Cash is the lifeblood of a business, but with so much emphasis usually put on profitability, it can be easy to overlook this fact. Of course, the bottom line is important, but poor cash flow management can drive a growing and/or profitable company out of business.
In business, your profits are your reward for your endeavours. In fact, profitability is one of the essential measures of a business’ success. Profits are the very lifeblood of a business.
They fuel growth, support the owners, provide for the well being of the staff, and ultimately determine the success or failure of the business. So how can you increase your profits?
There are many situations where a business would benefit from expansion. Whether it is because of increased demand for a service or product, adapting to your customers’ changing needs, or branching out into a new area, it is important to weigh up both the advantages and disadvantages of growing your business.