When we talk about margin in our business, we instantly think of profitability. But there are several kinds of margin — and several of them are enabled by being profitable.
As long as a business is sufficiently profitable, it can remain viable. To be a little profitable is not enough to ensure long-term survival, for a number of reasons.
There are factors that are in your control, and some that are not.
Longevity is based on anticipating the factors that are out of your control, and planning for them. The ongoing fortunes of your business also depend on maximizing the things you can control, and being aware of what actions you need to take.