Is Growth Really the Right Option for Your Business?
© THE PROFIT LINE Reprinted with Permission
Do you want to grow your business? You might think that's a silly question. I mean, doesn't everyone want to grow?
Shockingly, despite what all the business magazines might tell you, growth may or may not be the right option for you.
Before you simply assume that you want to grow, ask yourself some key questions:
Why do you want to grow? Do you have specific end goals in mind or is it because it's what you think you should be striving for?
In what ways do you want to grow? Do you want to add revenue? Employees? Locations? More products or services?
How will you grow? If more revenue is your goal, will you work more hours, increase your prices, decrease your expenses, add more subcontractors?
When will you grow? And how will you plan financially for that growth to make sure it's both possible and successful?
As you can see, "growth" is a vague term that can mean a lot of different things. And the fact is, if you're happy with your current level of income and know that you can sustain it, you may have no desire to do more. It's YOUR business so you get to decide how much is "enough".
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