5 secrets you must know to double your profit !

5 secrets you must know to double your profit !

Starting Business
Strategic approach to  Business Growth

If you want to double your profit from your business then you are on right place.

In simple terms Profit is the money that you make when you sell something for more than it cost.In any business earning profit is the one of core.Profit is calculated as total revenue less total expenses.

In the last eighteen months,  business owners are the worst suffers due to lock-down, low sales, and skyrocketing expenses. A good number of businesses were struggling to stay afloat with month-on-month expenses. In the period of uncertainty when people prefer to stay home, with restricted and business runs on limited hours with almost no credit, it becomes clear that growing the business is the only way of survival. If any business is compromising on growth then knowingly or unknowingly that business is compromising on its sustainability. After vaccination society is moving fast towards normalcy, businesses want to gain their lost ground with exceptional growth.

“To be successful, you have to have your heart in your business, and your business in your heart.” Thomas Watson, Sr., former CEO, IBM

Business growth is a stage where the business reaches the point for expansion and seeks additional options to generate more profit. Business growth is a function of the business lifecycle, industry growth trends, change in customer’s behavior, the owner’s desire for value creation, and much more. The business world is so complicated that normally no two businesses follow the same growth trajectory for their growth. Almost every business owner knows that smart strategy, excellent execution, and sound decision-making help to drive growth but few know how to do it in real life.

Here I will share the five secrets of business growth, before jumping to know growth secrets, readers should know types of growth. Three types of growth can happen in any business.

  • Organic Business Growth-Organic growth happens naturally in the normal course of business if customers are linking your products and your business fundamentals are strong.
  • Strategic Business Growth-Strategic growth happens through strategic moves like innovations in product or process, the addition of products, etc.
  • Partnership/Merger/Acquisition– Through partnerships, mergers, etc. businesses achieve the desired scale

Why business growth is important?

Just imagine a business which is not growing in terms of profit,market share etc.Gradually that busienss will become the history due to fast changing  business ecosystem.

“Growth is key to survival.”

Business growth is important for survival. Every business needs new types of machinery, new employees, new products, etc. All this can come if your business is growing and generating enough profits. Business growth drives performance and profit.

Secrets of business growth 

The first secret is to know the stage of your business.

Every business passes through the four stages

Start-up stage – beginning stage when high growth is expected.

Growth stage –Business model get established and now growing in numbers is expected.

Maturity stage Business reached the stable stage and now operations are running smoothly at their own pace.

Revival or decline stage–Business is going through challenges in terms of the changed market scenario. Either going upward or going downward.

After knowing the stage of your business, you need to jump on the second secret to own a growth-oriented business.

The second secret is to analyze the competition.

Analyzing the competition covers the market competition with understanding the customers’ expectations. If your business can fulfill the customers’ expectations then build a strategy to fight competition or if your business cannot fulfill customers’ expectations then upgrade your business as per customers’ expectations or enter into the market where you can fulfill the customer’s expectations.

The third secret is to find what is working and what is not working.

Amplify what is working and get rid of not working. Many time business owners spend a lot of resources on non-working and that become suicidal for their business.

The fourth secret is not differentiating between sales and marketing.

I have seen small businesses owners spend their resources on marketing on the cost of neglecting the sales. Sales generate cash and cash is very crucial to any business especially you’re your business is small.

The fifth secret is neglecting the detailed records of their business.

Detail record of business helps in analyzing every activity of their business including customers. Data is key to decision making and neglecting data leads to an uninformed decision or less profitable operations.In digital world data become the currency.

Bonus secret:

“Invest in yourself.”

Investing in yourself is the best investment. Learn new skills to update yourself.

Keeping a small business afloat in difficult economic times is challenging, and the coronavirus pandemic has roiled the waters on which owners must sail. Unfortunately, there is no set playbook to follow to ride out the storm and right the ship. Every small business is different, and each carries its risks and rewards. These differences make copying another company’s turnaround strategy to the letter unrealistic. Still, there are some general strategies business owners can follow to help them stop taking on water and start bailing themselves out.

“Forget past mistakes. Forget failures. Forget everything except what you’re going to do now and do it.” – William Durant, co-founder, General Motors

I have conducted extensive research on small and big businesses and prepared a list of top 15 mistakes which act as a brake to business success. Studying successful businesses I build a three days course around those mistakes with their corrective strategies which will help small businesses to grow in a difficult time.

I believe the statement of  Napoleon Hill “Strength and growth come only through continuous effort and struggle.”

I believe that growing businesses are the foundation of a happy society and strong nation. If you are the owner of a small business and you feel that your business is not growing, profit is not enough to scale up, competitors are doing better than you then you can join my free business growth course here.

“The journey of a thousand miles begins with a single step.” – Lao Tzu

After completing this course I trust you will be able to increase your profit. By following the learning of my course some of my clients doubled their profit in less than three months.

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