Is Business Growth the Right Choice for YOU?
Seems like everyone in business says they want to grow.
It’s almost like you’re “giving in” or “settling” if you don’t express such a goal.
But is it the right move for YOU?
It’s a personal decision and one that shouldn’t be taken lightly.
I know that I thought long and hard about the direction I wanted to take my agency. Here are a few of the things I took in consideration:
What are your goals? Are you looking to make more money, expand your reach, or build a legacy business? Are you doing it purely for ego?
Are you willing and able to invest time, money, and resources into growing your business? Growth often requires a significant investment of time and money, and you need to be prepared to take on that risk. Consider the risk-reward ratio and ask yourself “is it worth it” and does it allow me to maintain my current “quality of life?”
Are you comfortable with change? Growing a business often requires making changes to the way you operate, including hiring new employees, investing in technology, and expanding your product or service offerings.
Do you have the necessary skills and experience to manage a larger business? Growing a business requires a different set of skills than starting a business, including managing people and finances, and navigating legal and regulatory requirements. Do you have the expertise or does your plan include bringing in experts for the new and expanded parts of your business?
Are you happy “where you are at” and does it provide you with the work-life integration that you require to be happy? Do you feel fulfilled with your current situation and are you looking at growth because you’ve been led to believe that is the “natural next step?”
Keep in mind, the decision to pursue business growth depends on your individual circumstances and goals. It's important to carefully evaluate the risks and benefits before making any decisions. You may want to speak with your CPA, business advisor or coach or a trusted advisor that can help you make this important decision.
Ultimately, my decision has worked out well, but I pondered, consulted with business advisors, and considered my options carefully. If you have any questions, I’d be happy to share my experience.