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Browse the siteAugust 05 2014
Of course, the ultimate goal of any business is to create profitability for its owners, shareholders and stockholders. Without profitability, the business will cease to exist.
To quote Kenny Rogers, sometimes you need to know when to hold up and when to fold up, though. There are times when a company is in a significant competitive situation where it needs to go into the market guns a-blazing and grab as much market share and mind share as it can.
In the market we're in right now, some might think the worst is over. They may think it's time to start "milking" the business trying to extract as much profitability as they can. WRONG Answer! I have lived this dream myself, so I would like to give all business owners and leaders a piece of advice learned in the School of Hard Knocks.
If your market share is not growing then it is actually declining, even if your market share is significant. If you're not getting better you're actually getting worse, because there are others that are getting better around you. Business marketplaces are not static. There is always someone gaining and someone losing. If you're "stable" that means you're actually losing because there's someone else that is growing.
Here are some signs that you're falling into the profitability over market share trap.