As a small technology company in the UK, it makes sense that we have experienced high levels of growth at illumo digital over the past few years. A recent study carried out by Barclays found that UK technology companies are set to grow over four times faster in 2015 than the UK’s GDP forecast*. Smaller technology firms are expected to display particularly high growth rates, and state that investing in new technology and strategic planning are key catalysts for growth.
It’s good to be a part of a healthy industry, it’s exciting to be a company that is going from strength to strength. As a small business we are able to make decisions quickly and change easily. Sometimes though, this can be a mixed blessing. Dynamism can put the stability and the culture of the company at risk if we focus too heavily on the top line and revenue growth. At illumo digital we’ve learnt (sometimes the hard way) that investing in the staff and customers that we already have is the key, even if that means turning down new business and temporarily slowing down the growth of the company.
We have often applied the same thinking to the technology strategies of our software consultancy clients, advising them to hold back on building that new piece of software or offering a less glamorous solution than the one they had in mind. This can be dissapointing for the more entrepreneurial types, but it is usually a relief for a business owner to hear that they can create better outcomes for their business with a lower-risk strategy. By thinking in terms of long-term sustainability, we can create solutions that don’t put unhealthy pressure on the company.
We are all for ambitious targets and sales going through the roof. What are we here for if not to meet our full potential? Your business can grow quickly and you can take care of the long-term picture for yourself, your team and your customers. Just don’t get blinded by the light of new ventures; grow at the true pace of your business rather than the pace that you wish were true. It will be worth it in the long run.
*Barclays’ Fast Growth Tech survey, independently commissioned by Barclays’ Technology, Media and Telecoms team, December 2014.
