Success is both a journey and a destination. You went into business for a reason, whatever it was. You set yourself goals even if you didn’t plan them out much on paper. To survive, you’ve inevitably altered your goals somewhat and adjusted, probably fairly constantly, your approach. You may have struggled at many things but you’ve 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:
“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.
To understand the dimensions to your motivation, talk with friends and family about your answers to the questions below. They may have useful insights. Also, seek out other owners, bankers, consultants and mentors. Ask their advice on how they would evaluate the situation facing your company today. Avoid making a hasty decision.
Consider the following self-assessment questions:
What goals do you have for the future? The growth of your business should be aligned with your own personal dreams for the future. What are those dreams?
Control- Do you seek more independence and mastery over your own destiny? Do you want to secure greater control over your supply, distribution and sales?
Wealth – Do you dream of amassing assets and building a fortune? Is the acquisition of wealth important to you?
Challenge -Do you thrive on trying to set difficult goals for yourself and trying to reach them? Is the excitement of playing the game as important as winning the prize?
Achievement – Do you strive to become famous or an industry leader? Do you have something to prove to yourself or to others?
Now, consider what personal risks you will face by expanding.
Growing your business may be hazardous to your health and your wealth. What do you fear most could go wrong?
Fear of failure – Are you afraid that you aren’t up to the challenge? Will growth keep you awake at night anxious about losing everything you have gained? Are you worried what others will think if you fail?
Fear of success – Are you scared that success will change you and turn you into a different person? Are you worried about the impact of success on your family? Do you believe you don’t really deserve success?
Fear of responsibility – Are you anxious about taking on more employees and being responsible for their livelihood? Do you have the courage to make tough decisions about hiring and firing?
Fear of losing control – Are you frightened by the thought of delegating tasks to other staff? Or handing over equity to finance expansion? Or leaving quality control in the hands of others?
There are advantages and disadvantages of growing. To asses the link between growth and the development cycle, avoiding the growth gap, and reasons to consider expansion or not, we highly reccomend the GroYourBiz interactive e-Guide to fully asses how you can take your business to the next level.
Taking your business to the next level can be very challenging, and the 200-page GroYourBiz e-Guide contains robust information, exercises and analytics including an overview of strategic planning, market development, human resource development, technology straight talk, and financial management.
Click here to download the free tech chapter OR click here to download the interactive e-Guide today.