Discussing the Pros and Cons of Business Growth
What do you think, is business growth always good? If looking at the finances you will probably answer “yes”. There are many factors, however, that go into discerning whether business growth is good.
Why wouldn’t business growth be good in all circumstances? Well, I will discuss that shortly, but first, let’s take a look at some of the Pros for business growth.
Business Growth Pros and Cons
I think I can assume that most of us think positively about our business growth. Did you know there can be some really big negatives associated with growing too quickly? Let’s take a look at the positives first.
- Make More Revenue – helps you do more in the business.
- Have More Income – helps you and your family if income grows.
- Audience Growth – can help you pick up more followers and more potential clients.
- You and Your Brand Become More Recognizable – some of you may love this and others of you will say you enjoy your privacy more. This can, however, come with sudden growth.
- Help You Become A Thought Leader In Your Industry – can toss you into the spotlight.
If these sound great, hold on just a minute, please. Because I have a few cons listed for you below. Make sure you don’t count the chickens yet. At least not until you read the cons list.
- Grow Too Fast And You Are Not Ready – unprepared for what is coming if you grow too quickly.
- Could Lead To Unfilled Orders/Services – if You Do Not Have Enough Staff or Subcontracted Team Members. It can also lead to missed deadlines because you are so busy and do not have enough help.
- Leaves You Always Scrambling – feeling like you can never catch up because you are so busy, especially if you have not begun to bring on team members.
- Sudden Growth Could Ruin A Good Atmosphere – you have worked hard to create an authentic great atmosphere and growing too quickly can cause you to lose this as you struggle to stay on top.
- Does More Harm Than Good – can ruin your reputation if you are not ready and you end up with dissatisfied clients.
Years ago I went from working by myself as a virtual assistant to bringing on several subcontracted team members. It was overwhelming at first. And it took me a little time to find my rhythm, but I did.
If you are in the midst of your business growing, have heart, you can do it! You will make it through especially if you get a little business help. We all need a business coach and this is when I hired my first coach. She kept me focused and on track for what I needed to accomplish.
I hope you are in a business growth stage or are planning for one soon. Keep your eyes on the positives but also beware of the cons that can come with it. Be wise in your business growth so you are ready when it comes. It is worth it in the end, my friends.
To Your Continued Success!