TITLE

Growing your company smartly

AUTHOR(S)
Baynton, Dick
PUB. DATE
May 2005
SOURCE
Wood Digest;May2005, Vol. 36 Issue 5, p28
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article informs that most business leaders want to excel, however, and grow their businesses faster than the combination of the rate of inflation and the increase in GDP. This depends on the profitability of the company and the amount of cash and credit that is available for investment in new products, expanded markets and new technology such as production/handling processes. Conventional wisdom suggests that an annual growth rate of more than 10 percent may not be sustainable by many companies in the woodworking industries. A strategic business plan should contain three basic elements: plan, execution and follow-up. The plan should include the costs and expenses along with the top line and bottom line goals for revenue and profit. Execution should include financial, marketing and operational objectives. Follow-up is the monitoring system established to evaluate progress monthly or quarterly during the year.
ACCESSION #
17391495

 

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