Bigger is sometimes better, but it is what you do that makes the difference.

I have worked with business owners that state that they want to grow their business and “want to double turnover over the next 5 years”. When asked “Why?” some have struggled to come up with an answer, other than “Isn’t that what businesses are supposed to do?”

I always say that businesses don’t want to increase turnover, what they want to do is increase profit and cash and should look at how to do that first.
One way of doing this will be to increase turnover, but to grow turnover without thinking about the why behind it could lead to more hassle for the business owner without the benefits.

Growing turnover may mean more staff, more machinery, bigger premises, which is fine, but if it means longer hours and more stress, is it worth it? Is it better to stay small and agile?

If you get it right you can grow and have more profit to play with, whether that is to keep in your own back pocket, to reinvest, to distribute to staff or help the wider community.

Thinking about why you want to grow and putting together a well thought out plan of how to get there is extremely important if you want to reap the benefits that having a growing business can bring, without the headaches.