Once upon a time, there was a boy named Bobby who dreamed of being a great basketball start. Bobby’ dream had a problem – Bobby was short. Bobby knew that if he was ever going to be a great basketball star, he would need to find a way to grow a lot.
One day, Bobby went to a carnival. In a dark corner inside one of the tents, far away from the midway lights and the noisy crowds, Bobby found an old woman who claimed to have all kinds of magic potions for sale. Bobby was excited! This was his chance to grow, so that he would finally become a great basketball star. Bobby asked the old woman for the strongest potion she had. As the old woman handed Bobby the growth potion, she tried to warn him about how it worked, but Bobby was too excited to stick around and listen. He ran straight home to take the potion.
Sure enough, the growth potion was very strong. Unfortunately, the only things that grew were Bobby’s earlobes. His earlobes became so long that they dragged on the ground. Whenever Bobby tried to play basketball, he tripped over his earlobes and fell down. His dream had become a nightmare.
You might be asking “what’s this got to do with growing my business?” Bobby dreamed of growth. He was willing to do almost anything to grow but his choice of solutions led to the wrong kind of growth. In business, not all growth is good growth. Some growth – or sales to certain kinds of customers – can actually weaken you. Growth is only desirable if it makes you stronger. Growth at any cost can often be too high a cost.
First and foremost, owners must understand that growth isn’t magic. You need to understand how to quantify growth and understand very specifically where that growth can come from. Always consider the Three Rules of Growth:
- Keep what you have and grow it
- Win market share from competitors
- Enter new markets with current products/services or new products
And, finally, remember that growth must also mean Profitable Growth. Through the BDS SMARTGrowth System ™, we’ll help you focus on increasing sales to the right customers, with better margins and profits to help you build a sustainable future.
