It is every entrepreneur’s dream to create a business that creates increasing success, money, and impact on society over time. In fact, most small business owners we work with have an innate and often times unspoken desire to succeed, grow, and enjoy the perks that come with that small business growth.
Beyond individual small business owners’ desire to enjoy success, though, we often times forget about the bigger picture benefits of small business growth. As it turns out, there are three distinct and compelling reasons why every entrepreneur should aim for sustained increases in their small business revenue and success:
If your small business isn’t growing, then it’s dying. There is something to be said for the philosophy that small businesses that don’t grow are more likely to fail. Keith McFarland made a compelling case for this theory in his book The Breakthrough Company, which outlines his research of high-growth small and mid-size companies that were most likely to succeed in the long-term. In short, if a business isn’t built to consistently experience long-term success and growth, then chances are, it isn’t strong enough to avoid small business failure. Striving toward long-term growth is the perhaps the best way to avoid failure. This is something that can be learned via some of the leading online small business training courses.
Small business growth is the only way to create real wealth. There is only so much wealth that one person can create on their own. Don’t get me wrong – “solopreneurs” and other one-man shops are capable of delivering very lucrative incomes for entrepreneurs. However, those riches pale in comparison to the wealth created by a small business that leverages the value of other employees, scalable business operations, and broader reach of customers. Not only does a growth-oriented business potentially create more ongoing income, but it also offers the small business owner with a potentially saleable asset, which is where many entrepreneurs make their real fortunes.
Growing your small business is the right thing to do. Ethics may not seem relevant to this conversation, but there is an argument to made that creating a high-growth business is the right thing to do. After all, if you have a truly great product or service, then isn’t it your duty to make sure as many people as possible get to benefit from that product or service? In addition, your small business’s success creates jobs, pays taxes, makes other businesses successful, and results in other benefits to society. Just as importantly, these societal benefits are typically greater than what any one person can contribute on their own. On the other hand, putting your family, employees, suppliers and others at risk from your potential small business failure can be viewed as the unethical thing to do.
There are certainly other attractive reasons for striving for small business growth, but these are three of the most important. At the same time, however, there are downsides to growth, which we will cover in our blog The Case Against Small Business Growth.