Do you count yourself as part of ‘startup Britain’? It was a term proudly coined by David Cameron’s Conservative party to describe the boom of entrepreneurial activity in 2015, a feat they claimed to be responsible for.
Indeed, last year saw the opening of 608,110 businesses, an increase of 27,000 from 2014. It places Britain firmly ahead of rival European economies on the Global Entrepreneurship Monitor, and, at least according to the Cameroons, is a direct result of Tory policies regarding small business regulations.
But today, arguments about the sustainability of this growth undermine their boasts. Immigration policies and Brexit uncertainties have left alarm bells ringing, and as Theresa May takes charge of the country, industry leaders are questioning the future of startup Britain.
Of the new government’s priorities, former trade minister Lord Young of Graffham said: “This is the first government since Mrs Thatcher came into office that doesn’t feature enterprise, startups and small businesses”.
With Britain’s startup culture under threat, entrepreneurs need to invest carefully in sustainable development over the coming months. Unfortunately, in such unclear circumstances, knowing the right steps to take can be difficult. Here are our top tips for future-proofing your business.
Implement a cloud-based infrastructure
Constant innovation and movement will keep your business afloat during challenging times, but being the driving force behind development can prove stressful for already busy entrepreneurs. Ease the burden by simplifying tasks and streamlining operations.
Properly leverage a cloud platform and it can provide vital support as you upscale your company. Automated management programmes, such as global payroll software, are a wise investment that’ll allow you to keep up with the legal requirements synonymous with expansion and growth.
With plenty of financial and administrative solutions on offer, and more being constantly created, creating a flexible but reliable infrastructure for running your business is easier than ever before.
Track metrics and data
Data-driven operations are the key to keeping track of progress, allowing you to measure growth against both your own history and other market leaders.
Luckily, undertaking analysis no longer requires you to give up hours of precious working time to painstaking data collection. Software like AngelList and Pitchbook provide readymade indexes of startup metrics that you can use to chart progress.
Measuring sales efficiency, conversion rates and other key metrics will help you quickly identify any issues that require extra attention, leaving you able to make informed decisions as you guide your business through the coming political storm.
Hopefully, as time goes on we’ll see a renewed political focus on protecting Britain’s thriving startup culture. Ultimately, though, no matter what policies and regulations the new government throws your way, a steady stream of smart and sustainable growth will be the key to your survival.