January 08, 2015
David Glusman, Advisory Services Partner, Featured in SmartCEO Article, "It's Not All About the Money."
Growth planning plays a vital role in the success of your business. But before you can sit down and say, "This is how we want to grow," it is important to understand why you want to grow. You want to make money, but that can't be the only consideration. The "why" comes directly from the type of value that you're hoping to build for your company. Once you define your company's value, and who is affected by that value, you can begin to plan for growth.
Entrepreneurs start out by trying to solve a problem, but get lost in the sea of paychecks and profits, and when it comes time to expand their business, many CEOs will turn to revenue as the marker. "Growth is often measured in terms of revenue, but growth is both top line, bottom line and some lines that don;t appear on financial statements. Most importantly, is your quality improving?" says David H. Glusman, advisory services partner at Marcum LLP's Philadelphia office.
Successful business owners point to that elusive word, "value," as the key to growing their company, "Many business executives equate growth with additional profit. The true measure of growth should be total value," Glusman says.