Slow Growth is Going Backwards
Business Development
If your business is not growing by a NET 10% a year it's going backwards !
Ouch ... that's a big number to chase - but it's a simple process of setting a hard target to chase and then working hard to achieve it. Without setting a target we are sure you'll never reach it !
If the target you're chasing in your business is too easy (soft) then it's a very disappointing thing when you're under target and find yourself loosing money !
We suggest that you set a harder target of a NET 10% growth in business turnover which will give you some "capacity" to absorb a lower growth rate and still make money.
When we suggest a NET 10% growth we are also taking account of the possible Customer Churn rate that your business might be subject to. So if you've got a Customer Churn (loss) rate of 10% then your new Customer Growth rate has to be a Gross 10%.
Setting this type of Growth Target should be part of your Annual Business Planning & Review Process.
(© Profit Advantage #38014)
