Owning an SME is a tough and lonely place at times and unfortunately starting a business and registering a company does not mean you have a license to drive it. Commonly business owner’s face one or more of the following frustrations;
- Not making any profit
- Not making enough profit
- Not growing
- Not making enough or any profit when they exit their business
- Poor work life balance.
A business throughout its life cycle goes through stages and many companies stay in one stage for many many years, and these companies are at risk. I have developed the “profit pathway” of business which if followed by any business in any industry, will result in achieving the appropriate financial rewards for being in business.
When successful businesses are studied they have similar characteristics and these are embedded in these pathway steps.
The foundation factors are;
- Continual change.
The pathway phases are;
- Making a profit
- Profitable revenue growth
- Profit maximization
- Making profit repeatable
- Maximize business value
- Exit plan
- Making a significant profit on sale.
Our profit pathway assumes that a business has been started from scratch, however still applies to those who have purchased a going concern or been in business for many years.
The reality is that progress along the pathway has nothing to do with the number of years in business. The majority of businesses still suffer from lack of growth or profit instability after 10 or 15 years of operation.
If you need help to grow your business profitably or would like assistance to develop your leadership skills please contact;
Simply Business Australia
Philip Coombs “The Profit Coach”
0419 834 678