The oft-quoted (and also mis-quoted) proverb “You can’t save your way to prosperity” has a much more pertinent meaning for business.
Many companies, small business as well as large corporations, have struggled when they focus so much on the bottom line that they forget how to move forward and drive top-line revenues.
A Forbes article last month detailed how an entrepreneur’s previous startup consumed him because of the fear of financial losses. Worried too much about pinching pennies consumed him even though the company had millions in revenue.
He discovered that focusing solely on the bottom line was no way to run a business, let alone give himself any peace or lasting satisfaction. Once he discovered what he was doing wrong, he stepped back and formulated his next start up with a focus on driving revenue and creating value.
I often say that the problem with most floundering businesses is…
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