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Business Owners Beware: Don’t Take Your Foot Off The Accelerator Too Soon

Business growth typically comes in stages. As a business owner you may find you are highly motivated in the beginning, but after a while the motivation and level of focus you are prepared to put into your business can start to slack off, or comes in fits and starts. Much like driving a car, once you’ve got up to speed the momentum can keep you going along for a while, with an occasional tap on the accelerator.

Motivation and forward motion tend to come in spurts when you’re getting a business up and running. There’s usually a big push at the start while you get the ball rolling, find your first clients and get everything set up and go through the initial growth period.

Then, once you’ve gone through the initial start up and growth stages chances are it will change to periods of acceleration followed by deceleration, depending on what else is going on in your life, how motivated you feel and whether things are happening in the business which need more of a push or if it’s happy to coast along.

Although it’s normal for businesses to continue in fits and starts until they reach a sustainable level, it’s important not to take the eye off the ball for too long at a time. This is especially true if you are planning to sell your business in the foreseeable future.

Making the decision to sell a business can be difficult, but once you do, it’s easy to become preoccupied thinking of all the things you will do after the business is off your hands, how relaxing it will be not to have to deal with that tricky staff member or unreliable supplier, and take your foot right off the pedal to the point where things slow down.

If you want to sell your business as quickly as possible and for the best price, you need to keep things moving forward. A business that has opportunities for future growth and is gaining momentum is likely to be far more attractive to buyers than one that is just coasting along with no real prospects for growth in the future.

Even if you aren’t planning to sell your business any time soon, it’s important to keep the momentum going. Once your business is self-sustaining it can be tempting to step back and think about other things but this could have a knock on effect for the rest of your employees. If you are focused on other things, your employees may lose focus, which could affect your company culture in the long term and stifle your growth.

Whatever stage your business is at, it’s always important that you remain focused and keep your foot on the accelerator. Whether you’re selling it or working on it, to be successful, your business needs to keep growing and developing and that won’t happen without you driving it forward.

About the Author

Jo Macdermott is the Chief Marketing Consultant at Next Marketing in Melbourne. She has 15 years of marketing experience, is a Certified Practising Marketer and is a sought after marketing media commentator. Jo specialises in working with small and medium businesses. Follow her on Twitter here.