Every company under the sun wants to grow and take their business to that next level. Often growth can creep up on us too quickly and we rush decisions without stopping to ask – why and how are we growing?
Short term growth is nice but if you are tearing down your foundations and values at the expense of the future then you ought to take a moment’s pause. Growth shouldn’t be a way for us to massage our egos and boast on LinkedIn.
The stereotypical response to growth is to hire more people, upgrade into a flash new office, open another store and increase the salary bill. But how often do these developments fill us with an empty feeling of somehow betraying our core business principles? Instead, we should look deeper into why we got into the business in the first place and focus on how we can deliver further value to our customer and client. Depending on the nature of your business, this could mean staying small and agile or creating economies of scale through expansion. The following 5 considerations can help you slow down and contemplate growing for the right reasons. Here’s how to grow your business:
Your customer has to be at the heart of your growth strategy. If you are willing to compromise your customer’s happiness in the hope of increasing your margins, then you have embarked on a slippery slope. Presumably, you got into business to solve a specific problem for a certain audience – so remain true to your ideal customer and their changing needs.
As Richard Branson puts it: a company is simply a group of people coming together to work towards a specific goal. The most difficult aspect of business growth is maintaining that positive culture that allowed you to grow in the first place. When you introduce new people into your company make sure they are committed to adding to your company culture.