Does Your Business Need to Grow? (Hint: Maybe Not)
Business growth is a hot topic in the news. ‘Grow as fast as you can’ seems to be the message that every CEO and headline blares at us. Going from $1,000 months to $10,000 months as fast as possible. Going from one employee to 5 employees. Growth is good, and it’s what your business should be doing. Or is it?
Your business should be something that enables you to live the overall life you want to live. It doesn’t have to change the world, or to become the next unicorn. Growth for growth’s sake isn’t a blueprint for success.
Why Growth Might be Bad
When it comes to business growth, you should know the WHY and the WHAT behind it. Why are you trying to grow? Does it mean more money for your business? Does it mean less work for you? Or is it simply to show off? Or perhaps you read that some Silicon Valley founder followed this path and so you think you need to do the same.
Determine What Growth You Need
Having a plan for growth is key. Simply hiring or expanding for the sake of hiring or expanding can be the kiss of death. You can overextend yourself without a plan in place to refill the coffers you’re emptying.
If you’re a one woman show and the minutia of your work is stopping you from doing the best job you can, growth is exactly what you need. Hire a VA or an assistant and get some of the busy work off your schedule. That type of growth has a clear path and a clear reward.
Take some time to develop a one year and three year plan for your business. What type of growth do you want to pursue? What type of growth do you not want to pursue? Maybe you don’t want a team of 50 employees. Maybe you want a full time assistant and someone to do your taxes, and you’d be happy with everything else.
The point is- what do you want and need for your business? Do you need systems and automations? Do you need to hire people? Does it make sense for the kind of life you want to say ‘I am building a $1 million dollar business’?
Dream big, but define your own dreams.
Sustainable Growth For The Long Haul
Ultimately, sustainable is better than hockey stick growth for the majority of businesses. Implementing systems and strategies for growth that are sustainable will help take you through the years, and the ups and downs of business.
Business growth is not something that is formulaic. Your business has its own needs and it’s own path to chart. Try not to compare yourself to others, or to follow a path just because someone else walked down it.