Growing beyond 5 employees efficiently is the goal, to reach Stage 3 - Consolidating.
A business is intangible and can't be seen. However, it can be described using an image, like this one with a blue and gold bucket.
The blue bucket size relates to your business' Total Income or Revenue. The gold bucket relates to Net Profit of your business. More leads in the top increases income.
The relationship between the sizes of the business buckets is the Net Profit Margin, or percentage Net Profit of the Total Income per year.
Achieving these goals transforms your business from average to Awesome.
Without a healthy Net Profit Margin, most businesses are starved of cash. There are constant shortages, causing stress on the owner.
With 5 employees, including an Admin person, it's time to get focused on the efficiency of work, not just the volume. It's time to "plug" the "profit leaks" and explore the untapped profit opportunities that every business has.
Increasing sales is essential to get well into the Consolidation stage.
Increasing sales leads to an increase in employee numbers. That's essential for move well into the next stage Consolidating, or beyond into the Managing stage.
To have an Awesome business, where working in it is optional, you need a minimum number of employees. That figure is usually around 10, depending on the industry your business is in.
Increasing net profit margins is about improving everything in your business. There are dozens of areas that can be improved. These are just some of them.
Using one or a combination of these strategies has increase profit margins of hundreds of businesses. What could they do for your business?
The primary way to increase sales hides in plain sight... improve all your existing marketing by engaging a very experienced marketing professional.
Rarely are sales and marketing funnels of a business fully optimised. Therefore there's huge potential - waiting to be untapped.
After setting an Ultimate Goal for your business to be Awesome, there's now a clear gap between where you are and where you want to be. That gap can be easily closed with a plan for growth with strategies.
All growth needs to begin with clear Vision of your business' Ultimate goal that will make your business and life Awesome.
Your business is simply a vehicle, to give you what you want. Defining what you want is critical, forgetting what you believe is possible.
Strategy choices are determined by your Ultimate Goal. The strategies need to be based on challenges, and also growth opportunities.
A well laid out plan for growth has accurate goals, based on opportunities in your business, not just "hope."
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