2015 is approaching rapidly! Every year, I use the last month to do strategic planning in preparation for the following year. Year-end is a great time to reflect on the year’s WINS and losses, along with all there is to be learned. Then, plan the year ahead.
While I have co-founded, built and sold two multi-million dollar technology service firms, I admit they were never truly profitable. Every increase in revenue seemed to be matched with an even greater increase in expenses. Every day I checked (and still do) my bank balances. As the balances would climb and fall, so would my confidence and my spending. I lavishly incurred new, unnecessary expenses when my bank account was fat. I panicked when it was thin.
The key to growing your profits is to bring in more revenues, right? Not necessarily. While most business owners focus on growing the sales and revenue side of their business, they often miss key issues that are impacting their profitability.
If you think that the best way to grow your business is to get more clients, think again. So many businesses that we work with tell us that their growth issues stem from not having enough clients.