Business Growth Myths

There are business growth myths that abound and I’d like to take some time to bust some of those myths before the new year kicks in. Jump into 2017 with a renewed focus on business growth and cultivate a great year from day one!

  1. Bigger is better. This isn’t always true. Bigger isn’t better when you’re not ready for growth. You need to have systems and procedures in place to accommodate growth. If you’re not ready to handle an influx in business it’s best to take it slow than to have to scramble to hire new people who may not be the right people. Moving to a bigger office isn’t better if you don’t have the cash flow for to pay the increased expenses.
  2. All growth is good growth. Too much growth when you’re not prepared isn’t good. Too little growth when you’d planned and budgeted for more is, at the opposite end of the spectrum, not good either. If growth is putting strain on your resources, you may need to scale back until you aren’t stretched at the seams. In some cases, growth that you’re not prepared for can actually lead to your business going under.
  3. Grow or die. There is nothing wrong with being a “mom and pop” operation. No one says you have to take on and take over the world. Work in a business space in which you’re comfortable and at which you’re excelling. Slow and steady does win most races.

What can you do to be prepared for a business growth spurt?

  1. Make sure you are always meeting and exceeding customer expectation. Don’t let that foundation be shaken by business growth.
  2. Always seek operational excellence. Make continual improvements.
  3. Document strategies and procedures. Learn from your mistakes.
  4. Keep employees engaged so they are ready and able to deal with a business growth spurt.

What are you looking for in your business for 2017?

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