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Introduction
Occasionally, entrepreneurs feel they shouldn't expand. Their reasons may be founded on valid concerns, but they often overlook ready solutions that could put their minds more at ease.
The hesitation about growth is sometimes rather vague and difficult to put into words. You may feel it's an unnecessary risk, or you're just doubtful about your personal commitment to it. Choosing to grow will involve some real sacrifices on your part, so try to write down your personal and business goals for the future as well as your relationship to the business. For example:
- Do you seek more independence? Owners of smaller businesses can be masters in their own houses, but remain more vulnerable to outside competitors.
- Do you seek more control over suppliers, distributors and sales? Larger businesses exercise more leverage.
- Do you seek to build assets and wealth? You must risk more to gain more, so you must balance risk with the attractiveness of the potential reward.
- Do you need a difficult challenge? Sometimes, playing the game can be as important as winning the prize.
- Do you see your business as a comfortable place that you'd like to sustain and improve like a well-kept garden? This doesn't have to be a permanent decision - owners that focus on improving profits in the existing business can always expand later when they may be better prepared for the risks - financial and business.
- Do you see your business as an empire-in-the-making? If you take the plunge, you never have to ask "what if". Again, you can pare back if the venture doesn't pan out.
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