Growth: Can you afford it?
“Grow or die!” is a common, well-accepted business principal. Businesses must innovate, stay relevant, seek new customers, add locations, and offer new products.
But growth brings its own challenges. You have more products/services to support. You need more people. Rapid hiring makes maintaining culture harder. New tools and technology – and the time to integrate and use them – are expensive.
Your bottom line may suffer from your growth!
You may need to take steps to grow your bottom line instead of your top line. Eliminate products/services that aren’t profitable. Eliminate processes or activities that don’t add value. Don’t do things just because you’ve always done them. And, as hard as it may be, let go of employees who no longer fit culturally and don’t contribute to you vision.
Your bottom line profitability ultimately decides if you can afford top line growth and how long you can sustain it.
Read more about the good and bad of business growth here: https://opalpg.com/2018/08/21/growth-good-bad-ugly/
https://opalpg.com/2019/11/07/can-you-afford-to-grow-can-you-afford-not-to/
