Profitability is pivotal to business success, yet a staggering 35% of small businesses in the U.S. weren’t profiting as of 2022, reveals the Chamber of Commerce. Despite growth in other areas, businesses that neglect profit are doomed to fail, warns Jenny Groberg, CEO of BookSmarts Accounting. Read the full report here.
Achieving sustained success requires focusing on the bottom line. As Groberg states, "Growth without profitability is unsustainable." For entrepreneurs in Nigeria, Abuja, and Lagos, maintaining a balance between expansion and profit is crucial to survival and success in dynamic markets.
Key Takeaways:
- Profit, not just growth, is essential for sustainable business.
- 35% of U.S small businesses weren’t profitable in 2022.
- Nigerian businesses should balance expansion with profitability.
Are you focusing more on growth than profitability in your business strategy? Join the conversation below!