How to safely scale up your business

It is one thing to start running a business and quite another thing sustaining it. The ultimate goal of any entrepreneur is to grow your business to its fullest potential.  According to the OECD Structural and Demographic Business Statistics (SDBS), 20% employment growth is the threshold defined as ‘high growth enterprises in Brazil, Canada, Israel, New Zealand and the United States. For all other countries 10% is the mean. Business pundits recognise that once a business reaches a ‘high growth’ phase their chances of surviving the first three years dramatically increases. Lending experts Quickloans.co.nz, state, “one of the most common strategies used by SMEs to expand their business across the globe is to seek intervention from financial institutions. Startups and small businesses make use of small business loans to take their chance at growth expanding into new territories”. However, as it turns out while taking a loan is a great way of expanding a business, it takes a lot more than just extra cash to safely-scale up your business. Counting on expert advice The truth is, no foolproof formula exists that keeps any business safe from stagnation or even regression. However, there are some time-proven ways, businesses can implement to increase their chances of growing bigger and more profitable. Every business wishes to expand its employee base and increase the turnover. The following steps could be what your business needs to make that giant step into the world of success. Consider your funding sources While the world of business has gone through seasons of recess, stagnation and tale-tale signs of improvement…. Read More