Growth is an important goal for most businesses but what happens when profits don’t match up? Andre and Mick explore what it means to have good growth and share what the most successful businesses focus on to ensure this good growth. They explain how you can avoid falling into the cash trap and protect your margins.
Andre and Mick discuss the problems businesses face when they grow in a way that increases the work load more than the profits and puts a strain on the business. They give some valuable tips and share insight on how to figure out what clients you should be focusing on and where you should consider raising prices or simply saying no. They also share how this process can help you market to the right customers and focus on marketing what services your company is best at.
Listen to the Full Episode:
What You'll Learn In Today's Episode:
What is the good growth rule?
Why growth without value and the right profit growth puts strain on your business.
Why growth should always be enhancing your business’ value.
How to find out where your good growth is.
Why it’s important to contrast your customers.
The importance of being able to raise prices or just say no to certain customers.
How to clarify your most valuable offerings.
Focusing your marketing based on what your most valuable customers value the most from you.
Ideas Worth Sharing:
"Revenue is vanity, profit is sanity and cash is king." - Unknown
"Don’t get so caught up with being the biggest, fastest growing company because that can bring some challenges." - Mick Holly
"Was this additional profit truly worthwhile for all that additional work?" - Mick Holly
Resources In Today's Episode:
- Science of Business Wealth
- Grid mentioned in podcast (Insert link)