Sometimes You Should Slow Down Your Growth
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Sometimes You Should Slow Down Your Growth
It seems today that everyone is in a hurry. This can be especially true in small business as you try and make your fortune. But sometimes it is best to slow things down for a minute. Otherwise you may find yourself losing control of the situation.
By: Cash Miller
It seems today that everyone is in a hurry. This can be especially true in small business as you try and make your fortune. But sometimes it is best to slow things down for a minute. Otherwise you may find yourself losing control of the situation.
By: Cash Miller
Often it takes the growth of a business to really feel like you are making progress in the world. To know that what you are doing is working well and to justify the steps you have taken so far to get where you are. But sometimes the growth of a business can take on a life of its own. It seems to become a never ending cycle of landing new clients, launching new products, finding more funding, and hiring new employees. Often though because of the rapidness of your growth you can find yourself losing control.
Sometimes in business you will find that you have reached a point where you should start to slow down. Yes it seems to go against everything that you have been working for but if you don’t then that feeling of losing control will become a reality. And then everything you have worked so hard to accomplish will come crashing down around you. It’s then that you’ll wonder what happened to it all. Everything seemed to be going so good.
Of course most of the reasons for the collapse of a growing business center on money. Often when you grow too fast it can be difficult to judge exactly what resources you will need and how much of them are appropriate. Your employees are am example of a vital resource. They are also a very expensive resource. So if you judge wrong how many you need to hire you can end up costing your business tens of thousands of dollars before you can correct the mistake.
Another common mistake centers on product development. Often business owners think that their companies are ready to develop their next product or launch their next service. They can even justify it in many different ways to themselves and those around them. In many instances they are actually ready. Unless that project goes over the budget set for it. Once you get started it can be awfully hard to pull the plug on a project because of all the work that you have put into it. And sometimes business owners will wait too long to do so. Thereby causing the financial collapse of their company.
And finally you have the ultimate problem when dealing with rapid growth. How to pay the bills. This can become an acute problem for a small business owner. Because a growing small business always seems to be in need of something you often wind up spending money faster than you can collect it. To help alleviate the problem and continue to get the things you need you start borrowing money. Either from credit lines, credit cards or some other source. This of course leads to more bills that have to be paid. And then you also start to get charged interest. Basically a snowball effect that does nothing but go downhill from the start.
Yes the last thing you want to do is slow down your pace of growth but sometimes it becomes necessary. The overall health of your business has to come first. And by occasionally taking the time to let the dust settle you’ll do wonders when it comes to keeping your business physically fit.
Sometimes in business you will find that you have reached a point where you should start to slow down. Yes it seems to go against everything that you have been working for but if you don’t then that feeling of losing control will become a reality. And then everything you have worked so hard to accomplish will come crashing down around you. It’s then that you’ll wonder what happened to it all. Everything seemed to be going so good.
Of course most of the reasons for the collapse of a growing business center on money. Often when you grow too fast it can be difficult to judge exactly what resources you will need and how much of them are appropriate. Your employees are am example of a vital resource. They are also a very expensive resource. So if you judge wrong how many you need to hire you can end up costing your business tens of thousands of dollars before you can correct the mistake.
Another common mistake centers on product development. Often business owners think that their companies are ready to develop their next product or launch their next service. They can even justify it in many different ways to themselves and those around them. In many instances they are actually ready. Unless that project goes over the budget set for it. Once you get started it can be awfully hard to pull the plug on a project because of all the work that you have put into it. And sometimes business owners will wait too long to do so. Thereby causing the financial collapse of their company.
And finally you have the ultimate problem when dealing with rapid growth. How to pay the bills. This can become an acute problem for a small business owner. Because a growing small business always seems to be in need of something you often wind up spending money faster than you can collect it. To help alleviate the problem and continue to get the things you need you start borrowing money. Either from credit lines, credit cards or some other source. This of course leads to more bills that have to be paid. And then you also start to get charged interest. Basically a snowball effect that does nothing but go downhill from the start.
Yes the last thing you want to do is slow down your pace of growth but sometimes it becomes necessary. The overall health of your business has to come first. And by occasionally taking the time to let the dust settle you’ll do wonders when it comes to keeping your business physically fit.
Cash Miller is the Editor of SmallBusinessDelivered.com and hosts his own blog at www.SmallBusinessDelivered.com/cash-millers-blog.
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