If it’s the right thing for your company to expand rapidly, consider giving some of your profits away.
This can be engaging a marketing company; hiring a top salesperson or sales organization; accepting money from investors; and whatever is relevant in your industry that fosters growth.
I talk to many business owners who are so focused on costs and percentages in a vacuum, that they lose the context of those numbers, don’t appreciate the ability of strong partners, and lose sight of why they want to grow in the first place. And because of that, their performance hits a ceiling and they set themselves up to either get eaten alive or remain unfulfilled.
Owning 100% of a million-dollar company sounds sexy; but for me – I’d rather own 1% of a billion-dollar company.
Of course – the above is over-simplified and there is much more to making a decision that relates to this. You need to make sure that growth is truly a lifestyle and decision with consequences that you’re prepared for (which is why I wrote “IF it’s the right thing…” in the beginning); you need to properly vet growth partners (they are not created equal, and the cheapest is never usually the best); you need to play out best/average/poor-case scenarios (plan for the best but prepare for the worst); and you need to take inventory of your current resources (is your existing manpower, capital, experience, and team reflective of your 1-, 3-, 5-, and 10-year goals?).
But don’t be so consumed with how much something costs that your blinders are on to how an investment could return for you. Marrying your spouse COSTS you. Having kids COSTS you. Buying a nicer, more reliable car COSTS you. Going to the gym COSTS you. But they can be exponentially rewarding, and if you only lived life based on what’s safe and how much something costs…it’d be a sad life on at least, 1,031 levels #exaggeration
If you really want to measure costs, compute the loss of opportunity as well. Don’t orphan that super important metric.
Let go of what is, so that you can receive what’s possible. If you want to go fast, go alone; but if you want to go far, go together.