The above three words are what all people in business desire. However, business cycles are different. A start up may be focusing at growth and stability, whilst an established business may focus on increasing profitability.
So where is your business as an entrepreneur? What is important to you right now? Is it growth; profitability or stability? I am asking this because by understanding where you are, you are in a better position to come up with the right strategies to achieve your business goals.
Growth: You can be at this stage as a new entrepreneur in business or you have been running the business successfully but your business has just stagnated and you need to grow to the next level. They are various strategies you can think of to achieve this. I could write a whole book here but get in touch for ideas as these vary according to product, and business operations in place. One of the important things in this stage is customer services. If you don’t take care of your customers someone else will soon take care of them and you will not meet your growth targets.
Profitability: Every business is in it for profit, unless you ideally a Non-Profit business. Profitability can simply be at product level and then at business level. For example you could put a mark-up on a product and earn profit on it. However you have overheads such as rent and all, these may erode your actual profitability if they are not factored in the product volumes you sell per month. They are so many dynamics to being profitable such as pricing which again I could write a book about.
Stability: I would like to believe this is the stage whereby the business has grown and is now making profit. All you need to do at this stage is ensure that your brand is up to scratch and you good to go. You are happy, your customers are happy; l call it success. That is what is important at this stage. However this stage does not mean sit back and relax. Make sure you have an innovation pipeline and re-invent yourself always.
One common mistake made by most entrepreneurs is trying to run all the stages at once, or rather the second stage (profitability) before the first stage (growth). Remember running a business is a process. Be patient enough and embrace each stage as it comes.
Now here is your task today; sit down and reflect at which stage your business is and l will help you move to the next stage. Directly email me and I promise to respond to you as soon as possible: ‘firstname.lastname@example.org’, l am always glad to help you succeed.
To your success always.