How Will You Grow The Business
Business Plan Guide Article No. 10
How will you grow the business?
A business that plans to be stagnant and not go anywhere is a recipe for disaster. Many of the sections of the Business Plan Guide have covered this question already. The previous section covers profitability, which is essential to grow. Without profit, there is no growth.
Let’s talk about the human aspect of growing a business, and how that human aspect will allow the business to grow. This is a little bit of a spin in comparison to the other sections of the Business Plan Guide. It is getting a little redundant to keep drilling one to plan and strategize. Let’s focus on preparing the human side for business growth.
Starting, owning, and managing a business is really difficult. At first it’s fun! The amount of learning is fantastic, and the amount of money one makes with a profitable business at first is impressive. That all goes away as a business grows. It’s like having children. At first they are cute and adorable! Babies are amazing! Everyone loves babies. Then there are the terrible twos! That’s when parents start to look for the child’s warranty thinking about how they can return the child thinking it might be broken. A business is very much the same. As the expenses pile up, resources age, things need to be replaced, employees make mistakes, owners and managers make bad business decisions, personal life begins to interfere with business, health begins to beg for attention, burglaries happen, trust is betrayed by co-workers or co-owners, markets begin to change faster and faster, etc., it all starts to ware a person down. It doesn’t matter who the owner is, we are all human, and eventually it becomes a question of, what am I doing to myself and why? One begins to question if the stress is really all worth it.
The answer is, yes! As the human side of business growth begins to take a toll and the questions start to take over the mind, the answer is to keep going. There are instances where one should stop. For example, if one’s health and life is compromised by the business, it’s time to stop. If one’s family and personal well-being will be compromised in the immediate and distant future, it becomes a matter of personal desires and choices. The thing to consider when business is growing and starts to take more time, energy, effort, resources, etc. is if one is willing to invest those resources into a growing business that will one day require more resources as bad days and good days come, and it also depends on whether someone is willing to take the time and use the resources to stop this growing business if the time comes. Stopping a business takes a lot of resources. Sometimes it can take months or years to slow down a business enough to a point where it can close.
The other human element to consider as business grows is the consideration of employees. Those are human lives that will depend on the business. As business increases and takes on new employees, will the stress of the managers and owners affect the lives of those employees? Those employees have lives too that sometimes have dependents like children. Taking on the duties and responsibilities of growing a business need to consider those lives that are being touched by that business.
Since this article is on the topic of touching lives, let’s mention the lives of those customers that are being touched. As a business grows, quality will change. Sometimes it changes for the better, but most businesses decrease quality as processes become more mundane or automated. Consider what the business is offering customers and how growth will affect customers. It’s easy to think that this is business and people need to just be happy with what they buy, but we have to remember that without the human element in business, it isn’t business at all. People are at the forefront of business, and we do business because we are all human. As cool as it is to look at robots operate, see workers fulfill tasks, see trucks leaving warehouses, and so forth, there is no point to any of it without humans in the picture. When growing a business, the most important element to consider is that of the lives it is impacting.
Wishing you much success,
Sergio with the iBrand Your Business Team