Just as you need routine checkups to maintain your health, you should frequently assess the vital signs of your small business. A healthy business has the ability to pay its bills, meet customer demands, and scale sustainably. Scoring well on these metrics buffers your business against volatility in your market or the wider economy. You […]
Profits
Starting a Profitable Business: The Ultimate Guide
Everyone wants to be successful in life. In many cases, this revolves around finances. Who doesn’t want to be financially secure? Part of this could be envy; people see others’ success and want to replicate that. You don’t need to look further than Volodymyr Zelenskyy net worth to feel a small pang of jealousy. There […]
How to Invest Your Company Profits Wisely: 5 Great Tips
There’s no doubt about what to do with the first dollar your business has ever earned you: it should be saved and framed. But what should you do when you start reeling in consistent profits? If you don’t yet have an answer, you are not alone – this is a dilemma that most entrepreneurs face! […]
Increasing Profit Isn’t a Goal, It’s a Wish
According to estimates, 80% of businesses fail by their fifth year of operation. Startling odds, to say the least. However, the 20% that make it beyond this time frame is testament enough that by doing things better and differently, it is possible to enjoy longevity and profitability in entrepreneurship. At times, improving your internal business […]
How to Set a Balance of User Growth vs. Profitability
A question that I still hear debated often is whether a new startup growth strategy should focus on user count or profits. First of all, the glory days of “dot.coms” are gone, when investors “didn’t care” about profitability, and all the big money was focused on user count growth. In the long run, everyone wants […]
Is Your Small Business as Profitable as It Can Be?
There is an excellent chance that even if you’re an expert in your particular industry, you’re probably not an expert in small business finances. This may not seem like that big of an issue on the surface. However, in order to make the best decisions possible for your company, you need to have complete and accurate […]
Can You Profit by Serving Early Adopters?
I am a gadget freak, often purchasing new technologies in their first release. And my closet is full of such gadgets, from early pen-based computers to early brick-sized cell phones to an electronic handwriting recognition pad received as a gift to test. These early dives into new technologies serve a purpose for me. They keep […]
10 Common Mistakes with Startup Financial Projections
I was glad to be asked about common mistakes with financial projections. I read about 100 business plans a year for angel investment and business plan competitions. Most show unrealistic profitability. More people doing business plans should realize that most startups are unprofitable at the beginning; and that high growth correlates with losses, not profits. […]
Profits Eat Innovation for Breakfast
Michael Porter said, “Culture eats strategy for breakfast.” This is the first thing that popped into my mind when I read Steve Blank’s HarvardBusiness Review article explaining why Jeff Immelt lost his job as CEO of GE. Steve argues activist investors forced out Immelt because of the long, languishing performance of the company’s stock. Following Mr. Immelt out […]
How to Increase Profits by Pricing Your Product Right
The most experienced entrepreneurs know that price is the dominant factor driving profit. While profits can be increased via a number of ways, raising prices is the simplest method that yields the biggest result. A mere 1 percent change in price can generate double digits change in net profit percentages. In a study published by […]
