Is The Secret To Business Success Hidden In Slow Growth?
The prominent narratives about today’s startup culture are about those companies that are moving forward at an astronomical pace. The limelight concentrates on industry leaders who are constantly innovating and producing new cultural products that are implicitly intertwined with technological brilliance. This article is not about them. Slow growing businesses are people-centric. They concentrate on the resources they have and give importance to how to use those effectively for the long term. Slow growing business culture concentrates on long-term sustainability than on short-term profits. Here is why a slow-growing business strategy could be a good idea for your company.
It’s about the people
Startups on average offer employees 60-70 work hours per week. This is more than enough to burn someone out. The solution, of course, is to hire someone else. There is a malignant business culture being built around the “hire, fire, repeat” maxim of business propagation. A number of funding businesses are capable of generating has made it easier for companies to overwork their employees. The salary packages offered often “justify” the heavy burdens employees are forced to carry on a day to day basis. Slow growing businesses make it a point to develop a harmonious work culture that will make sure that stable relationships are forged between people who work together. As a company that is growing together, this is a very important facet to have fo team management purposes.
Concentrating on quality
A slow-moving business would have the advantage of being able to meticulously plan and structure the way their products would hit the market. In an age when companies are trying to bombard their customers with multiple offers all the time, there is a true niche segment that is doing very well by making their customers aware of specialised offers that are intelligent in their exclusivity. End of the day a single product that can give your customer tangible returns is better than multiple offers that fail to offer anything too substantial.
When you amass funds from external sources, there is the obvious challenge of aligning your business goals with the people who have decided to fund your project. More often than not, these decisions are taken from a pure capital accumulation point of view that might not be useful for the business model you were originally trying to institute. These sacrifices you end up making for the purpose of your business growth will have big impacts on the kind of company you build and the prevailing culture it develops. This is why a slow growth company can be more flexible in this regard. You will be working with your goals in mind and not tilting your ideas according to where the money is flowing from.
Objective Insights About the Market
Businesses work best when things are on an even keel. This often becomes very hard when you are operating out of the tech space. Innovations that reimagine business processes are a part and parcel of this space. While accruing tremendous revenues and growing at an astronomical rate, it might be easy to absorb new technology consistently to improve work efficiency. Slow growing businesses, however, do not have this luxury. Sharp business insights, motivated by objectivity needs to be practised as far as technological retention is concerned. Figuring out new and faster ways to do job practices with the help of emerging technology is something that will keep evolving in today’s world. Identifying sustainable models that you could use for the long term should be the primary objective of your slow-growing business.
There are many ways for making companies grow into megastructures that give sustenance to a lot of people. The needs of these companies change at a rapid pace and employees would always be playing catch up with what the work structure actually is. A slow growth company can be very specialised with members being asked to do only job portfolio’s they are good at. This would have a huge impact on the quality of output that comes from them. Contemplating on the pace at which your business grows, might actually be a very good idea.