Big Enough? Balancing Growth and Satisfaction

How do you define 'success' for your business? Join us on 'The Water Trough' as we rethink growth and question the need to expand for the sake of expansion. Listen now for insights! #BusinessAdvice #HealthyBusiness #SmallBizTalk 

Episode Transcript

(00:10):
Welcome to the Water Troughwhere we can't make you drink,
but we will make you think.
My name is Ed Draws to the SmallBusiness Doctor, and I'm really
excited you chose to join mehere as we discuss topics that
are important for small businessfolks just like you.
If you're looking for ideas,inspiration, and possibility,
you've come to the right place.
Join us as we take steps to helpyou create the healthy business
that you've all.
Always wanted.

(00:42):
Hi, it said draws to the smallbusiness doctor.
Welcome back to the watertrough.
Today, I'd like to talk aboutthe notion of how big is big
enough for your business.
Or to say it another way.
Keeping up with the Joneses.
Those of us of a certain age arequite familiar with the saying,
keeping up with the Joneses.
That is to say, what are ourneighbors doing?

(01:04):
Do we have a house like they'vegot, do we drive cars?
Like they do.
To our kids go to the same kindof special schools that their
kids go to.
In other words, it's aboutkeeping up.
About maintaining appearancesabout being like the rest of
them.
And for those of us in business,let's face it.
We're also engaged in the samething.

(01:26):
We're definitely looking at theothers, the competition and the
others in the similar businesscapacity and saying to
ourselves, are we as good asthem?
Are we as big as them.
Are we as able to achieve thethings they achieve.
Naturally, we have to beconcerned about these things.
If we're not, we are fallingbehind in a world that's rapidly

(01:47):
and forever growing.
let's face it.
We look at competition and say,am I exceeding their
productivity?
Am I providing more for the sameclientele that they are?
Am I stagnant or am I growingAnd that is one of the big
things that business people askthemselves.
Am I big enough.

(02:07):
Am I growing fast enough?
So let's stop for a moment andlook at this.
Most of us start out in businesswith a small piece of a large
pie.
I'll take myself.
For example, I'm a solo preneur.
I am my only employee.
I have no desire to have otheremployees and I have no need for

(02:28):
other employees.
I've made my own choice.
And I've been in this businessnow for over 25 years.
To do things on my terms.
I know what my terms are.
I'm content with my terms.
And that's perfectly fine.
In fact, that's one of thechallenges that I think a lot of
business people face.
I've worked with a variety ofpeople over the years.

(02:50):
Who are eagerly ready to open upthe next storefront?
Even before.
They have their first one open.
I'll say that again.
They're ready to open up thesecond storefront before the
first one is operational.
The idea of being bigger.

(03:11):
Uh, Being better than thecompetitors.
Of having the most.
And the best.
Drives.
Business people.
And there's nothing wrong withthat.
That drive is essential.
That's the spirit that keepsthings moving forward.
I get that.
But I do think sometimes we haveto stop and take a look.
At what our expectations are.

(03:32):
Both for ourselves.
And for our business.
what do we.
Look to gain.
Each of us is entitled, ofcourse, to our own opinion about
how big we should be, how big wecan be, but it's important to
differentiate between what wewant versus what we perceive as
being the appropriateexpectation.

(03:53):
We're surrounded by others whoare moving at their own pace,
some faster than us, some slowerthan us.
These folks have an influenceupon the way we look at
ourselves.
It's no longer about keeping upwith the Joneses.
As I had alluded to before, It'sabout being better than the

(04:13):
Joneses, making them somewhatirrelevant or so it seems.
But if we look inside, I thinkthat each of us will find that
our own expectations areuniquely our own.
It is not sufficient to try tobase our expectations on those
that surround us.
The reality is we're not goingto be someone.

(04:36):
We're not, as I'd mentionedearlier, more than 25 years in
my business, a solopreneur fromday one, and I'll be that way
until the day that I close theshop for the last time.
That is my particular approachto things.
Someone else may feel the needand the desire to grow, grow,

(04:57):
grow.
Each of us has our own set ofexpectations, and each of us is
entitled to pursue those as wesee fit.
But it's important, I believe,for us not to let external
factors influence ourexpectations.
It's critical.
It's critical.

(05:17):
That big enough is what wedetermine to be appropriate
enough for us.
Not because the other guys got abigger shop, not because the
other folks have greater revenuethan we do, but because it's
appropriate for us.
Once we have established thatplatform, once we've established

(05:39):
that base, we can then createand apply the necessary
resources to achieve that goal,rushing ahead to be something.
That we're not prepared to be orto rushing ahead to be something
that somebody else is, is, in myopinion, a recipe for disaster.

(06:02):
This is when we lose sight ofour own integrity, our own
capabilities, and figure simplyif they can do it, I can do it.
End of story.
And it's not always possible forus, to do what everyone else has
done.
And quite frankly, that's okay.

(06:24):
We have to make choices, butit's really difficult sometimes
for us to envision that we dohave less than others.
Others who are doing verysimilar things to what we're
doing, why should they be betterthan us?
why can't we possibly do as goodif not better than them?
Certainly the motivation isapropos, but being realistic

(06:48):
about what that motivation canlead to being realistic about.
The endpoint for ourexpectations is something that
we need to give time and thoughtabout.
Certainly many of us havedifficulty doing that.
I suppose it's part of beinghuman, and of course that's
exactly what we are.
I hope you'll give some thoughtto your own expectations.

(07:10):
Are they based on yourabilities, on your legitimate
desires?
Are they fashioned aftersomebody else to the point where
you really don't see.
Or have a sense if they belongto you or if they simply sound
good.
Take some time.
Ask yourself those questions.

(07:32):
Being able to retain thatconnection between your purpose
and the origins of it isextremely important.
Until next time, this is EdDrows to the Small Business
Doctor, and here at the WaterTrough.
I want to wish you.
A healthy business.