HOW you grow matters

Hi there!

As some of you are considering and refining your goals for this year, I want to ask you…do you have a goal to grow your business?

As business owners, ‘growth’ can be a loaded word.

I hear some saying - yes, they’re all about the growth and that’s their focus.

I hear others saying - no, I like my business the way it is, I’m not looking to grow at all.

And also saying - growth means more work from me and I just don’t have more to give.

Maybe there’s even another camp here that isn’t reflected. In spite of what you may think about growth in your own business I think it’s worth deconstructing what growth means.

I like to distinguish growth from ‘growth at all costs’ to ‘smart and simple growth’.

Growth at all costs are those businesses that simply want to sell more and more, and will deal with the problems associated with fulfillment or delivery as they go. This strategy can work but will be fraught with challenges. You will likely grow and yes it will be painful. And, you may hit a plateau to revenue and capacity.

Smart simple growth is a thoughtful approach where you balance return and risk.

Right now, selling more of your products to your existing market is lowest risk but also could represent more moderate growth opportunities.

Let’s isolate the two factors here: 1) your current products and 2) your current markets.

If you adjust one of those factors you increase the risk (moderately) but you also increase growth potential.

• existing products + new markets = increased risk, but could be moderate and represents new growth opportunities.

• new products + existing market = increased risk, but could be moderate and represents new growth opportunities

• new products + new markets = this represents the most risk as everything is new. This could pay off, but it could be at a steep cost or you run the risk of it not working at all. Following this path may also may be a sign that you’re deviating from your core business.

So, if you’re looking for smart simple growth, look at your products/services and consider changing up one of these factors to identify your growth potential:

Does your opportunity lie in a new product/service to your existing market?

or does your opportunity lie with your existing product/service to a new market?

Smart simple growth.

Simple doesn’t mean easy, but it’s clear and allows you to thoughtfully plan and test.

Thoughtful planning will allow you as the owner to decide where your focus should be and where your team’s should be to execute.

This is the type of growth that adds value to your business and allows you to enjoy the ride along the way.

NOW is YOUR time.

Ariana

PS: if this concept is intriguing to you and you’d like to discuss it further, let’s chat.