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Top 5 Tips For Taking Your Business To The Next Level

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If you are struggling to take your business up a notch and your sales are beginning to plateau rather than skyrocket, then you might want to read on and take in some of our top tips for taking your business to the next level. While some of these may seem straightforward, it remains important to consider all your options.

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1. Bring In New Ideas With New Staff

If you have been running things all by yourself since day one, then perhaps that’s where the problem lies. You are clearly out of ideas and need to bring in new ideas by blooding additional team members into your organisation! At first, this might seem like a scary prospect – and an expensive one – but this is the sort of investment you will need to make to scale up your business, and one that you need to be prepared to put your hand in your pocket for. 

2. Revisit Your Finances

Take a deep dive into your balance book with your accountant and see where the business is making and losing money and try to iron out any issues. This could free up more capital to invest elsewhere and help you to grow the company further. If a poor cash flow is what is holding you back, then this could be the key to unlocking your future growth and taking your business to the next level.

3. Make Strategic Acquisitions 

If you can afford to, then free up some capital and invest it in buying out a rival business. Not only will this reduce your number of competitors, but the acquisition will also mean a greater market share for your business. It’s worth keeping on some or all of the staff from the newly acquired organisation too, as this can help to generate new ideas about how best to run your business as it moves forward.

4. Secure External Investment

Ever seen an episode of Dragon’s Den? If so, then you will know that one of the best ways to grow your business is to secure additional funds for it. If you are looking for additional investment, then why not reach out to Phillip Kingston who is formerly of Trimantium, an advisory firm that invests in the entrepreneurs building the future? He could be the right person to help your business tackle those daunting global markets and put your company on the map for the right reasons. 

5. Go Back To School
Maybe your business practices are outdated and it is time to go back into education to acquire the new skills you might need to take your business to the next level. With the rate at which digital platforms are accelerating, you might have missed a trend along the way. There’s no shame in studying and taking a step back for your company to be more competitive moving forward. Check out some of the online or part-time courses available at your local university or college – this could be exactly what you need to take things up a notch.

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