Most businesses are already aware of organic business growth –, powering up your marketing to pull in leads, perfecting the sales process, hiring superstars to help create systems and leverage the business.
However, there’s another, faster and equally sustainable way to grow your business. Let me explain with an analogy involving a plane…
Too many business owners I have met are at the perfect stage to start this kind of inorganic growth but aren’t doing it. They are instead constantly busy, working inside their businesses, expending effort which could be used more wisely for even greater impact.
Learn how to do master this other side of business growth, and take a leap upwards instead of a long, slow climb.
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Prefer to read rather than listen and watch? Here’s everything I said as text:
Why Don’t You Build It Yourself?
I want to talk about two kinds of business growth that you can experience for yourself. But before that, let me quickly share with you a conversation that I had with one of the clients.
I was sharing with the client a potential acquisition that we are looking at and he smiled and he said, “Shweta, why don’t you start this business? Why do you have to buy this business?”
Building a Plane
And I was like, the difference between buying the business and starting a business is like, imagine a scenario where you have multiple pieces lying scattered on the ground and they’re all jumbled up.
It looks confusing – a huge number of complex pieces.
Now, one at a time, you start picking up these pieces and you start putting them together, with an idea of this model that you want to create, imagine an aircraft model.
The Three Uncertainties
The first hope is that the aircraft will be built successfully. However, we don’t even know if that will be so easy.
Then the second assumption is that this aircraft will actually take off successfully. And you know that that requires a lot of energy.
And then the third assumption is that this aircraft will fly at the right altitude.
How To Get There With More Certainty
All these steps are fun and feel very entrepreneurial. But the chances of getting one of the steps wrong is also very high.
However, consider this against buying a good business, which is already an aircraft flying at a decent altitude. Then you can sit in the cockpit, looking at the dials, looking at the measures. With your knowledge and experience, it’s relatively easier to increase the altitude of this aircraft.
That doesn’t take so much of energy.
Have You Considered Inorganic Business Growth?
Now, why I’m sharing this with you is because this is my philosophy. The difference between building a business from scratch versus buying a good business.
The question really here for you is to consider that there is not just one kind of growth – not just the organic growth, which is what most of the businesses focus on. The ‘How do I increase my turnover?’ the whole ‘How do I improve my profitability’ by some marketing strategy or sales strategy or by bringing a sales rep on board – or whatever the approach is.
The second way of growing is inorganic growth. It is a very fast way of growing and because it’s fast doesn’t mean that it’s not sustainable. It has to be done the right way, it has to be done at the right time, with the right business model, with the right aircraft model, which is flying at a good altitude.
But the main question that I really want you to consider is that, is this on your radar? Is that second option of growing the business through inorganic means a part of your long term strategy?
Because if it’s not, you might be missing out on an easier way to grow your business portfolio.