The downside of fast growth (the impact no one’s talking about)
Grow your business to one million dollars in one month!
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.
[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
Previous episodes mentioned:
Connect with Marta Luvian from Anchor Marketing Co.
Connect with me:
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About your host, Kristy
Hi, I'm Kristy, thanks so much for joining me on the Run Your Business Like a Boss Podcast. . I'm a Brisbane based Online Business Coach. My greatest purpose is to support Online Business Owner's as they achieve their version of success.
I provide 1:1 business coaching, to Business Owner's in the Messy Middle. And believe whole heartedly that having a Business Coach is what gives you a competitive edge. As your coach I support you to overcome challenges quickly, uncover blindspots and make decisions quickly and with clarity. all of this 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 are at and providing you relevant tools along the way.
When not working with my clients, I'm producing this podcast (of course), along with raising two children in Brisbane, Queensland, with my husband Trent and being pet mamma to birds, chickens, Chia (my double doodle) and the bees.