Beyond the bottom line
It’s also about strengthening what you have. In modern business, it’s no longer about growth at all costs – it’s about efficient, good-quality growth.
Although profitability is undoubtedly a measure of success, companies must improve the elements that make up corporate ‘quality’ and long-term sustainability. A quality business has healthy levels of cash flow, agility, innovation and intellectual property. It also safeguards cash flow through strong credit and cost-control processes and protects intellectual property through patents, for example, and fosters staff retention by encouraging employees to grow their knowledge and skills.
It’s important to look after your team and protect key employees with health cover, key-person protection and shareholder protection. We’ve also recently talked about employee financial health checks.At Wellesley, we can provide your employees with one-to-one personal finance advice, which will give them confidence and help them feel in control of their money. If you’re interested in organising quarterly financial health checks for your employees with a Wellesley adviser, contact us today!
Quality is also about building long-term value in a structured way through better systems and processes, and mixing revenue streams to avoid over-reliance on one type of customer or product. And, as well as adding value for your customer, it’s about evidencing this to reinforce your quality, i.e. shouting about your success stories.
And don’t forget environmental, social and governance (ESG) factors. For example, are you working towards carbon neutrality and reducing waste? Are you improving your social impact through community and charity projects? Does your business have strong governance processes?