Approaching Growth Strategically
Make a deliberate decision
Is growth necessary? Does every business have to grow to survive? There are two different answers to this question. Growth – when it means expansion – is not necessary for every business, indeed it may bring the downfall of the business, especially if the growth is mis-managed But, growth – when it means adaptation or rejuvenation – is certainly essential for the ongoing health of any small business. No one can afford to simply rest on their previous successes.
Whatever the motivation for growth, the decision to grow should be a decision, not something that just happens by itself. This is a managerial decision about how best to position the company in the present, for the future, based on the experience of the past.
Examine your motivation
You went into business for a reason. You set yourself goals even if you did not plan them out much on paper. To survive, you have inevitably altered your goals somewhat and adjusted your approach. You may have struggled at many things but you have pulled through enough times to still be around. That means you have what it takes to keep a business alive.
The key question now is this: Have you arrived at a place that feels comfortable, one that you would like to sustain and improve and develop like a well-kept garden? Or do you wish to grow in size and stature, to manage a larger operation, and to grow your garden into a horticultural empire?
So you can rephrase the question this way: “What kind of growth do I want to aim for at this time in the life of my business, knowing that I can shift this aim later?” Your answer will depend upon a careful examination of your present circumstances and your motivation for seeking to change.
Also consider what will happen if you do not grow? Can you afford not to grow?
- Will other growth opportunities be available again?
- Will opportunities be better in future than they are now?
- Will your competitors grow even if you do not?