 Being a for profit business means your focus is on growing a business that is profitable. Seems like a “duh” statement, doesn’t it? Then why isn’t this understood from the very beginning? Depending on the source, the average number of years a start-up business becomes profitable is anywhere from 2 to 5 years. And yet according to the U.S. Bureau of Labor Statistics, an alarming 20% of start-ups fail within 2 years and another 45% of businesses don’t make it past 5 years. Only 25% of businesses make it to 15 years or more. A more profitable business is a more bankable business. Just ask your local banker. A start up that is in a growth mode and can’t show a profit is hard pressed to get bank funding, and while it may be able to get angel or venture funding, then the pressure to be profitable becomes ever present. It seems evident that profitability should be taken more seriously from the very beginning. So why isn’t it?
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 Over 40 years working with a variety of industries, we have had the pleasure of strategically advising numerous businesses where government regulatory factors and/or the nature of the industry dictated an everyday management of risk. Whether it was a financial services firm or a manufacturing or construction company, risk management was key to the company’s ongoing ability to grow and thrive.
 A Leap Year is upon us! It makes sense that with an extra day to leverage, we as business owners should embrace the possibilities and opportunities with gusto and focused intention to make that extra day count. The fact that it is also an election year shouldn’t cause you to pause or be nervous. Something realized by disruptive-thinking entrepreneurial businesses back in 2008, before the Great Recession wreaked havoc on the economy, is that it really doesn’t matter which party is in office or who is leading the country
 I recently had the honor of being among other CEOs that are disrupting, innovating, community-forward and impassioned to change the world one business and person at a time. The event was CEO Convergence, designed to bring together CEOs for a day of authentic connecting, sharing, and community building. The event was held at the Charlotte Whitewater Center, a favorite place of mine to hike out in nature, not far from where I live.
 Building a business and reaching goals are a process, plain and simple. Even the most meteoric rise to fame and fortune was not as overnight as may have appeared. A look back at any successful business owner’s story reveals a series of small successes that served to pave the way as steppingstones to more success.
 The Harvard Business School teaches that, “Like death and taxes, commoditization of your products is a given.” However, this doesn’t mean you must accept eventual commoditization as a death sentence to your business. On the contrary, by paying attention, you can proactively shift for strategic advantage and competitive advantage.
 There is a saying that March winds bring April showers, so I was inspired to revisit a topic I covered back in 2016. I often refer to a strategy as an umbrella over a business. As you review your progress to-date as the first quarter comes winding to a close, do you have a strategy that is truly protecting and nurturing the best interests and opportunities for your company? I am so adamant about the need for business owners to truly understand the powerful impact a strategy can have on a business, that strategy and business planning are intertwined into every blog I write.
 As business owners we are constantly choosing. Decisions are upon us all the time. We are also continuously shifting and adapting, which is why we can be the most resilient when necessary during challenging times. The key to good decision-making is in being in the right mindset. Too often, decisions are made from uninformed thinking or misguided thinking, resulting in a “wish I would have known then what I know now” regret at a decision made.
 Does your business depend too much on:
 If you are only considering branding as it relates to your company graphics, website, signage, and promotional materials, then you are not allowing the full scope of branding to take your business to its next level of growth. Branding is not just a marketing initiative.
Branding done effectively is a strategic operational initiative. It helps drive your business forward to excel against competition in ways most businesses totally miss. It helps you become the preferred choice. |
AuthorSherre' DeMao is founder and CEO of BizGrowth Inc. An author, speaker and entrepreneurial innovator, she was named in 2025 among MSN's Ten Women Trailblazers Revolutionizing Their Fields. Her ability to scale and grow businesses has earned her position as a Forbes Council member and regular thought leader and expert in articles on Forbes.com. Archives
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