Hello everyone and welcome to our latest blog post. I hope you’re all having a fantastic day! A close friend of mine recently encouraged me to create a post that answers the question “How much is enough?”, and answering that is what this post is all about. In terms of financial growth, business growth, and career advancement, at what point do we say “Enough is enough”? Where do we say that we no longer need to expand at the same rate?
I’m hoping to have a future conversation with my friend where we discuss this question as it applies to all areas of life, and that could be another blog post in the future. Today, however, I’m going to discuss this as it applies to life as an entrepreneur. So, how much is enough, and when does growth reach a satisfactory level?
When it comes to growing and getting better, it never ends. We always have to improve as a business. But when it comes to business size, employees, and locations, is growth always better? Are there times when it may be better to stay small but mighty? Here are five things to look at if you’re going to answer this question:
1) Life purpose- What is the reason you exist as a human being? Does growth and expansion fit in with your ultimate life purpose? Will it help you live a life of even more significance? If not, you should focus your energy elsewhere.
2) Business purpose- What is the purpose statement of your business? Does expansion fit within the mission statement of your company? If it does, go for it! If not, please reconsider.
3) Why- Let’s say you want to expand to seven cities. What is the “why” behind it? Do you believe expansion fits with your company’s purpose and will allow you to serve more people and make a greater impact on the world? Or, are you trying to ‘keep up with the Joneses’. That’s a neighborhood idiom, but it applies here because it’s never a good idea to expand just to earn bragging rights or impress others. Or maybe you’re doing it because you read a book that says you should. Either way, don’t expand for less than genuine reasons.
4) Holistic- Assess the holistic impact of expansion. What impact will rapid growth have on your marriage or family? What about your health? Are you going to potentially have a heart attack 7 years from now because of the stress involved with expansion? If so, you’d be better off retaining your current size.
5) Cost- What is the cost or sacrifice to expand, and what is the benefit of doing so? Maybe you realize that growing to 5 geographic areas will allow you to sell your business for 25 million dollars in a few years. That might be a pretty big benefit that outweighs the cost to get there. Or you might realize it will be overly expensive, won’t add value to your business, or will damage your relationships due to the time it takes. In other words, it’s just not quite worth it. There’s no right or wrong answer here, what you discover will help you avoid making decisions that aren’t truly in your best interest.
I encourage you to have a mighty business. Whether it’s a small but efficient solopreneur business that provides you a flexible life, or a continually growing business with more people, products, and services throughout the world, make it a great business. And as always, have a better than amazing day!