Don’t Grow to Grow – Grow to Achieve Results
As 2024 winds down and the pressure of this year’s budget looms, one question dominates my client meetings: “How do we grow revenue?” It’s the challenge most business owners face, and for good reason—revenue growth is a critical part of every business strategy. But what if growth itself isn’t always the right answer?
Undoubtedly, as the year progresses, my clients and most small businesses will spend countless hours focused on one key issue: revenue growth. Think about the initiatives you tackled this past year. Now consider if they were aimed at growing revenue. Directly or indirectly, most business owners spend at least 60% of their time on revenue growth efforts.
One of the first key hires in a growing business is often a sales or marketing professional. At some companies, they’re even called Chief Growth Officers. Regardless of the title, their mission is clear: grow revenue. The existence of this role highlights the emphasis that businesses in general place on revenue growth.
But what does it mean to grow? And is growing revenue always the right move?
Why Grow?
Chad Dooling, the new owner of a personal care product company that had been family-owned for over 60 years, stepped in with a clear vision: to transform a steady, modest revenue stream into a business poised for scalable growth. I had the privilege of joining the company on Day 2, which gave me an insider’s view of its operations. Though the company had cultivated a loyal customer base and consistent profits, growth had never been a priority. For decades, it thrived on steady, repeat business, operating comfortably without any real ambition to expand beyond its core audience.
Over the next three years, Mr. Dooling set to work to expand revenue. He built a robust e-commerce platform, found new industry segments for the product, and worked on expanding average ticket sizes. The results were impressive!
By the end of 2024, this company increased revenue from $3M to $5.4M in just three years. Few businesses maintain a 20%+ growth rate for three consecutive years. Mr. Dooling’s profitability topped $1M, with $750,000 in after-tax earnings.
By November, Mr. Dooling was running on fumes, having just returned from three intense weeks on the road, meeting potential customers in an effort to continue the company’s momentum. In the previous six months, he had lost both his operations and customer service managers—two critical positions—and there were no replacements in sight. The chaos of trying to juggle everything himself had taken a toll, but despite the overwhelming circumstances, he remained resolute. He was still determined to target another 20% growth. Sitting across from me, he confidently outlined his plans—expanding into new markets, increasing prices, and streamlining operations. While the strategies were sound, I couldn’t help but wonder: Was the next phase of growth truly what the business needed, or was it just another step in a never-ending pursuit?
I asked him one pivotal question: “Why do you want to continue to grow?”
What Do You Want From Your Business?
My question wasn’t meant to discourage growth but to understand what was driving it. As an outsourced CFO working with over 20 clients, I’ve had the privilege of seeing businesses from all walks of life. This unique perspective allows me to compare Mr. Dooling’s company with other small businesses. What stood out was the impressive profitability of his business—it was already outpacing 90% of small businesses in terms of earnings. He was in a position where he could continue running things smoothly and still stay in the top tier of earners, but I wanted to understand if the quest for more growth was the right choice for him at this stage.
However, Mr. Dooling had a clear reason: he planned to sell the company in three years. Each additional $1 of profit would increase the sale value by $4-$6. Growth wasn’t just an ambition; it was a strategy. This clarity around his goals gave us a roadmap to make growth meaningful and measurable.
For many business owners, the desire for growth isn’t as clear. Earning more money is a valid goal, but the question becomes, “How much more?” Without a clear answer, growth risks becoming an endless pursuit. And with endless pursuit often comes burnout, inefficiency, and a loss of focus on what truly matters: a business that aligns with personal goals and values.
Growth for Growth’s Sake Is Dangerous
Many entrepreneurs grow simply for growth’s sake. Driven by the popularized Tony Robbins mindset, “When you stop growing, you start dying.” While growth is important, unchecked expansion can disrupt operations, drain resources, and take a toll on personal well-being. Not all growth is good growth.
Here’s the secret that many small business owners won’t say out loud: most businesses are as much about lifestyle as they are about profit. In fact, the lifestyle benefits—the freedom, flexibility, and autonomy—are often the very things that motivate entrepreneurs in the first place. But when growth is prioritized above all else, it can erode the quality of life that inspired the business to begin with. Balancing these competing priorities requires clear goals, thoughtful planning, and a deep understanding of what truly matters.
It’s easy to get swept up in the desire to outpace competitors or meet market pressures. But growth without purpose can lead to regret, burnout, and a disconnect from why the business was created in the first place.
Every growth target demands careful consideration of time, effort, and resources. Often, it comes at a personal cost, requiring sacrifices in other areas of the business or the owner’s life. For example, Mr. Dooling’s success came at the price of stretching himself thin—handling tasks and responsibilities that would typically be delegated to managers. It’s worth asking: is that the trade-off every business owner wants?
This is where having a structured process for setting growth goals becomes invaluable. It’s not just about adding more; it’s about knowing why and how. With a clear roadmap, growth can be purposeful, not chaotic. It should feel like a strategic choice—not a reaction to external pressures or an endless cycle of doing more.
Setting Growth Goals
I write this article from a unique perspective—as both a business owner and an outsourced CFO. Having owned businesses myself, I understand the effort, sacrifice, and emotional investment required for growth. As an outsourced CFO, my role isn’t to discourage growth, but to help my clients align their growth strategies with their personal and professional goals. And it’s in aligning these two areas where the real magic happens.
Growing simply to make more money is a legitimate reason, but it’s important to ask: How much more? Without clarity, businesses can easily get caught in an endless cycle of growth for growth’s sake. Thoughtful goal-setting ensures that growth not only aligns with the owner’s broader objectives but also enhances overall well-being—for both the owner and the team.
