A balanced approach to growing a better business: by James Pinchbeck, partner at Streets Chartered Accountants

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James Pinchbeck, partner at Streets Chartered Accountants, considers a more balanced approach to growth.

It is widely recognised that businesses need to grow to remain competitive and to continue to trade, however what constitutes or is meant by growth is not necessarily the same thing for everyone.

Growth can come about in many ways including through the development of new products or services, innovation in systems and processes, adoption of new technologies and response to market and customer demands.

For many business leaders, though, it is a focus on increased revenue and certainly it feels that there is often more talk about generating more sales or turnover than perhaps the other areas for growth.

What drives that quest for revenue though can vary. For some it might be the founder, entrepreneur, or business leader themselves. For others it might be the pressure of external investors or shareholders or even the board of directors and employees.

Whether it is driven by market forces such as customer demand or an individual’s ego could be up for debate. Certainly, it is widely acclaimed that chasing turnover is vanity, while focusing on profitability is sanity. Whilst a growth strategy that is well considered, resourced and

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