Does Your Small Business Really Need to Grow? | Up and to the Right | Episode 032

Posted on Posted in Podcast

Livestream Recording

Listen & Download

Show Notes

"When you stop growing... you start dying!"

Seriously...?! This is what we have to offer the people who have the courage to create value in our economy?

Instead of setting your sights on arbitrary business 'growth'... let's talk about what you want out of your business and design a system to bring you there!

Let's get growing... in the right direction!

For more detailed information listen to the audio version of the podcast or watch the livestream recording.

Business Principle

Acting with Intention

Planning

The Heretical Question

Does my small business really need to grow?

The simple answer is no... you're business doesn't NEED to grow. Before you either troll me on this or abandon your marketing efforts let's dig into it a bit more.

Types of Growth

There are a number of methods businesses use to increase revenue (grow). Examples include:

  • Increasing the number of sales per customer.
  • Getting each customer to buy more expensive products/services.
  • Find more customers.
  • Add new revenue streams.
  • Acquire existing businesses.

This isn't necessarily an exhaustive list but the important point here is that you have options... there's more than just a hammer in your toolbox.

Where do You Want to Be?

Why did you start or buy your own business anyway?

  • Freedom?
  • Be your own boss?
  • Make more money?
  • Generate wealth?
  • Make an impact?
  • Pursue your passion?

There are plenty of reasons that people want to start businesses and not only are there different reasons but each reasons will weigh differently for each business owner. We end up with countless combinations of motivation.

What is yours?

Planning to Achieve What You Want

Where the rubber meets the road, as they say, is rather than just pursing a vague strategy of growth we can design our small business around achieving our goals.

Why?

There is a substantial difference between a company with 100 customers that makes $10,000 per month and a company that has 1o customers and makes the same revenue. Both can be great companies, both come with benefits and risks and both must be operated distinctly differently. Understanding what we want as business owners allows us to create the company we want to own instead of being owned by a company that created itself.

We can use our sales and marketing pipeline to focus on the type of business that we want to achieve.

Practical Action

Get clear about why you own a business in the first place! What do you want from the business? What do you want to be doing as a part of the business in the future? Where do you want the business to be in the future?

Start thinking about how each function of your business is designed and whether or not that supports your true vision. Three components to think about first:

  1. Does your product offering support the vision?
  2. Does your marketing attract prospective customers that fit your long term goals?
  3. Do your sales channels convert those prospective customers into 'ideal customers' (the kind that pay)?

Pro tip: Don't expect to be objective on this. It's perfectly reasonable to be so deep into the nuts and bolts of running the business that you'll need someone to bring an outside perspective to help you reset your course.

Closing

Why did you REALLY start your own business? Have your reasons for business ownership changed over time? Drop a comment below and share what you're thinking!

Click the link above or use your favorite pod catcher to listen to the full episode.

Thanks for watching or listening!

Up and to the Right is live weekly - check the Podcast Page for details about when we're live and where!

You can subscribe to the Up and to the Right podcast on iTunes, Stitcher, Google Play, TuneIn and now there’s even a playlist on the Beyond 50 Percent youtube channel!