Grow Better Not Bigger
You’ve probably been told over and over that your business has to grow or you are a failure. I’ve been to umpteen networking events were a large chunk of the biz owners get up and say, “I want to grow my business.” Yet, it’s never defined what that means or how the biz owner or his/her clients will benefit.
And if you’ve worked at a corporation — especially a publicly traded company — that company has been told it has to grow or it is deemed a failure. The irony is that most of those businesses fail BECAUSE they followed that mantra.
They expanded to meet demand and lost sight of their own values as well as the warm/collaborative relationship they had with their clients. Then they hit the proverbial growth wall and begin the painful contraction, laying off folks, shutting down buildings, etc. When a company retreats it tends to lose the verve and self-confidence it had during its early years.
Then they do start to feel like a failure. Much of business is psychological, if you lose your mental edge, you lose everything.
So, how do you do that?
Start by questioning that “you must grow” mantra. Where does it come from? Where did you hear about it?
You can stay small and do very well for yourself. My father did. He and his brother had a business together and were pressured to get “bigger.” My uncle said, “I don’t want to get bigger.” The irony is that all the businesses around them that got bigger, ended up going out of businesses. They stayed small and nimble and did very well for themselves.
A better way to stay in business is to do great work for your clients. If you get more business than you can handle, either start a waiting list or pass it along to other business owners you trust. I’d argue that being exclusive will do more for your income than endless expansion.
You can stay small, but collaborate with other businesses – you would be sharing additional revenue streams. We’re also taught to complete with each other when it’s been my experience that it’s better to collaborate with each other. Do not fear another business owner in the same marketing space.
We all have different strengths. I farm out stuff I don’t like to do or I do not do well. That opens the door to more collaborations.
Suggestion: Take some time and brainstorm how you can make your business better, more helpful to the clients you already have. Contact them via email or phone and ask them. The more your current clients like you and your services the more they will refer you to others.