Imagine running the most important company in Colombia—a business so powerful, it impacts the entire economy. That’s Ecopetrol.
Ecopetrol isn’t just another oil company; it’s Colombia’s economic backbone, supplying over 60% of the nation’s energy. This isn’t a business that can afford mistakes—and neither can you if you’re serious about scaling. Right now, Ecopetrol is in trouble. Their net profit dropped 29% in the first quarter of 2024, down to 4.01 trillion pesos, or $1.03 billion. At the same time, they’re facing $23 billion in debt—with $5 billion due this year.
So what can Ecopetrol teach you about managing growth?
First, diversify your revenue streams. Ecopetrol’s betting on green energy because oil’s future is uncertain. As a business owner, if you’re too reliant on one product or service, start exploring other options. Find ways to innovate within your field or enter a complementary market. Even one additional revenue stream could make a huge difference.
Second, keep your debt manageable. Ecopetrol’s debt is largely from their $3.6 billion acquisition of ISA, an energy conglomerate. But if interest rates keep climbing, that debt could choke their growth. Look at your own debt strategy: Is it funding growth, or is it just keeping you afloat? If you’re over-leveraged, make a plan to start paying down the high-interest parts now.
Bottom line? Ecopetrol’s got the scale, but even giants struggle. As you grow, stay flexible, diversify, and keep a close eye on your debt.