A lot of small businesses in the UK struggle to attain success at an early stage of their venture. However, there is nothing wrong in wanting to succeed at an early stage. But what most business owners forget is that not every company can succeed right at the start and there are a few companies that have to face a lot of failures before they attain success.
If your small business is stuck in a similar situation, then there are two things that you can do:
- You can either quit your dream of becoming a entrepreneur
- Or keep working hard until your succeed
But if quitting isn’t an option, then my friend, don’t let the failures get you down. We know that slow and steady business growth isn’t as exciting as rapid success. But what most of us are forgetting is that slow growth leads towards a healthier foundation.
It is a well-known fact that it is the transition between growth phases that predict a company’s success or failure. In simple words, it means that companies that are growing at a slower or rather normal rate have more time to consider their opportunities and make a wiser decision. Even though rapid business success is tempting, a slow and steady growth indeed seems to win the race.
Why Rapid Growth Leads to Pain, Not Gain
Struggling to attain rapid growth for your small business venture can be dangerous for it altogether. On the other hand, companies that are growing slowly not only attain success but have a stronger business foundation. You know your small business is sustainable when the foundation it is built on is strong. There are various factors that could go wrong for a small business struggling to attain a rapid success rate, such as:
- Being unable to meet product or service demand: As companies work towards attaining success at an early stage of their development, they take on too many assignments. This leads them to being unable to ramp up the production quickly enough to meet the growing demands of their clients. Ultimately, the firms have to issue refunds or decline any new client demands in order to meet their existing demands.
- Narrowed focus: Since you are the owner and CEO of your company, you are required to balance the future goals of the company against the daily tasks and problems. However in a rapid success race, business owners are more focused on solving the immediate problems and tend to neglect the big picture. This eventually results in a lack of vision and missing out on great opportunities for your company.
- Wrong direction: Business owners need to understand that not every opportunity is the right opportunity for their company. Although agreeing to every opportunity may leave you with a lot of money, but these opportunities can be harmful, especially if they are not supporting your company’s strategy. For instance, you may fall short on capital to complete certain business operations which eventually leads towards delay in completion.
- In such a situation instead of discarding future assignments, we suggest you to simply seek immediate cash inflow from alternative finance lenders such as nucleus finance.
Struggling to attain rapid success not only leads you to making wrong decisions and miss out on opportunities, but over time weakens your company’s brand and market position. On the other hand, a slow or rather normal growth provides you enough time to rationalise your decisions, which minimises your probability of failing.
Capitalise on Slow Growth to Build a Strong Future
If you wish to build a stronger and more reliable company in future, consider capitalising on slow and steady growth:
- Search and hire individuals who see eye-to-eye with your company’s mission and are focused on long-term growth instead of short-term success.
- Emphasise more on excellent customer service. Although it may lead to short-term financial loss, but also a long-term gain of a loyal customer base.
- Deliver your products and services on time, every time. Also, avoid growing in a way where you are unable to meet your clients’ demands.
- Research well on your market and make thoughtful moves that capitalises on the long-term, instead of the short-term.
In a world where many companies are struggling to attain success at a very early stage, strive towards building a solid business foundation for a better future. So, take your time in building a strong foundation now for a steady business growth later.