Strategy

Five tips for growing a mid-sized business

Brian Hay, chief executive of Cardinal Maritime, offers his advice on realising growth in a mid-sized business.

Brian Hay started Cardinal Maritime with just £5,000 in 1998. Since then he has grown the logistics specialist into a global business with annual revenues of £50 million – he now has revenues of £100 million and a Europe-wide expansion in his sights. Here are some of his tips for achieving such phenomenal growth.

1. Reward key staff

"Reward and incentivise key members of staff. It’s crucial – so many companies make that mistake.”

2. Invest in training

“Education is very much undervalued in British companies. We need to ensure that we develop our key assets: our people.”

3. Encourage decision-making

“From the top to the bottom, I encourage people to make decisions themselves. If these are the wrong ones, great, you can learn from it. But, for God’s sake, make the decision in the first place.”

4. Know the business

“Have a strong sense of what your culture and values are – really understand your identity.”

5. Innovate to grow

“Be entrepreneurial. Think differently and stand out from the crowd.”

This article first appeared in conjunction with The Telegraph, covering the issues and challenges facing UK mid-sized businesses.