How Much Growth

Filed in archive Operations on September 2, 2008

Photo courtesy of iStockphoto, Tomas Bercic

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How big do you want to get?

Many small business owners never think about grow or at least how big they want to get. Some start out small and became much bigger while others stay small. What do you see your business doing over the next 5, 10, 20 years and so on?

If you are keeping up on your planning you should have a pretty good idea where you are going but sometimes things can take you by surprise. You might hit the niche so perfect that people come out of the woodwork for the product you are selling.

There are some good points about getting bigger. First of all you should be making more money as your business grows.

On the other hand you need to make sure you control your growth properly. If you do not you may find that your business implodes as it grows too fast and it can't be handle. You also see many businesses try to grow too fast which also causes them financial problems in the long run. Steve & Barry's is one of the most recent examples of this growth killing the company.

Another problem with growth is that the entrepreneur may loose control of the business. Many times the founder of the business is moved out as the business grows and new people are brought in to run the business.

So how much do you want your business grow? Make sure you are planning for growth and what you plan to do about it.

The Freelance Folder blog has an open entry about growth so take a look.