The global pandemic has caused numerous organizations to alter their business strategy and to operate on a lean budget. Consider these three basic growth principles when moving forward in these dynamic times…
- Make a decision to grow. Growth doesn’t just happen. If you want to grow your business, you need a vision of what that growth would look like and a commitment to make that happen. It means putting your resources – all of them mental, emotional, financial, personnel – toward growth.
- Figure out what makes you money. All money is the same, right? Wrong. Businesses have two kinds of money, cash flow – which keeps the doors open short-term – and profits – which provides long-term security. Understand, and concentrate on, the parts of your business that bring you profits.
- Focus on recurring revenue. The best kind of customers? Repeat Customers. If most of your customers or clients are one-time buyers, figure out which, and what customers who have the need and capacity to buy repeatedly.
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