4. Planning for the Long Term
In which we expand without going bust
- With stability comes a healthy cash flow and confidence. Unless you are very sure that you have reached a sustainable level of turnover, use this to grow. Otherwise you will lose momentum and start to go backwards. Most businesses are relentless, which means you can almost never afford to sit back and think, ‘There! It’s all set up, watch the money roll in.’
- However, beware of losing sight of your core business – the income stream that has got you to where you are. Too many well-established businesses fail when they become a vanity project for their owners, who branch out into attractive yet unprofitable areas.
- Once you can afford it, always keep ...