What are some of the other things that we can look at when growing business?
Well we can look at the gross profit and the net profit.
See when we’re growing the business, we don’t necessarily have to focus just on growing revenue. As I said before we grew our revenue, we had a phenomenal amount of revenue growth, but we didn’t actually make any net profit, in fact our net profit went down (If you want to know more about it you can here).
So you have to ask yourself was that really worth it? And the answer’s no.
As the old saying goes – turnover is vanity, profit is sanity.
We want to be focusing on being profitable in our business as well as growing the revenue. And so looking at the gross profit and net profit is something that’s really really useful.
We might also look at growth through research and development (R&D).
How can we disrupt ourselves?
That’s a really big, really powerful question.
If we want to grow our business, one of the best ways we can do that is to make sure that we’re staying ahead of the game, staying ahead of the competition. Investing in our R&D is absolutely key in being able to do that.
Investing in research and development allows us to develop our products, our services and our offerings to the marketplace to make sure that it’s always one step ahead of our competitors. That means we’re dominating the market and so that we’re always one step ahead of our clients as well.
We’re always making sure that we we have a product or a service ready that gives clients what they need, when they need it and not after the fact.
More about business growth on the 15th February