Here's how I grew my business during a recession
Founded in 2002 by entrepreneur Jamie Doak, steel fabrication and blacksmith company Agri-Fab in Auchterarder, Perthshire has experienced rapid growth since its inception. With turnover almost doubling to £600,000 in 2008 and with the company on track to hit the £1 million mark in the current financial year, Agri-Fab is bucking current economic trends.
What I did
Get in touch with Business Gateway
"To make a success of your business you need to put in the hours and work hard, but you also need to have the right support mechanisms behind you. The team at Business Gateway (the Scottish equivalent of Business Link) has been there from the word go, providing invaluable guidance on a whole range of business issues including business planning, marketing and training."
Invest in training
"Agri-Fab is certainly not a one-man band. Our success is down to the efforts of the ten-strong team and over the years we have invested heavily to ensure they are trained to the highest standards."
Spend time networking and building up a list of contacts
"No one person has all the answers. Discuss issues with mentors, other business owners etc. Learn from the experience of others and find out what is best for your business. Don't be afraid to try different ways of doing things. What works for another business may not always work for yours, but you will never know unless you try."
What I'd do differently
Spend more time planning the business, products, strategy and even the business name
"We have just gone through an expensive process of changing our business name from Agri-Fab Engineering Services Ltd to Arc Steel Limited. I would also have delayed starting the business until I had more finance behind me. Lack of finance, especially at the start, leaves you at a great disadvantage with your competitors."