Every entrepreneur’s goal is to grow their business. Businesses must improve, and their owners must seek more success. But growth can come with its own host of problems, and unprepared businesses that grow too fast can suffer from their own success.
Take the example of GoPro, the “action camera” company. Just a few short years ago, their product was one of the hottest items of the year. GoPro had to rush to increase production in hopes of keeping up with demand. Their business grew at an exponential rate. Now, though, the market for action cameras has shrunk, and more competitors are offering alternatives. GoPro is suffering because they had to focus on growing rather than on diversifying their products and preparing for the inevitable dip in sales.
This is why growth can be dangerous for a small business. If you want to grow, you must first prepare. You must have a solid plan in place for keeping your brand intact. Your customers love your business because of the experience you provide them, so in growing you must focus on providing that same, consistent experience. Growth is a great thing, but only if it’s carefully planned and controlled!
Read the full article here: http://www.ducttapemarketing.com/blog/growth-planning/