Looking at the international business landscape today, it’s hard to ignore the fact that some companies have grown incredibly large in a relatively short amount of time.
As it turns out, this phenomenon has two different terms that might seem interchangeable — growth vs scaling.
So what does this mean in the context of modern businesses? In this article we’ll analyse both words, point out their subtle differences in meaning, and explain why one of them is more relevant when you’re trying to build a company.
What is company growth?
It can also trouble other kinds of businesses, however — especially those that didn’t do the math on their business plan. If you haven’t figured out exactly how you can increase the amount of money you’re making without it making a comparable impact on your costs, chances are you’ll become subject to stagnated growth.
Further reading for startups!
- Startups: how to manage your SaaS payments easily
- A CEO's guide to startup expense management
- How to allocate and manage your startup marketing budget
- Fundraising strategy: how to raise startup venture capital
What is scaling?
It’s also important to realise that your business won’t just become successful based on sheer size alone. There are competitors out there, and they’re working just as hard to scale — that’s why you’ll need to stay competitive. Staying in the race is all about being smart in the way you do business, creating a place where your employees love to work and implementing the latest technologies to supercharge the workings of your company.
How Spendesk can be instrumental in scaling your company
Let’s rethink the way your employees pay for what they need — get started by booking a free demo today.