The profitability of your business is driven by how well you:
- Get and keep customers. The ultimate test of your business model is whether you can consistently and predictably get and keep customers.
- Generate strong gross margins. Having strong margins is about selling at a price that provides value for customers and a healthy gross profit for you.
- Grow the company. Growth is about scaling the business up and touching even more customers.
- Controlling costs. Keeping expenses in check ensures you bring a solid percentage of revenues (or gross profits) to the bottom line.
Take a quick minute to ask yourself the following questions about your company's profitability.
In which of the four areas is my business performing well right now?
In which of the four areas is my business NOT performing very well right now?
Your answers may help you define some short-term priorities. J
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