Business growth ultimately equates to more money, so you would think the more the merrier, right? While this sounds good in theory, it’s not practical. Your business can only deal with so much business. It takes employees and resources to grow continuously, and if you plan too far ahead, you could waste money on employees and resources you don’t need at the moment. Therefore, one of the most vital aspects to consider with your marketing plan is how much growth you plan to have.
Understanding the Types of Growth
Not all growth is the same when you’re talking about your business. Some people connect more revenue with ideal growth. Others may solely consider the number of sales and customers, which ultimately leads to more money. Some may think of growth as a one-time increase in sales, while others think about it as an increase in continuous cash flow. For some, being able to become a corporation and offer market shares and watch them continuously grow is what true growth is.
Therefore, it’s important for you to establish your goals and what type of growth you want from the start. A small business with a steady stream of income vs. one day becoming a corporation are two very different goals and require different planning to achieve them.
Why It’s Important to Pace Yourself
Let’s say you’re starting your business out small. You and maybe one or two employees are doing all the heavy lifting at first until your business begins to take off. If you’re marketing to a large crowd, you could easily bite off more than you can chew and not be able to keep up with it. This could lead to you cutting corners and decreasing quality to get by.
Another factor to consider is the amount of product you have. Let’s say you obtain hundreds of orders overnight due to the superb marketing of Awesome Website Guys. You need the orders shipped within the next four days to meet your seven-day guarantee. Will you have enough products? If you fall short and your orders have to be delayed, you risk getting a negative reputation. In other words, growth must happen at a rate that’s comfortable for your business.
You also have to consider if your current location can handle a great deal of growth. What happens when you have too many customers for such a small shop? Will you need more equipment to take on these orders? And do you have room for the machinery? As you can see, business growth isn’t just about making more money, it takes careful research to determine how fast you can grow comfortably.
General Recommendations
In general, a new business should grow between 15 and 25 percent annually. If you’re growing more rapidly than that, you may notice you can’t keep up. And this could cost you your reputation.
Once you’re established, aim toward growing at a rate of two to four percent, though some companies may be able to handle more.
Work With Our Company to Help You Grow
Awesome Website Guys are WordPress experts that offer managed WordPress hosting, website design, blogging, and more. While we certainly can implement various marketing tactics to work for you, we want you to grow at a rate that you can handle. Therefore, you can let us know your projected growth, and we can help tailor a plan to help you meet those goals.
At Awesome Website Guys, we provide our clients with a range of services, such as managed WordPress hosting. Our fortes include being WordPress experts, web design whizzes, and blogging professionals.
Contact us today to find the right marketing plan to help your business reach the success you desire. You may call us at 910-335-4348, or use our online contact form.
