Several of Lancashire’s leading business voices have shared their insights on the secret of profitable growth.
Stick to your plan
Paul Fox is the chief executive of Blackpool-headquartered family haulage, plant hire and aggregate group Fox Group, which has been acquired by private equity firm Stellex Capital Management.
He said: “Get a plan where you want to get to. Stick to it but do not lose the ability to be agile. Get the people around you on the bus with you. If you’ve got the best people around you, you’ll get where you want to a lot quicker.”
Get profitable quicker
Paul White is the founder and CEO of Patch, which is using tech to make booking a window cleaner easier.
He said: “The days of building a tech company on the never-never are coming to an end. Tech founders are going to have to look at how they get to profitability as quickly as possible. Then they’re investing in growth rather than cash burn.”
Innovation is key
Ian Appleton is the CEO of Chorley-based wax blender Kerax, which has a turnover of £40m and employs 80 people.
He said: “Our take-out is to focus on innovation and technology to move the business forward.”
Have the right values
Celia Gaze launched The Wellbeing Farm after being burnt out from her senior NHS job.
She said: “My quote relates to the values I have for my business. Conscious business with a unique combination of purpose-led impact, sustainability and wellbeing, which all drive my business.”
Focus on your core product
Derry Green is the founder of The Secret Garden Glamping and secured a £100k investment when he appeared on Dragons’ Den.
He said: “Focus on your core product rather than go off at a tangent. What is it that you do? Since Dragons’ Den we’ve had lots of offers to do a million different things, but ultimately we’re an experience provider. How can we expand on that, and bring profitability?”
Invest in added value
Dan Hurst is the managing director of Stotts Opticians Group and commercial director of software provider I-Clarity.
He said: “What ties all our businesses together is investing in adding value before you take. That will eventually drive more profitability.”
Do what you say
Ryan Snelson is the managing director of Chorley-based managed service provider Peak Networks.
He said: “Do what you say you’re going to do for your customers and make sure the service is right for them.”
Have accurate data
Glyn Powditch is the co-founder of Dream Agility, which helps retailers increase sales and reduce costs.
He said: “I think with AI now you want to track every single data point you possibly can and you want to make sure that data is as accurate as possible because of the old adage ‘rubbish in, rubbish out’.
“AI is at a point where it’s making all kinds of decisions based on all of your data. A lot of the time it’s not even in your control. Make sure your data is accurate and then you’ll be in a position to take advantage of AI.”
Have a strong belief
Dave Walker is the MD of digital technology firm +24.
He said: “The key thing for me is starting out with your mission and your values. You’ve got to have a really strong belief to be successful. Everyone in the room has a strong understanding of where they want to take their business.”
Focus on right opportunities
Jeremy Lefton runs Roundhouse Properties, which has just completed the first phase of a £10m Blackburn commercial estate opposite Shadsworth Business Park near the M65.
He said: “For me it’s all about focusing on the right opportunities and making sure any new projects going forward are manageable.”
Back the winners
Morgan Ratcliffe is the managing director and co-founder of Burnley-based noticed, which he founded with brother Niall.
He said: “What I’ve taken away from the meeting is something that Derry said. He said he had a social media business disguised as a glamping business. When it comes to profitable growth, what are those organic opportunities that you’re not putting paid spend behind to really grow profitability?”
Focus on the customer
Craig Townley is the managing director of Core Network Group.
He said: “My takeaway from today is to focus on the customer. If you take them on a good strong journey, and actually care about the work that you do with them and focus on customer relationships, that’s always strong for profitability.”
Strong leadership
Rob Richardson is a corporate finance partner at MHA.
He said: “The companies that I’ve worked with which have been really successful and delivered profitable growth have always had really strong leadership and are not afraid to change direction when needed.”
Get your story right
David Hackett is a tax partner at MHA.
He said: “Listening to the businesses around the table, the key is the story. Why are you doing it? Why are you in business? If you get that right, and believe in it, profitability and growth will take care of itself.”
Culture is key
Andrew Dunn is the client relationship director at law firm CG Professional.
He said: “If you can create a really good culture, which entrepreneurs generally do, that will grow profit and sustainability.”