Starting a business is never easy. It’s a tough, tiring, and often lonely journey that is certainly not for the faint-hearted. But it’s also very rewarding: the UK is incredibly entrepreneurial with a record number of 608,110 start-ups launched in 2015.

The first three years are the hardest and how these businesses respond to the challenges of leadership, organisational processes, customer demands and market uncertainty will determine if they succeed or not. Some say grow fast or die young, others recommend slow, steady growth.

Either in the extreme is unnerving, but technically speaking, any fast growing business is going to find itself in a precarious position of money going out faster than it’s coming in.

We launched Spencer Ogden in 2010, and it was hard, but worth it. In just 10 months, we’d grown by a whopping 360%! What could go wrong? Well, in 2015 the oil price dropped and that changed everything.

We had to make difficult decisions and Spencer Ogden has not only survived; it has grown. But it could have been a very different story. Rapid growth can be very dangerous when the market is suddenly no longer behind you. Here are three important lessons we learnt about how to turn adversity into opportunity.

Respond boldly to market changes

The 2015 oil price crash resulted in a drop in hiring across the energy industry. Over 70% of Spencer Ogden’s revenue at the time came from this sector which meant we had to let some people go and cut costs to save another 350 jobs. It was incredibly hard but we knew this wasn’t enough to stay in business.

While many of our competitors were shutting up shop, we chose to diversify and knew we had to act fast. It was a brave, albeit risky move, but one that was hugely successful. Our five new business departments are now thriving and turnover is up by 25%.

Oil price plunge: Responding decisively to market change can pt you in front

Don’t be afraid to separate yourself from the pack and branch out into new territory. Just because no one else has, doesn’t mean you shouldn’t. But remember to stay loyal to your existing client base and continue to support them throughout good times and bad. The market changes and customer retention as well as acquisition, is key to the success of any new business plan.

Stay true to who you are

Rapid growth translates into new offices, new staff and new customers – locally and/or globally, all of which can dilute your company’s culture if not managed carefully. Regardless of where your branches are located, each should follow the same, unmistakable look and feel.

Create a brand identity that embraces what you stand for, is globally recognisable and helps unite your employees as one team. Make sure that maintaining your business identity is part of your expansion strategy from the start as this will help guide any changes in the business plan.

At Spencer Ogden we have built positive and dynamic working environments in 16 different locations across the Americas, APAC, EMEA, Australasia and the UAE. And, each office is designed in a way that our clients, employees and competitors will all recognise.

Brands should be consistent where ever customers choose to access them

Pay attention to your people

The coolest office in the world won’t help a rapidly growing business with an unavailable or out of touch leader. Strong leadership that takes an interest in staff development and makes time to help people progress their careers is vital – your company is only as good as the team you employ and losing top talent to your competitors can become very expensive.

Be transparent, encourage collaboration across teams and regions, and motivate employees to reach their targets and you’ll reap the rewards. With our turnover hitting £98 million this year, I can vouch for the fact that this works.

Ultimately, for any fast-growing business to survive in an uncertain economy, it needs to be decisive and brave. Starting your own company will never be plain-sailing, there will always be challenges that you will need to circumnavigate and you won’t be able to do it alone.

Before you head out into uncharted waters make sure you’ve got the right people on board with you who aren’t afraid to change course at a moment’s notice.