider investment process and landscape (public vs private).
- Demonstrate a thorough understanding of your audiences and customers.
- Highlight the readiness, engagement and accessibility of your team.
- Illustrate future commercial trajectory and a sustainable revenue model.
- Show how you intend to manage and mitigate risk.
- Remember that all assumptions are subjective - so try to base any targets and statements of intent on informed analysis and scoping of your business and marketplace.
- Be realistic and don't overestimate potential!
Moreover, investment widens the scope of your business for future expansion and prosperity, and will be key in continuing to promote the future economic well-being of the UK.
Thanks to all those involved in the workshop for their practical advice and top tips. We hope you've found this article useful and if you're interested in finding out more about investment opportunities for micro/small businesses please contact Encompass.