SME Growth

Quality versus Quantity

Growth is good, right? Indeed, it’s at the heart of most, if not every company’s long-term goals. And there are myriad reasons to strive to expand your company. It gives you more independence and is often viewed as an indicator of success. In today’s economy competition is intense, and if you don’t adapt to meet the needs of your clients someone else will step in to fill the void.

In its simplest form growth is the increase of your services or products. By selling more you get more. With more capital you can employ more people and expand your production or service capacity. Then you can sell even more. But is that always the right way to go?

Sustainable and measurable

It’s relatively easy to measure your success through numbers. If your sales rise your company grows. That’s the central concept of quantitative growth. But this quantitative approach doesn’t increase the value you provide to a potential client. Put simply you are growing and standing still at the same time.

Successful companies recognize this and adopt a qualitative as opposed to quantitative approach. They adapt to expand their client offering and become more well-rounded in order to reach new business opportunities.

Don’t put all your eggs in one basket

Building out your product and service offering can be hard to measure in the short term, but it will ensure that you aren’t pooling all your resources in one narrow niche. By doing this, forward-looking companies mitigate the risks of being left behind by fast-acting competitors or by rapid changes in the business operating environment, all of which could spell the end of a company.

Don’t assume what you did today will be enough for tomorrow

So, what can you do? It’s important to analyse and understand the problems your clients face. What do they need today? What will they need tomorrow? Having the answers to these questions is essential to build long-lasting relationships. And, just as important, it gives you direction for your qualitative growth. Simply asking yourself how much more you could do with the tools you have at your disposal is key to expanding the capabilities of your company. This is the cornerstone of quality growth.

The next step is to invest in the addition of new expertise. Increasing the scope of your services by employing people who have the skills to broaden your core business. The more you can offer, the more clients will be able to work with you. New possibilities will open and it is only a question of time before the growth shows.

The world of business is changing rapidly, and by increasing the offering your company provides you can ensure that you won’t be left behind, won’t just survive but rather thrive.