Posted: Thu 22nd Oct 2020
Elizabeth Philp built Roseway Labs to 10 staff members in two years. It's an impressive start, but the question is: what does the next phase of growth look like?
"I wanted information to inform what to do with the business long term," she said. "Your priorities for the first two years are clear and then you know your customers and business better and you start to think about what you're going to do with it."
Elizabeth joined Enterprise Nation through the Recovery Advice for Business scheme, which offers free advice in partnership with the Department for Business.
She spoke to three advisers in her first two weeks and it helped her understand the next phase in the business's growth.
Roseway Labs is an award-winning compounding pharmacy, which provides medications for health issues such as hair loss, skin problems and hormone imbalances.
Fiona offers free introductory sessions for people that want to learn more.
"I was interested to talk to an IP lawyer and understand how patenting works and whether there was anything we could come up with.
"It was very long term, but it's the understanding. If we were to invest time and resources into that, then what boxes would we need to tick to do it?" Elizabeth explained.
Fiona helped Elizabeth understand how to use the patent database and she's started doing searches in her downtime. It's a long-term project, but she's happy to be able to chip away at the research.
Connecting with advisers also gave her an opportunity to tap into skill sets in areas she was less familiar with, like marketing.
"When someone has given you impartial advice, it builds trust. You're much more likely to go back and ask for their help when you need it," said Elizabeth.
Are you making long-term plans? Enterprise Nation's expert advisers can help you develop strategy for areas like legal, marketing and accounting. Find out more about signing up here.