Three Tips on Scaling From Series A, B and Beyond
Here are three practical ideas to consider as you move from <£2m ARR to £10m+ with new investment rounds in mind.
- Tip 1 – Keep your value prop and ICP fresh
At Series A, you have some leeway to crack on and try things, but at Series B, you need to be clear on what you do – and for whom. Defining your value proposition should therefore be an ongoing process. Keep going back to it to iterate. Structure how you get feedback from your customers around what they're thinking and the challenges you solve. The more clarity you have around the problems you solve and where you fit in the market, the easier you'll find everything else.
The same is true with your Ideal Customer Profile. Your ICP makes your messaging sharp, concise and impactful – because it is specific. Always look to narrow your ICP down even further. Precision leads to confidence and a message that resonates.
- Tip 2 – Keep building momentum (with one eye on the long term)
In Series A, investors are looking for potential. For Series B, they want to see proven, consistent revenue growth. Moving from Series A to B is the time to build a structured sales machine.
There are several models for a predictable, repeatable sales process, but always be clear on what you want, then commit to it. If you bring in people that don't directly create revenue, such as revenue operations, so be it. You won't scale by solely adding salespeople to your business. You have to be more innovative. Match your roles to your priorities and the resources you have at this present time. Think about the pipeline you'll need to support your salespeople and make them successful. If your salespeople don't have enough leads to keep them busy and productive, make sure you hire reps that are good at outbound selling or build an SDR team! You need a plan for creating a predictable, scalable pipeline – not just a sales-headcount-driven revenue model.
- Tip 3 – Remember it's all about the people
With the best talent, a good product and suitable systems and processes, you've got a fantastic shot at being very successful. But, if you don't get the people's side of the business right, you'll struggle with everything else. We're in a world now where anyone can work for anyone anywhere. That means talent competition is enormous. You could have a great product and offer decent money, but you won't attract the people you need to achieve your desired scale without that little something extra.
I believe the only way to do this is through vision, passion and people. Please do whatever you can to build a cohesive, connected unit of people that believe in what they are doing. Get them excited and empowered by it. Invest in their development. This gets harder as your headcount grows, so get your culture clear from the start and continuously invest time, effort and energy to maintain it. Many CEOs talk a good game about 'culture', but few deliver on it and build sustainable, high-growth businesses. The ones that do care succeed.