Lot of startups fail even having a successful launch and a steady initial business and the reason is un-managed growth. Whatever you are starting up will need growth in order to survive and you must be prepared for it as well.
Since it’s a must for survival, growth is just unavoidable; your business must have to grow in any case. However, many startups do not succeed because, at first they have no planning for it. And, in case, if they already have a growth plan, it must not be as good as it should be.
But, you may be surprised to know that some startups fails because the founders are afraid of the growth; this is the case they are never able to take the business to the next level, and the stagnant growth ultimately takes the business towards decline and then shut down!
As entrepreneur’s fear of growth stands as one of the prominent reasons for startups stagnant growth and ultimately a failure, they only way to survive is to get rid of the fear.
As a fact of the matter, you cannot just shed the fear of growth instantly; you must have to prepare yourself step by step. Here are the 5 steps you need to follow in order to permanently deal with the fear of business growth.
1. You must realize that growth is a success and not a failure; this happens when you do not have clear long term goals for your business. So, set clear and realistic goals for your business as a top priority.
2. Then you need to identify exactly what it is you fear about growth; you may be afraid of having employees who do not work as efficiently as you do. Or you might be thinking about the stress when you will expand the business. Whatever is your fear, just write it down. Think of the possible solutions and if you don’t find one, simply get help of a business mentor.
3. Planning for growth not only wipes out the fear but also places you on a success track; start setting small, short-term milestones that will accumulate to achieve the long term business goals. Some entrepreneurs want to set aggressive yet achievable goals, while others go for slow and steady option.
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4. Concentrate on what you want, not what you do not want; you may be afraid of growth, but actually you want your business to grow. Concentrate on the what you want and not what you are afraid of.
5. You need to build a support team who can help with the growth; you need a highly productive team either right in the beginning or when your business starts growing. Having such a team will not just remove your fears, but will also put your business on a fast track growth.
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The Bottom Line:
You grow if your business grows; so devise a plan for your growth and it will end all your fears related to growth.