A balanced approach to growing a better business

It is widely recognised that businesses need to grow to remain competitive and to continue to trade, however what constitutes or is meant by growth is not necessarily the same thing for everyone.   

Growth can come about in many ways including through the development of new products or services, innovation in systems and processes, adoption of new technologies and response to market and customer demands. 

For many business leaders though it  is a focus on increased revenue and certainly it feels that there is often more talk about generating more sales or turnover than perhaps the other areas for growth.

What drives that quest for revenue though can vary. For some it might be the founder, entrepreneur or business leader themselves. For others it might be the pressure of external investors or shareholders or even the board of directors and employees.  

Whether it is driven by market forces such as customer demand or an individual’s ego could be up for debate.  Certainly, it is widely acclaimed that chasing turnover is vanity, while focusing on profitability is sanity. Whilst a growth strategy that is well considered, resourced and implemented is likely to succeed, ill-conceived and thought-out plans or rather a lack of them are less likely. 

How many times have we seen rapid growth businesses come unstuck, with issues around funding shortages, declining profits, low staff morale, poor systems and processes, ethical comprise, regulatory risks, breakdown in culture and even loss of focus on what made the business successful in the first place. 
It can also be the case that many who aspire for growth are not structured or in shape for growth.

The question is then perhaps if you don’t focus on growth for growth’s sake, what should you focus on. How about on building a better business? 

In contrast to focusing on solely the revenue line, attention turns to other areas of the business including improving customer service, systems and processes; staff training and developing, adopting new technologies and digital transformation.

Building a better business requires a holistic approach that encompasses strategic vision, operational excellence, customer focus, and a commitment to continuous improvement. By implementing these strategies, businesses can enhance their performance, achieve sustainable growth, and create lasting value for stakeholders.

While growth is crucial for business sustainability and competitiveness, an excessive obsession with it can lead to various negative consequences.  Therefore, perhaps there is a need for a more balanced approach that considers long-term stability, ethical practices, employee well-being, and customer satisfaction that ultimately gives rise to more sustainable growth, as well as a better business.