6. BUSINESS SURVIVES ON THE BOTTOM LINE. NOT THE TOP LINE
Don’t worry about growing revenue. Worry about growing profit…. Make sure you understand what drives profitability in your business. To spur demand, you may have to get creative with pricing and product offerings, and you don’t want to put something out there that is actually unprofitable.
Consider diversifying to make the most of potential opportunities. Others’ weaknesses and instability could work to your advantage. You never know – you may identify a new market.
You can find more free advice and useful resources like this at www.venturenavigator.co.uk
VentureNavigator is a state-of-the-art online business planning tool designed to help start-ups and small businesses improve their chances of success. Anyone can log on to the VentureNavigator Web site, submit a potential business plan, and receive a personalized assessment on its strengths and weaknesses. VentureNavigator also offers a user forum, where users can interact with each other, discuss current topics, and offer their own business advice. The service is funded by the UK Government Higher Education Innovation Fund (HEIF), ensuring that the service is free of charge to end users.