Simon Smith FCCA shares how Reaction Engines relied on Wellers for the necessary systems, controls, and advice for scaling up.
Many Founders will start out with a vision or dream of where they see their business heading. Navigating the early challenges of starting out, most owners would expect those aspirations to begin to become a reality as the business moves into growth and scale-up.
However, the challenges of scaling are at least equal to, if not harder, than the early days.
Investment may bring more resource but the business will change, becoming harder to manage. Think handling staff, new operational issues and far more financial and regulatory commitments. Alan Bond recognised the need for help early on at Reaction Engines and worked closely with Wellers to put the necessary infrastructure in place to scale and run the business effectively.
It meant Alan was able to focus almost entirely on all the vast, complex scientific and technical challenges of developing aerospace engine technology for hypersonic and space access propulsion. He did so knowing there were robust, financial management systems in place to keep all the key functions and divisions operating efficiently.
Often owner managers will be very good at what they do. The key component to them realising their goals is to receive help in specific, complex, and time consuming business areas such as the finances. This ensures they then have the freedom to implement their vision.
Doing exactly that through Wellers worked out just fine for Alan Bond and Reaction Engines.
The content of this post is up to date and relevant as at 18/04/2018.
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