Meet the expert – David Turner, The Growth Experts

The SME market is a vibrant landscape filled with opportunities and challenges. In a world where change is constant, understanding the key trends, challenges, and strategies for success can make all the difference. We catch up with David Turner from the Growth Experts to discuss the current trends in the SME market, the challenges businesses face when seeking finance, and the strategies that set successful SMEs apart.

What trends are you currently seeing in the SME market?

Uncertainty and caution to a degree – but those that will or are market leaders are prepared to change and take calculated risks to further develop their business. These will always be the pace-setters, and there are many in the SME market.

What do you think sets successful SMEs apart from others in today’s market?

The willingness to think differently and to accept that there is always scope for learning and development and to be open to it.

What are the most common challenges SMEs face when seeking finance, and how can they overcome them?

We often hear businesses looking for financial assistance, but the question I think should always be: “How is this finance going to improve your business performance?” No matter what finance is provided, unless it results in change or advantages that enhance market performance, it will steadily evaporate. When we are asked for some direction to our finance partners, we always ask our clients those key questions – the key being, what difference will it make in building their market share?

What advice would you give to businesses looking to grow?

Harness the four key elements that we introduce to all of our clients when we work with them: positive, not limiting, mindsets; paint a picture of your goal so that people can mentally visualize what the world would look like upon achieving it; gather and use know-how – don’t simply drown in information; and use creative thinking – imagination that visualizes what the world will look like in your mind and market in the future – not just joining up the dots from what has happened in the past! Imagination remains unique to humans – use your imagination and that of your people.

Can you give an example of how your advice has helped an SME achieve its business goals?

Yes, the way we work establishes the cause of particular challenges and disappointments before prescribing the solutions. One of our clients was a great innovator and introduced many new products that looked great but were not delivering the level of business they expected. We looked at the NPD and liked it. To the MD’s surprise, we asked, “Have you ever been on the front line with your sales team?” (seven agents). The answer was “no.” We worked with a few of them and quickly found that the new products were indeed very good, but the sales process and techniques being used were way, way short of the required standard. We suggested a complete change of agents with our help.

This was declined initially, with the MD asking us to try to train them to a better standard. We said we would, but doubted their trainability or receptiveness to training. It turned out we were right, and the agents (five of them) were released at an obvious cost. The MD trusted our expertise when we said, “You will recoup much, much more in additional sales and profits by doing this.” The result: a business that was just ticking along at £3 million doubled its sales and GP within two years with the new team on board and is still growing.

What’s the best piece of advice you’ve ever received that you now share with your clients?

Never, ever stop listening, watching and learning.

What motivates you personally in your work?

Without question helping other businesses to success or more success.

How long have you been working with Evolve Business Finance, and how has the partnership benefited your business?

We have known Stef for many years and know that Evolve has the client’s interest in mind first and foremost and will therefore look for the right financial solution.

Can you share something about yourself that people might be surprised to learn?

My first job was at Lloyds Bank, and I started out as a “waste and remittance clerk.” My role was to process cheques (thousands of them) – that was the remittance bit – and the waste bit was emptying the bins and putting all paperwork in sacks that were collected daily by a secure waste disposal firm. Pretty messy!