Today on “Mind Your Own Business,” we discuss why growth isn’t always the answer.
In today’s episode, I want to talk about growth, or maybe “growth, growth, growth.” I am talking about what’s happening in the UK at the moment, specifically the Prime Minister and the Chancellor’s approach to resolving the fundamental issues that exist in the UK economy.
Their solution is to grow out of these issues. I see this all the time with businesses, small business owners who don’t have the right foundations in place in terms of their business model, not generating enough cash, their costs not being calibrated correctly, businesses with insufficient teams, businesses with structural problems within their teams, businesses without the right processes, businesses where the business owner is running around hectically instead of actually focusing on what they should be doing. All of these issues are somehow expected to be resolved by growth, which is highly unlikely.
This is the equivalent of having a car that looks like it’s barely holding together, wrestling with warning lights flashing and all sorts of things going wrong at 60 miles an hour, and then believing if we can just go a little bit faster, all of these problems will magically resolve, and it’s going to feel like driving a high-performance sports car. It’s so quick it can destroy your entire face. It’s probably not going to happen.
Look at your business. If you have fundamental issues, you have to resolve those issues first before you put more through the system. Putting more volume, more revenue, and more complexity through something that is fundamentally flawed is going to lead to more headaches, not fewer.
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