{"id":53696,"date":"2022-05-18T11:31:45","date_gmt":"2022-05-18T15:31:45","guid":{"rendered":"https:\/\/www.sogolytics.com\/blog\/?p=53696"},"modified":"2022-05-18T21:37:14","modified_gmt":"2022-05-19T01:37:14","slug":"does-business-success-require-growth","status":"publish","type":"post","link":"https:\/\/www.sogolytics.com\/blog\/does-business-success-require-growth\/","title":{"rendered":"Does Business Success Require Growth?"},"content":{"rendered":"<p>In recent years, growth is the granddaddy of all business buzzwords. If you\u2019re not growing, you\u2019re dying. If you\u2019re not a millionaire, you\u2019re broke. If you don\u2019t employ a bazillion people, you\u2019re basically a pumped up freelancer. Et cetera.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>Where has this come from? When did we start using the word \u201cstagnant\u201d instead of comfortable? \u201cUnambitious\u201d instead of self-aware?<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>We want to explore the idea that businesses can be successful while standing still. That you, the owner, don\u2019t need to pile new pressures on yourself year after year\u2014you can reap the benefits of your hard labor in the present, not some uncertain future.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>And we want to answer the question: Is it even possible to run a business that doesn\u2019t grow?<\/p>\n<div class=\"div-spacer\"><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-53699\" src=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/05\/GettyImages-1312224957-1024x683.jpg\" alt=\"business growth\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/05\/GettyImages-1312224957-1024x683.jpg 1024w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/05\/GettyImages-1312224957-300x200.jpg 300w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/05\/GettyImages-1312224957-768x512.jpg 768w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/05\/GettyImages-1312224957-600x400.jpg 600w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/05\/GettyImages-1312224957-50x33.jpg 50w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<div class=\"div-spacer\"><\/div>\n<h2>Why did you start your business?<\/h2>\n<p>This question should be in every business owner\u2019s heart, one that they occasionally even write down and revaluate from time to time.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p><em>Why did I start this business?<\/em><\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>Why? It helps us to choose the next path. There are traditional metrics for capitalist business success: revenue, profit, year-on-year growth, high margins, increasing share price etc. But while goals and metrics are powerful, that power can be dangerous, too:<\/p>\n<div class=\"div-minispacer\"><\/div>\n<ul>\n<li>If your goal was to support your family, then look around\u2014are they supported? Have you reached that place?<\/li>\n<li>If your goal was to make a million dollars and you\u2019ve got 7 figures in the bank\u2014what now?<\/li>\n<li>If you want to save lives and change the world\u2026how many lives is enough?<\/li>\n<\/ul>\n<p><strong>The problem with \u201csuccess\u201d<\/strong><\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>Most people start businesses with honest objectives. But once those early objectives are achieved\u2026what next? For many, the simple answer is \u201cmore\u201d. More money, more status, more employees, more offices. In the eyes of western society, these are markers of increasing success. But if you\u2019re working day and night to put money in the pockets of wealthy shareholders\u2026what\u2019s it all for?<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>Once a business makes enough money, once it\u2019s servicing enough customers and affecting enough lives\u2014why can\u2019t a business stop growing and just exist, doing its part for the world? Well, we believe it can.<\/p>\n<div class=\"div-spacer\"><\/div>\n<h2>Can you run a business that\u2019s not getting bigger?<\/h2>\n<p>The short and simple answer is yes. Unless you have a fundamentally flawed business model, once your business is \u201cat capacity\u201d in terms of workload, it doesn\u2019t need new customers, bigger revenues, more equipment or more people.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>If you have a healthy customer base, your marketing is working, your <a href=\"https:\/\/www.sogolytics.com\/blog\/why-employees-dont-stay-put\/\" target=\"_blank\" rel=\"noopener\">people are happy<\/a> and making enough money\u2026 why would you need to grow? As the owner, is your goal to take on the stress and burden of additional staff, finding new leads, moving to bigger premises, and obtaining bigger financing\u2026? If it is, then crack on. If not\u2026 why not just be content running your good business?<\/p>\n<div class=\"div-spacer\"><\/div>\n<p><strong>Growth goes beyond revenue and staffing <\/strong><\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>This isn\u2019t to say innovation isn\u2019t necessary. You may need to improve products or redesign services; you may need to \u201ckeep up with the times\u201d or adapt to your changing audience. You might need to upskill your employees or diversify your product offerings.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>But that\u2019s not the kind of growth we\u2019re talking about here.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>Some businesses\u2014like a service provider\u2014can earn more money by simply being more skilled and experienced, and increasing rates. The same does not apply to your typical retailer. You can still \u201cgrow\u201d your business in terms of improving its ability to do the job well, or adapting the business so that it meets your needs better, not the other way around.<\/p>\n<div class=\"div-spacer\"><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-53700\" src=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/05\/pexels-tima-miroshnichenko-6509144-1024x682.jpg\" alt=\"business growth\" width=\"1024\" height=\"682\" srcset=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/05\/pexels-tima-miroshnichenko-6509144-1024x682.jpg 1024w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/05\/pexels-tima-miroshnichenko-6509144-300x200.jpg 300w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/05\/pexels-tima-miroshnichenko-6509144-768x512.jpg 768w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/05\/pexels-tima-miroshnichenko-6509144-600x400.jpg 600w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/05\/pexels-tima-miroshnichenko-6509144-50x33.jpg 50w, https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2022\/05\/pexels-tima-miroshnichenko-6509144.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<div class=\"div-spacer\"><\/div>\n<h2>\u201cIf you\u2019re not growing, you\u2019re dying\u201d<\/h2>\n<p>This is a common and horrible argument against \u201cstagnation\u201d in business. Just because people say this and it\u2019s what you read on LinkedIn doesn\u2019t make it true.