Posts

Showing posts with the label Scaling up business

Mistakes to avoid when scaling up a business

Many entrepreneurs that decide to scale up their operations without getting the right support run the risk of making costly mistakes that could threaten the survival of their businesses. Heather Lowe, Head of Enterprise and Supplier Development at FNB Business says scaling up refers to the journey entrepreneurs take to sustainably expand their businesses by improving their management structures, operations and systems in order to grow market share and revenue. These high growth potential businesses not only create sustainable jobs, but also contribute to long-term economic growth for the country.    She says while every business is unique, there are common factors that can determine if a business is ready to scale up. The business must overcome start-up challenges, have a clear mission and vision, proven concept, strong customer base and consistently grow revenue. During this phase, entrepreneurs that consider scaling up usually face the challenge of having great ...