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The downside of fast growth (the impact no one’s talking about)
Grow your business to one million dollars in one month!
Sound familiar?
In recent years, there has been a huge emphasis on building a business through fast growth.
This kind of growth only focuses on generating ridiculous amounts of revenue at the cost of everything else.
In this episode, I wanted to address the downsides of this method and I know it may sound like an unpopular view. Because who doesn’t want to make loads of money, right?
But what benefit is a tonne of revenue if your life is consumed by work?
I talk about the four significant flaws that happen when you grow your business too quickly. These problems go hand in hand with sudden unsustainable growth and often lead to business owners burning out and giving up.
Inboxes can become full of complaints. Things aren’t being delivered, solid systems haven’t been built, you’re making rushed decisions, and everything else in your life is being absorbed by your business.
I want to talk about how important creating sustainable growth is for your business. There are also many other metrics for success that don’t include revenue.
Do you want to create a business that feels hectic and forces you to constantly tread water?
Or do you want to create a business with manageable growth to ensure enjoyment and longevity?
Topics We Covered:
[1:04]: There has been a huge emphasis on businesses for fast growth.
[1:56]: Nobody seems to be talking about the negative implications for business owners if it grows too fast.
[2:24]: Four flaws to growing your business too quickly: #1 You don’t have systems and processes in place to maintain an incredible customer experience.
[3:52]: Poor customer experience will have an impact. It’s not the client’s problem that your business grew too fast.
[4:15]: #2 You end up sacrificing what’s important to you to keep up the pace. You start to give up your time spent on areas in your life you enjoy.
[5:20]: #3 You get caught in a reactive state trying to keep up with client demand. There’s little to no space for strategic thinking.
[6:54]: #4 You’re at the mercy of your business. It has taken over your life and you’re feeling overwhelmed. The culmination of every point in this episode. You will enter burnout.
[7:58]: Safeguarding your mental health as a business owner is critically important to the sustainability of your business.
[8:38]: Summary.
[9:05]: By only focusing on outrageous revenue goals, we can lose perspective of other important metrics for success.
[9:54]: Whilst revenue growth is important, our conversations should shift from rapid growth to sustainable growth. Build a solid foundation to allow for growth.
[10:47]: Shout out to listener Marta Luvian. Marta has a digital marketing agency that helps small businesses win online with more ROI in their business through websites, SEO, socials, Google ads, and email. Head over to Instagram to check out her business: @anchormarketingco.
Links and Resources
Resources mentioned:
Previous episodes mentioned:
The five things to upgrade in the growth stage of business
Is overworking hurting you and your business?
Connect with Marta Luvian from Anchor Marketing Co.
Instagram: @anchormarketingco
Website: https://anchormarketingco.com/
Connect with me:
Join my 1:1 Business Accelerator Program
https://www.instagram.com/kristyrobinson_consulting
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About your host, Kristy
Hi, I'm Kristy, thank you for tuning in to the Run Your Business Like a Boss Podcast. My purpose for the podcast is to help Business Owner’s in the growth stage of business (messy middle) have a sustainable business, they love.
I’m an online business coach, based in Brisbane, Australia. I provide 1:1 business coaching, to Service Based Online Business Owner's and a group coaching program commencing in 2022. I believe whole heartedly that having a Business Coach is what gives you the competitive edge. As your coach I support you to overcome challenges quickly, uncover blindspots and make business decisions with confidence and clarity. All of which keeps you moving forward and maintaining momentum.
As your Business Coach, my role is to help you organise and formulate your ideas, turn them into a goal and then into an actionable plan! All while meeting you where you're at and providing you relevant tools and support along the way.
Thank you for tuning in to the Run Your Business Like A Boss podcast!