Every business owner should ask themselves three key questions before pursuing growth:
- What is the specific goal I hope to achieve with this growth? Whether it’s financial, market expansion, or something else, clarity around the “why” will guide your actions.
- How will this growth impact my personal and professional life? Growth should serve you, not overwhelm you. Consider how it will affect your time, energy, and relationships.
- Do I have the resources—time, capital, and talent—to support this growth sustainably? Growth requires investment—do you have the infrastructure in place to support it without burning out?
Answering these questions doesn’t just create clarity—it creates focus. It ensures that every growth initiative moves your business toward its desired outcome, while protecting your time and energy. With clear answers, you’ll eliminate wasted efforts, avoid unnecessary risks, and keep your business grounded in what truly matters.
Understanding Growth Potential
Most business owners dream of scaling to $100M in revenue. But does the business have that potential? Every company has a ceiling influenced by industry trends, capital access, and market conditions. It’s not defeatist to recognize these limitations—it’s strategic.
A business’s growth ceiling can expand with strategic decisions, like partnering with capital investors. For example, Facebook’s explosive growth wouldn’t have been possible without outside investment. Likewise, smaller companies can explore growth through partnerships, collaborations, or even franchising.
However, some factors—like market trends and regulations—are beyond an owner’s control. During my time operating Monkey Bizness, I realized the concept’s growth potential was capped due to high franchise startup costs relative to earnings. Understanding these limits helped set realistic expectations and prevented wasted effort chasing unattainable goals.
Honest assessments of growth potential inform better decision-making. By tweaking inputs, owners can explore how changes might impact growth. For example, could introducing a new product line or targeting a different customer segment open up new growth avenues?
Every growth plan should include an honest assessment of its feasibility and potential pitfalls. Understanding these variables helps owners focus on opportunities with the highest likelihood of success, rather than chasing unattainable goals.
Knowing When to Pause Growth
Sometimes, the best decision a business owner can make is to pause. Take a step back, reassess, and stabilize before moving forward. Growth isn’t always the answer—especially if the business isn’t on solid ground. Pushing forward without a strong foundation can put everything at risk.
A pause creates the space to address cracks in the foundation: overworked staff, slipping customer satisfaction, or cash flow challenges. It’s a chance to refine processes, tighten systems, and invest in your team’s growth. True, sustainable growth can only happen when your business is in a position to support it.
Pausing isn’t a sign of failure—it’s a strategic decision to make sure your business is truly ready for the next stage. Think of it as a necessary reset. As the saying goes, “Slow down to speed up.”
This pause isn’t just about the business—it’s about you, too. Many small business owners pour so much time and energy into growth that they neglect their own health and relationships. Taking a break can help you recharge, gain fresh perspective, and restore clarity. When you return, you’ll be better equipped to lead your business forward with renewed focus and energy.
Growth Outside of Revenue
“If you’re not growing, you’re dying” doesn’t only apply to revenue. Some of the most powerful and lasting growth happens in areas that often go unnoticed—but they’re just as critical to the long-term health of the business.
Take growth in efficiency, for example. Streamlining processes and automating repetitive tasks isn’t just about saving time; it’s about boosting profitability and freeing up valuable resources. By making your operations smoother, you create more room for innovation and flexibility.
Then there’s brand reputation. A strong, trustworthy brand isn’t built overnight, but it can create customer loyalty that pays off in ways far beyond immediate sales. When people trust your brand, they’re not just buying—they’re investing in the experience and values your business represents.
Team development is another often-underestimated form of growth. Investing in employee training and fostering a positive, innovative company culture drives productivity and sparks new ideas. But it goes even deeper—when you develop your team, you’re creating a workforce that’s resilient, adaptable, and invested in the business’s success.
And don’t forget personal growth as a leader. The more you grow in your leadership, the stronger your decision-making becomes, and the more resilient you become in facing challenges. Leadership development doesn’t just impact you—it creates a ripple effect throughout the organization, inspiring and empowering your team to step up and grow alongside you.
Focusing exclusively on revenue can blind you to these critical growth areas. True, holistic growth happens when the business and life thrive together. It’s about nurturing the systems, processes, and people that support your business. Whether it’s implementing new technology, improving employee skills, or adopting sustainable practices, these growth strategies may not show up immediately on the bottom line, but they create lasting value that propels your business forward for the long haul.
Conclusion
At this point, you might be thinking, “Is this the only outsourced CFO who doesn’t push for nonstop revenue growth?” And I get it—it’s a common expectation. But the truth is, most businesses do benefit from consistent, intentional growth—when it’s aligned with clear purpose and perspective.
Small businesses are a reflection of their owners’ goals, values, and vision. Revenue growth should mirror those. Here are three key takeaways to help you grow intentionally:
- Confidence: Revenue growth is just one piece of the puzzle. Define success on your own terms, ensuring that your growth targets align with both your personal and professional aspirations.
- Clarity: Grow with purpose. If financial growth is a priority, get crystal clear on exactly how much you want to grow—and why. Knowing your “why” makes every step purposeful and measurable.
- Realism: Every business has its limits. Understand what your business can realistically support in terms of growth. By acknowledging these boundaries, you’ll make smarter, more sustainable decisions.
In the end, growth is important—but it’s not about blindly chasing numbers. True growth is about building a business and a life that thrive hand-in-hand, in harmony. When growth is intentional, it fuels both the business and the person behind it.
If you’re ready to align your growth strategy with your personal and professional goals, let’s talk. Contact me today to schedule a consultation and start building a business—and a life—that thrives together.