Growth for the sake of growth is a dangerous strategy for most small businesses. By making revenue generation the prime mission of the company, it fails to take into account how the rest of the organization will execute the product or service delivery of the increased sales.
Assuming that everything else in the company will expand naturally as revenue grows, is wishful thinking. A small group of people can do amazing things when necessary, but as a company grows the need to add additional staff. This risks destabilizing a cohesive group as new personalities are added to the mix.
Additionally, the added requirements for cash or lines of credit may not be readily available when you actually need it most.
Lastly, how much of a sacrifice are you prepared to make? To be sure, success demands sacrifices, but the trick is to acknowledge what these sacrifices might be and who they impact. Then have a conversation with all those affected to ensure you have their support and understanding.
Taking your business to the next level requires a full 360 degree assessment of your current business resources, identify any shortcomings and then put a plan in place to correct them. But above all else make sure this is what you truly want.
I’m Greg Weatherdon and this has been your Small Business Minute.
Copyright © Greg Weatherdon 2015
If you found this helpful, Tweet, Like or tell a friend.
Sign up above to receive email notification
of the latest update to this blog