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>Assuming you run your own business, try to think about <a href=\"https:\/\/www.sogolytics.com\/blog\/benefits-people-first-culture\/\" target=\"_blank\" rel=\"noopener\">what fulfills you<\/a>.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<ul>\n<li>Is it looking after your kids?<\/li>\n<li>Having a digitally-minimalist lifestyle?<\/li>\n<li>Having time to stay ultra-fit?<\/li>\n<li>Making boat loads of cash?<\/li>\n<li>Allowing your partner to be a full-time parent?<\/li>\n<\/ul>\n<p>The truth is that it\u2019s your business. It should be built to support your idea of <a href=\"https:\/\/www.sogolytics.com\/blog\/tastes-like-success\/\" target=\"_blank\" rel=\"noopener\">success<\/a>. If that\u2019s not about being rich or garnering status, that is perfectly okay.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>The reality is that right now, society is absolutely mad about expansion, franchising, hypergrowth, unicorns, and making billions of dollars.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>If your goal is to provide high-quality customer service in your local IT store, then why would you get mired in trying to open six other stores to hit $2 million in revenue?<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>If you sell custom-made products online and reach your order limit for the month\u2026you can reject further orders. Or put them on a waiting list. You don\u2019t need to hire another worker and then manically stress trying to double your orders for next month.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p>The fundamental point is this: running a business is a hugely personal ordeal. It can be stressful, intimidating, and exceptionally rewarding. And while there\u2019s nothing wrong with pursuing growth, it\u2019s equally okay to make a consistent, tidy profit every year until you retire, without expansion or recruiting or taking on bigger premises or doing funding rounds.<\/p>\n<div class=\"div-minispacer\"><\/div>\n<p><strong>It\u2019s your business. That means you decide what\u2019s \u201cenough\u201d\u2014and thumb your nose at anyone that says you\u2019re wrong.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In recent years, growth is the granddaddy of all business buzzwords. If you\u2019re not growing, you\u2019re dying. If you\u2019re not a millionaire, you\u2019re broke. If you don\u2019t employ a bazillion people, you\u2019re basically a pumped up freelancer. Et cetera. Where has this come from? When did we start using the word \u201cstagnant\u201d instead of comfortable? \u201cUnambitious\u201d instead of self-aware? We want to explore the idea that businesses can be successful while standing still. That you, the owner, don\u2019t need to pile new pressures on yourself year after year\u2014you can reap the benefits of your hard labor in the present, not some uncertain future. And we want to answer the question: Is it even possible to run a business that doesn\u2019t grow? Why did you start your business? This question should be in every business owner\u2019s heart, one that they occasionally even write down and revaluate from time to time. Why did I start this business? Why? It helps us to choose the next path. There are traditional metrics for capitalist business success: revenue, profit, year-on-year growth, high margins, increasing share price etc. But while goals and metrics are powerful, that power can be dangerous, too: If your goal was to support your family, then look around\u2014are they supported? Have you reached that place? If your goal was to make a million dollars and you\u2019ve got 7 figures in the bank\u2014what now? If you want to save lives and change the world\u2026how many lives is enough? The problem with \u201csuccess\u201d Most [&hellip;]<\/p>\n","protected":false},"author":26,"featured_media":5070,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[75],"tags":[756,758,793,535,817],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.7.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Does Business Success Require Growth? - Sogolytics Blog<\/title>\n<meta name=\"description\" content=\"&quot;Growth&quot; is an important word when it comes to business, but when is it more of a detriment than helpful in the world of ownership?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sogolytics.com\/blog\/does-business-success-require-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Does Business Success Require Growth? - Sogolytics Blog\" \/>\n<meta property=\"og:description\" content=\"&quot;Growth&quot; is an important word when it comes to business, but when is it more of a detriment than helpful in the world of ownership?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.sogolytics.com\/blog\/does-business-success-require-growth\/\" \/>\n<meta property=\"og:site_name\" content=\"Sogolytics Blog\" \/>\n<meta property=\"article:published_time\" content=\"2022-05-18T15:31:45+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-19T01:37:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.sogolytics.com\/blog\/wp-content\/uploads\/2018\/11\/general-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"487\" \/>\n\t<meta property=\"og:image:height\" content=\"714\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jake Burgess\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.sogolytics.com\/blog\/does-business-success-require-growth\/\",\"url\":\"https:\/\/www.sogolytics.com\/blog\/does-business-success-require-growth\/\",\"name\":\"Does Business Success Require Growth? - Sogolytics Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.sogolytics.com\/blog\/#website\"},\"datePublished\":\"2022-05-18T15:31:45+00:00\",\"dateModified\":\"2022-05-19T01:37:14+00:00\",\"author\":{\"@id\":\"https:\/\/www.sogolytics.com\/blog\/#\/schema\/person\/e31925fdcd74025f92fb3b1695e61a8f\"},\"description\":\"\\\"Growth\\\" is an important word when it comes to business, but when is it more of a detriment than helpful in the world of ownership?\",\"breadcrumb\":{\"@id\":\"https:\/\/www.sogolytics.com\/blog\/does-business-success-require-growth\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.sogolytics.com\/blog\/does-business-success-require-growth\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.sogolytics.com\/blog\/does-business-success-require-growth\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Does Business Success Require Growth?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.sogolytics.com\/blog\/#website\",\"url\":\"https:\/\/www.sogolytics.com\/blog\/\",\"name\":\"Sogolytics Blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.sogolytics.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.sogolytics.com\/blog\/#\/schema\/person\/e31925fdcd74025f92fb3b1695e61a8f\",\"name\":\"Jake Burgess\",\"description\":\"Jake is the words and grammar guy. 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