Businesses often strive for double-digit growth in revenue for several reasons:

  1. To remain competitive: In many industries, businesses are competing with other companies for market share. Double-digit revenue growth can help a company stay ahead of its competitors and maintain or improve its position in the market.
  2. To attract investors: Investors often look for companies with strong revenue growth potential, as they want to invest in companies that can provide a good return on their investment. Double-digit revenue growth can make a company more attractive to potential investors.
  3. To fund expansion: Businesses often need capital to fund expansion plans, such as opening new locations or launching new products. Double-digit revenue growth can provide the cash flow needed to fund these initiatives.
  4. To increase profits: Increasing revenue is one way for businesses to increase profits. Double-digit revenue growth can help a company achieve higher profits, which can be used to fund future growth or pay dividends to shareholders.
  5. To improve employee morale: When a business is growing rapidly, it can create a sense of excitement and energy among employees. This can improve morale and help retain top talent.

However, it’s important to note that double-digit revenue growth isn’t always necessary or even possible for every business. It depends on the industry, market conditions, and the company’s goals and resources.