Is growth worth it in small business? Absolutely, if it is the right kind of growth. Let’s start by dispensing with the old adage of if you aren’t growing, you are dying. I get that and truly believe it. I also believe that the wrong kind of growth is actually contraction hidden in growth’s disguise.
There are two kinds of growth. It is hard to do both with passion because they can often be at odds with one another. The first type of growth is acquisitive. Add more locations. Buy another brand. Acquire a competitor. Vertically integrate. Just get bigger.
( Photo by Idea Go)
The second type of growth is organic. Get more customers for your current business. Be good enough that your customers refer you to friends. Be special enough to where more and more people do business with you.
I have done both. I have done both well. I have done both poorly. In each case, there was a clear focus from me. Or not. I knew why I was adding that location or going after that new account with killer service. Or I just did a deal because “they” thought I should or I gave passionless service. The results are predictable.
Owning a small business requires focus and commitment in all areas but you absolutely must choose how you are going to grow. The most incredible experience possible or the next great location. Both can be good but not unless you know which one you are doing. And are passionate about it!
What type of growth strategy has worked best for you or your favorite businesses?
Want to learn more about opening your own Great Harvest bakery? Watch our recorded Great Harvest webinar at your convenience.
