Why is business growth important? I talk a lot about growth, it’s what I coach CEOs on all day every day. Growth is important. But why should you grow? Why should your business grow? Or should your business even grow at all? A lot of people wonder: why should a business grow? There is a very important why your business needs to grow.
Growth means a lot of things to different people (especially if you live in Colorado). I am referring to the kind of growth that grows you, grows a team and grows an organization. It grows a wealth that is far more satisfying than money alone.
You might not want your business to grow. You may be perfectly content where you are at. You may have a permanent small business. That’s ok.
Instead of telling you all the reasons that you SHOULD grow, I’m going to tell you the 10 things that may happen if you do not grow.
Why is business growth important: What happens when you do NOT grow
- Your earnings will stay about the same, if they don’t shrink
- You won’t be able to pay your employees more
- You won’t be able to help your customers with innovative products and services
- You won’t create additional jobs
- You won’t be able to provide more for the families of people in your organization
- You’ll lose great employees who want to grow
- Your competition will grow
- You might be left behind in your industry
- You may get bored in the business
- You will limit the potential of your employees
The list could go on and on.
The single best reason to grow is to give others the opportunity to grow and flourish. If you want more opportunity for your employees, you need to grow. That’s why growth is important in business.
Nothing stays the same. It either gets bigger or smaller. Better or worse. You either grow or you shrink.
There’s nothing wrong with being a permanent small business. Just realize the consequences.
Don’t grow simply for the sake of growth. Grow for the opportunities and “wealth” you are creating for yourself – and for others.
Do you agree or disagree?
If you do want to grow, here’s how to prepare your team for growth.