More family time or more money? That’s never an easy question…
Last week I had a conversation with a very successful entrepreneur trying to decide if he wanted to grow his business.
“I’m so conflicted!” he explained. “On one hand I think it makes sense to really grow this thing, on the other, I value my personal time with my wife and I have what I need. I don’t need to make more money..”
He’s in a great spot and I congratulated him on that. And then I offered the following thoughts:
If you’re fortunate to be successful enough in business to take care of your needs, the calculation changes to who else in your world would benefit from further growth of the business. Who is looking for an opportunity the next level of growth would provide?
What kind of business you are in matters when you’re considering growth. For example, scaling a service business is different from a product business. It’s worthwhile to think about the endgame in that context.
Too often we don’t stop and ask ourselves questions about growth and whether or not it makes sense. As you develop your business growth plan for 2022, ask, why? Understand how it will impact your lifestyle before you dive in headfirst? And ask yourself, what are the alternatives?
Don’t buy into absolutes, such as you’re either growing or dying, but rather look at the full picture, understand the nuances, double down on self-awareness and make an informed decision.