7. You’re Working With New Clients and Repeat Customers
The cost to acquire new clients is higher than the cost to work with the same customers over and over again. A steady stream of new clients and repeat customers demonstrates that your business has multiple options for generating revenue. By having access to new customers, you can help to insulate your business from changing attitudes and buying patterns.
Measuring the health of your business’ finances can be as simple as reviewing a profit-and-loss statement or as complicated as analyzing all the different elements of your business. However, there is very little doubt that fully understanding your business’ finances is a sure way to remain successful and profitable.
