After months of barely getting by, seeing a business turn a regular profit is a sight to behold. Sleepless nights turn into restful slumbers, knowing that you’ve found a winning formula. The climb to the mountain of financial stability feels like the conclusion of the startup phase, but if you’re a true entrepreneur, the next chapter begins immediately.
Business development doesn’t stop once you turn a steady profit. A steady cash flow affords business owners opportunities to expand and take risks. If your business is in the black, double-down on your work and promote an attitude that never settles.
Take Advantage of Perks
They say it takes money to make money. With a steady income, it really is easier to raise the bottom line. One technique is getting a credit card. You might be thinking: “My days of leaning on credit are long behind me,” and that’s probably true. But with regular income, credit cards transform from being a crutch to an asset. American Express’ Business Gold Card, for example, offers flight benefits from a variety of South African airlines, including SAA, Mango and Kulula.
Invest in Your Employees
If you’re running a thriving business, chances are you didn’t do it on your own. Your leadership deserves ample credit, but the people who run the day-to-day operations will take your business to the next level. It’s tempting to hoard profit for personal benefit, but eventually, the employees who run the business will expect to gain from their hard work or take their talents elsewhere.
To avoid a company stall, invest in your employees, not only through compensation, but also through training and development. Gretchen Rubin, author of The Happiness Project, explained to Businessinsider.com that an environment of growth was one of the best ways to improve employee satisfaction. Not only will your business benefit from this investment, your employees will also be happy to come to work in the morning.
Take the Next Risk
Building a successful small business probably required a risk or two, but now that you’ve found a groove, it’s tempting to abandon the daring spirit that turned your dream into a reality. Taking a new risk could compromise the part of the business that is working. No matter how much you convince yourself that your business is comfortable, however, your brain might be telling you otherwise. According to Businessweek.com, entrepreneurs receive a chemical response in the reward center of their brains when they take risks.
The formula that is working now doesn’t have a guaranteed time frame. Risk will keep your business fresh and innovative. You don’t have to reinvent the wheel each time, but stable revenue affords the chance to offer a new service, reach out to a new demographic or develop a unique product.
Secure Your Business
If you haven’t already, use profit to create a financial safety net. Success could turn at any moment, and a nest egg with three months’ worth of operating costs could be the difference between folding up shop and pushing through to bigger and better things. You worked to hard build a profitable business. Store some money away to ensure stability for the long haul.
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