Connect with us

Business

Avoiding the Wrong Kind of Growth

Growth is vital for any business – some models, like tech start-ups, are built around periods of dramatic, explosive growth and scaling. More traditional models like brick and mortar retail require slower, steadier growth, at different paces depending on your ultimate goal for the business. If you’re looking to become a national or multinational brand then quick growth is what you’re looking for. If you’re simply looking to endure in your local area, and sustain yourself as long as your career lasts, then slow and steady growth that builds a stable pool of loyal customers and replaces the attrition of people moving on is best.

But what’s the wrong kind of growth for your business and how can you identify it and avoid it? Business growth consulting firms can tell you, but it’s worth doing your own research and checking out the situation for yourself first.

Growing Your Business, Growing Your Revenue

There are two important forms of growth we need to distinguish: growing your business and growing your revenue. They go hand in hand, and affect each other deeply but they are fundamentally different kinds of project.

One form of growth looks outward: it’s about getting more customers through the door of your business (or onto your site). This could include sales, new product launches, dramatic advertising campaigns and more. It’s the growth of your business in customers, revenue, engagement and sales.

The other form of growth looks inward: it’s about improving your resilience, your storage capacity (be that on servers or in warehouses), your ability to serve the customers your outward growth brings to your door and provide the level of service you promise and that your customers expect.

The key to successful growth is identifying what you need at any given time. Building your capacity well beyond your level of orders is a costly waste of time. It’ll drain your bank account and bring you no benefit. Pushing marketing and boosting your sales without scaling your capacity to serve those customers as expected is the worst kind of short termism: a payout tomorrow and the self-destruction of your brand next week.

Self Knowledge

If you want to sort the right kind of growth from the wrong kind of growth, you need to cultivate ruthless, sentimentality free self-knowledge. You need to know what you’re capable of – and not have that clouded by what you want to be capable of. If there’s no realistic way you can meet the expectations of a boost in customers, then chasing them is, fr now, an ambition not something to put into practice. If you want to preside over a bustling empire from your office but you don’t have the pool of customers supplying the revenue to support it, indulging that desire would just be costly roleplaying. MArket research and competitor benchmarking help to tell you where you stand in the marketplace, while internal metrics tell you how you’re performing and how much further you can go!

Come up with a growth plan that serves these two needs in lock step and avoid the wrong kind of growth.

Continue Reading

Recent Posts

Home Improvement3 months ago

How To Add More Value To Your Home

If you have some spare cash in the bank, it is likely you would like to spend it on your...

Lifestyle3 months ago

What is a Deep Plane Facelift

Cosmetic surgery is a choice that needs a lot of research and when it comes to thinking about a facelift...

Entrepreneur3 months ago

Unveiling the Demand for Digital Marketing Courses: A Comprehensive Analysis

In recent years, the realm of marketing has undergone a seismic shift propelled by the digital revolution. As businesses increasingly...

Home Improvement3 months ago

What Does an Effective Wardrobe Spring Clean Entail?

Spring is upon us which means one thing and one thing only. It is time for the annual purge of...

Business4 months ago

Your Basic Guide To Creating A Unique Investment Blog

Starting your own blog is great and once you get the ball rolling, it can be a good passive income...

Business4 months ago

3 Low-Risk Ways To Get Your New Business Started

Once you’ve got an initial business idea and believe that it will be a success, there are some basic things...

Lifestyle5 months ago

Conquering the Co-free Zone: Tips for Thriving as a Remote Worker

Adjusting to an office environment can come with its downfalls in the sense that it might be a shock to...

General6 months ago

3 Ways To Take Control Of Your Finances Starting Now

If your finances have taken over and are bringing stress to your life, we understand just how overwhelming it can...

Travel8 months ago

Best Places To Visit In The North Of England

If you live in England, you will know there are many different places to visit for the weekend. There are...

General8 months ago

Green Home Improvement Ideas

In a world where environmental concerns are growing, the concept of “green” has gone beyond a trendy catchphrase and is...

Lifestyle8 months ago

How to Host an Unforgettable House-Warming!

The time has finally come. You have moved into your dream pad, and are officially adulting in your very own...

Autos8 months ago

A Guide to Parking Lot Striping

The journey to a well-striped parking lot begins with the right paint. In this brief guide, we’ll unravel the mystery...

Business11 months ago

Business Tips For Protecting Your Finances During A Recession

In 2023, taking the necessary steps to protect your finances for your business is now more important than ever. The...

Lifestyle11 months ago

Tips For Cleaning Your Trainers

If you’re into your trainers and streetwear, you’re likely to be very conscious of keeping them looking their best! So,...

Marketing12 months ago

Branding Trends For Start-Ups in 2023

Branding is incredibly important as it impacts how your business reaches and connects with its target market. If you’re branding...

Categories

Archives

Trending