Prioritize Needs for Sustainable Success

Focus on providing services that address essential needs rather than discretionary wants, as needs remain constant even in economic downturns. Establish a business model that prioritizes recurring revenue streams over project-based income, ensuring stability and predictability in cash flow. Entrepreneurs should work towards a structure where the business operates profitably on a smaller scale, adhering to financial benchmarks such as maintaining at least 30% gross profit at the operating level and keeping selling, general and administrative expenses under 20%. This approach helps in building a sustainable and profitable enterprise that can withstand market fluctuations.