Over time, you party in the bliss of large sales, earning a living and carting off millions from your business.
But all the bliss and happiness may vanish suddenly!
It’s because you ignored one of these:
- Save proceeds
- Improve your model
Rather, you’re perfect at:
- Spending all your proceeds
Expand your business
This is indispensable. You can either choose to stay the boy you were or work towards attaining manhood. A stagnant (not expanded) startup is a typical example of the boy you were.
To attain manhood, set up branches in other places. Open a copy of your company or set up an entirely new one–just expand.
Strategically consider the kind of business that fits in a particular place per time. Then go on and on till you’re internationally recognized.
Diversify your business
An American actor, Alan Autry said:
“We can no longer let the threat of an early frost send a chill of fear throughout a large portion of our workforce. Diversification is the only answer.”
“Multiple sources of income” is the easiest way to attain financial freedom.
If you’re into Agriculture, dealing in food crops, you can intra-diversify into cash crops, or inter-diversify by investing in oil and gas.
Save proceeds from your business
When you save, you’re indirectly setting a pace to set-up on a wider scale.
Ask me how!
Saving reinforces your capital which invariably enhances investment opportunities.
Improve your business model
You can also choose to directly improve by diverting all income to repackaging and remodeling. Introduce innovative methods to grow your business.
If you’ve not been advertising, it’s high time you started and if you notice a new trend, you can go for it, as long as it adds value to your company.
However, you must never pal with that destructor – Spending all your proceeds
Of course, spending is inevitable. You’ll buy things, go for leisure, and enjoy yourself. Nevertheless, don’t neglect the first four for spending alone.
In fact, at startup stage, the best option is to save and expand.
Make a wise choice, check your profit to spending ratio to avoid a crash.
How have you kept your company running profitably? Share in the comments.