The dangers of growing too quickly
Many people fret about not growing quickly enough, but what if I told you there were advantages to growing steadily and not rushing your process?. I know it's a somewhat counter-cultural message in our rapid growth-obsessed culture, but there are actually benefits.
I recently sat down with a mentee of mine and he was sharing with me, among many things, that his business wasn’t growing as fast as it should be. I know him to be a bit more pessimistic than average, so after pricing this in, we took a detailed look at things and saw slow but consistent growth. Let’s look at the business case and personal case for slow but consistent growth.
The Perils of Rapid Business Growth: A Cautionary Tale
I will keep this general and high level rather than focus on specific industries.
As a wise businessperson once said, "slow and steady wins the race." While it may be tempting to pursue rapid growth, it is important to consider the potential consequences before making any hasty decisions. In the world of entrepreneurship and indeed life, growing too quickly can often lead to disastrous results.
First of all, let's address the elephant in the room: cash flow. Growing too quickly often means that you're spending more money than you're bringing in, which is like a financial ticking time bomb. Just imagine trying to build a towering skyscraper on top of quicksand – not exactly a stable foundation.
Don’t get caught up in the excitement
When you're growing quickly, it can be easy to get caught up in the excitement and forget the bottom line. Suddenly, you realize that you're spending a lot of money on new employees, equipment, and marketing – all of which can eat into your profit margins. And let's be honest, who wants to trade a healthy profit for a manic growth spurt? In the midst of rapid growth, it's also common to lose control over operations. This can manifest in a variety of ways, such as poor communication between departments, lack of direction, or subpar products and services. Essentially, the business becomes like a runaway train, barreling towards disaster at breakneck speed. It can be hard to see this at first when all your key point indicators are showing green, at some stage, you will see red.
Instead, prioritising sustainable growth that’s steady, means you can increase revenue, sales or profits, year on year, knowing that things are moving in the right direction. It means you are able to adapt to where your business is and then make realistic plans for the next year.
In essence, whatever business you win in year x, you need to win the same value and more in year x + 1. This is why building a sustainable business with a good runway is far better than chasing quick growth that is often hard to replicate year after year.
What about personal growth?
Now you may be thinking this isn’t applicable to personal growth because you can never grow too quickly right? I would disagree. In fact, I believe there is an even greater danger with an excessive focus on rapid personal growth because whilst you can have many businesses but you only have one you.
First, on the list, we have burnout. Just like a car that goes from 0 to 60 in under a second, your personal growth journey can go from zero to hero in no time. But, just like that car, if you push too hard, you're likely to stall out. And let's be honest, burnout is no fun. It feels like you're stuck in a rut, with no energy or motivation to move forward. I’ve written about this in the past.
Next, we have the danger of spreading yourself too thin. When you're trying to grow in all areas of your life at once, it can be easy to become overwhelmed. Suddenly, you find yourself with a never-ending to-do list and a feeling of being pulled in a million different directions. And that's not even mentioning the possibility of neglecting other important aspects of your life, like your relationships or your mental health.
Another danger of personal growth overload is the tendency to compare yourself to others. In the world of personal growth, it's easy to get caught up in the comparison game. You see someone else making great strides in their journey, and suddenly you feel like you're falling behind. This can lead to feelings of inadequacy, low self-esteem, and even depression.
When you're growing too quickly, it can be difficult to enjoy the journey. Instead of savouring the small victories and celebrating each accomplishment, you're constantly focused on what's next. And before you know it, you've missed the opportunity to savour the moment and appreciate all that you've achieved.
While it's important to strive for growth in all areas, it's equally important to be mindful of the dangers of growing too quickly. Instead of trying to tackle everything at once, focus on taking small, deliberate steps. And, most importantly, be kind to yourself and remember to celebrate each victory along the way. Your mental and emotional well-being will thank you.
As you may know, I’m very close to launching some pretty cool things for this community. Could you please do me a favour? If you have enjoyed anything I’ve written over the year, please follow the Instagram page.
If you missed last week’s #MondayWithMT — Its a pretty important one
Have an amazing week team,
M.T. Omoniyi