27th Jun 2019 in Business
A leading business consultant has revealed businesses in Northern Ireland are finding it difficult to upscale and grow.
Speaking of the Belfast Chamber event Upscaling Your Business strategist Richard McMullan of Aurelius Advisory said often businesses “get stuck but don’t know how to break free”.
The event, which took place at The MAC on Tuesday June 4 at 8.30am, is part of the Belfast Chamber breakfast series.
Richard shared his experiences of the common challenges that limit a business’s ability to scale. He also explained the six fundamentals of scaling up, sharing examples of how applying these will help businesses grow and achieve the desired results.
“There are only a small number of businesses in Northern Ireland that make it beyond 50 employees and £5m turn-over” said Richard, adding: “Many tend to hit something of a glass ceiling. Growth slows and profitability declines. The enjoyment of building the businesses disappears and frustration replaces it.”
President of Belfast Chamber Rajesh Rana said the series of breakfast events, which have included leadership speaker David Meade, have been created to help Belfast based businesses upskill and network with like-minded peers.
He added: “We’re delighted to be hosting Richard McMullan from Aurelius Advisory who will be using his wealth of experience, which includes a role as Head of Marketing & Strategy for a £170m profit business, to help business leaders scale their business.
“Joining him is Ulster Bank Chief Economist Richard Ramsey who will be discussing what businesses need to know in order to grow from an economist’s perspective. Areas he will cover include demographic changes, changes in the labour market, consumer spending habits and global economic factors.”
The business breakfasts are supported by the city’s three Business Improvement Districts, Cathedral Quarter BID, Linen Quarter and Belfast One.
Gareth Neill, manager of Cathedral Quarter BID said businesses have a real thirst for knowledge in today’s marketplace and events like these aim to provide practical and actionable tips and advice that will help companies upscale, grow, develop and expand.
He added: “Within the Cathedral Quarter we have a diverse set of businesses ranging from large corporate services and hospitality venues to single operators, small retailers, third sector and the creative industries.
“As a result it is essential that we collaborate with partners such as the Belfast Chamber of Commerce and other BIDs to facilitate events like these as well as running our own training sessions such as the ongoing Lunchtime Learnings at the Black Box.
“By attending events like Upscaling Your Business event at The Mac, business leaders and influencers can begin to take confident and informed decisions that will help their company take the next step in their growth journey.”
Clare Maguire, Managing Director, Belfast One BID added: “At Belfast One BID we are committed to providing our member businesses with tangible ways of adding value to and improving their business.
“This event, which aims to provide delegates with takeaways for upscaling their business, is the perfect example of how collaborating with partners across the city works to enhance performance and is key to our shared purpose of driving business growth.”
Chris McCracken, Managing Director of Linen Quarter BID said it was time for Belfast to raise the bar for small businesses.
“Belfast is a city of amazing start-ups, but we need to become a city of scale ups too. This event will help our business leaders achieve the next level in their company development.”