Matt Newing founded Elite Group in 2000 with just two members of staff.

Today, the company is one of the UK’s leading unified communications and IT businesses, with a turnover of more than £56 million. Here, Matt shares his top five tips for entrepreneurs looking to grow their business successfully.

 

After nearly two decades as an entrepreneur, I’ve learnt a lot about what it takes to make a business successful- and so much of that is about the people you urround yourself with. Without a solid team by my side, my company wouldn’t have grown into the success that it is today. Thinking back on my career, here are my top tips for anyone about to embark on their own journey as an entrepreneur… 

Work With People Who Are Better Than You 

Learn from people who are better than you or you’ll never improve the skill sets and knowledge of your business. A team of good people will not only help to ensure things run smoothly on a day-to-day basis but will also foster the innovative and forward-thinking approach that you need to stay ahead of your competitors.  

I’ve learnt a lot from some of the fantastic people I’ve had the opportunity to work with and, whenever our company has made an acquisition, the talented people we’ve retained have always been a crucial part of that transaction. Your staff are a major asset, so hire the best you can find and never be afraid to seek counsel from those with a greater knowledge than you.  

Hire a Competent, Commercially-Minded Accountant and Lawyer 

Building on my first point, there’s no substitute for hiring an expert when it comes to your business finances and legal matters. As early as possible in your business journey, an experienced and knowledgeable accountant and lawyer are two crucial recruits.  

You may understand some critical elements of business accounting, or you might have some level of knowledge about commercial law, but you need people who are purely focused on those elements of the business. Look to work with those people and firms that have industry-specific experience, whose knowledge of your sector will play a crucial role in helping you navigate the stormy waters of business life.  

 

Overfund Your Business  

Cash is the blood flow of your business and your opportunities for growth will be severely restricted without it. When we came to do our second acquisition, our bank said we couldn’t invest our savings from our reserve accounts and that we would need to renew our existing facility.  

In other words, borrow more money and pay an additional, new arrangement fee. Only then would the bank allow us to do the acquisition. As I had already shaken hands on the deal, I couldn’t back out of it.  Instead of being beholden to the bank, we decided to use our life savings to pay off the bank, enabling us to complete the deal. Subsequently, we changed banks to one that has truly helped us to achieve our vision.  

 

Make Sure Your Business Can Run Without You 

Don’t let your ego make you believe you’re indispensable. Your business needs to be able to run without you, or nothing will ever get done if you’re not there. Many entrepreneurs find it hard to lose that sense of control, but it brings me back to my first point about why it’s vital to find the best people to run your business on your behalf. 

Trusting the professionals you hired to get the job done and to execute your vision is vital to relinquishing that control and will ultimately help your business achieve new heights and success. Stepping back not only gives your company and staff room to grow but also helps you keep focussed on the bigger picture and overall direction of your business.  

 

Keep Your Focus on Making Money  

The difference between an entrepreneur and an employee is that the former has to make money, whereas the latter is employed by someone else and earns a wage.  Your business has to make money in order to pay your staff and grow.  

Many an entrepreneur can get bogged down in their innovative new products, or their mission to change the world, failing to remember that business is about making money to pay your people. No matter how good your idea is, if you don’t have a commercial brain, you will struggle to make your business a success. Focussing on the finances is a must and will ensure your business gets to where it needs to be.  

 

Matt Newing is a self-made entrepreneur, investor, and philanthropist who’s always on the lookout for the latest and greatest business opportunities. If you’re the next Bill Gates in the making, get in touch with Matt today.