June 24, 2019
The Five Echelon Group
Business and marketing strategic consulting services for small and midsize companies looking for growth
Profit isn't a purpose, it's a result. To have purpose means the things we do are of real value to others."
Start small, test your ideas and build momentum. Don't spend too much cash too soon.
Know Your Market
Learn as much as possible about your target customers and key competitors.
Being consistency and delivering value is essential to keep customers coming back.
Get regular feedback from customers and employees. Know what's working and what isn't.
Follow a Strategy
Build a strategy and execute to it. Stay in alignment with your goals.
Continually assess your processes to look for opportunities for improvement.
Market for Growth
Spend your marketing dollars wisely to accelerate growth. Track campaigns carefully.
Stay true to your mission and values. Focus on your objectives and don't get distracted.
Profitability results from good strategic planning
With a strong organizational culture, the right people, products, and processes in place, the end result should be a profit. It's the reason companies are in business and it's important that while profit is the end result of running a successful company, it shouldn't be an afterthought. Profit needs to be at the forefront of every decision so the impacts are understood.
That's not to say that profit is always an immediate result. Sometimes businesses require an investment that delays profitability. Building out infrastructure and products takes capital and that can delay profitability. However, too many businesses look to their checkbook to see if they are in the black or the red. They don't build their businesses around the very thing they're in business for, to make money. Strategic plans need to factor in the importance of profitability and factor profitability into the decision making process. Profitability shouldn't be a surprise, it should be the result of careful planning and execution.
Once those profits come in, how can they be used to enhance your organizational culture? How do you invest back into your business, your employees and your community? When you establish your mission and decide what your company stands for, how do you make that actionable when you achieve success? Great businesses do more than enrich their owners. They provide a means to meaningfully impact the lives of employees, the communities the business operates in and the mission it supports.
Interested in learning more?
Let's discuss how to help your business become more profitable!