SME TOOLKIT IN ASSOCIATION WITH:
SMALL BUSINESSES THINKING BIG
SMEs remain the backbone of Lancashire’s economy as highlighted each year by our Hot 100 list of the most profitable. Our latest toolkit offers advice and guidance to companies looking to grow.
Charlie Stephenson has just come out of a meeting with potential investors as he looks to steer his business to the next stage of its growth journey.
YUDU is a Clitheroe-based software company specialising in digital publishing and crisis communications and is looking for backing.
Charlie is director of the SME’s Sentinel division. It has developed software that allows organisations to communicate and coordinate during a crisis, such as a cyberattack, using tools including secure live chat and video crisis rooms.
There are 12 people in the business, which has a turnover of around £1.2m. Charlie says heading an SME in the tech space is like “juggling plates”.
uite
Those plates will be familiar to SME bosses across the county. They include serving and growing the company’s customer base, working on future plans and keeping up with new technology and regulations, while at the same time putting energy and effort into raising funds for growth.
Looking at the fundraising element he says: “You have to be careful how much time and energy you spend. It’s time and energy you are not putting into other elements of the business.
You are constantly trying to prioritise; there are so many things pulling on your time
“You are constantly trying to prioritise; there are so many things pulling on your time.
“Should you be spending time improving your marketing or building up your relationship with existing customers? How much time should you spend networking? You are always looking to split the work into chunks of time. Time management is the hardest thing.”
Charlie adds: “In an ideal world you don’t need to raise funds, you grow organically. But that’s not the reality. You need capital to get to the next stage of your growth journey.
“A lot of tech business are competing with massive companies coming out of America, where there is a very different funding environment. We are competing on a global scale.”
He adds: “What I have learned through fundraising is that it is very much done on a relationship basis. Trust can only be built in person.”
He believes building a support network is vital for SME owners and managers. Charlie took part in the University of Lancashire’s ‘Help to Grow’ programme, which delivers mentoring and peer support.
He says: “Having that person you can talk to about the stage you are at as a business is
invaluable. Building up that network of people you can use as a resource reduces some of the isolation you can feel.”
Mark Gibbons is funding and partnership manager at Rosebud, which is part of Lancashire County Council’s Business Growth Service.
Rosebud provides growth support and loans for companies based in the county.
He says: “For businesses that have successfully moved beyond the start-up phase – those that are up, running and growing – seeking debt finance can be a powerful way to unlock the next stage of growth.
“When used strategically, debt funding enables businesses to invest in expansion, boost working capital or seize new market opportunities without selling equity through private investment.
“However, preparation is key. Lenders want to see that you have a clear plan for growth and a robust understanding of your financial position.
“Before applying for funding, businesses should ensure they have strong financial systems in place, up-to-date accounts and clear cashflow forecasts.
Continued on Page 50 LANCASHIREBUSINES SV
IEW.CO.UK
redroseawards.co.uk @redroseawards #RRA26
in association with
NEW CATEGORIES FOR 2026
AI AND TECH INNOVATION
CREATIVE BUSINESS DEAL OF THE YEAR
Deadline: 5 December 2025
49
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76
