In the January/February 2018 issue of Entrepreneur Magazine here is an article “Landing on the Wrong Shelves.” The article talks about the growing pains that can come along with business. When they mentioned the “right growth” it really struck a cord with me. There is often a sentiment in business that you must always be growing in order to not go backwards, or to keep competition from passing you up. I for one am always thinking about growth and strategizing for what’s next. I certainly get the feeling that if there is not some sort of growth strategy in play that I am not doing something correctly.
After taking a moment to sit and think about it I realized that my thought process may be skewed from reality. Growth for growth sake should not be the focus but instead focusing on the correct growth. What makes the growth correct may vary from situation to situation. It might be that a new person has joined the team allowing for growth into a new are or maybe the growth is tied to market trends. Being patient and growing when the economy lets it happen organically will likely be more successful and less of a burden on the team then if you were trying to force the growth at an inopportune time.
Timing growth correctly can be tricky. Intentionally growing after a period of time where you chose to not grow in order to streamline systems and eliminate errors can really lay a good foundation. By taking the time to dial in the business prior to the growth can be the difference between success and failure.
My final thought on this is that the correct growth may not be large growth. It could be a small step that expands what you offer your customers or increases revenues by a little bit. Similar to the 1% infinity post it may be a bunch of little increases that in the end will add up to impactful levels of growth.
When strategizing this year consider what the correct growth for you and your business is before diving right in.