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Growth not always the goal for a small business

Small business owners are not a homogeneous group. This is not only the case when it comes to their background, characteristics and personality, but also when it comes to their goals for their business.

Take growth, for example. Some might assume that growth is a primary driving goal for a vast majority, if not all, small business owners. However, a recent survey of small business owners indicates that such an assumption is quite off the mark. In the survey, 88 percent of the 400 respondent business owners indicated that growth for growth’s sake and building a large business empire were not driving goals they had for their business. Respondents varied in what things they did associate with success when it came to their company.

As this underscores, how small business owners define success is a far more complex and diverse picture than just rapid and large growth. It could touch on many different financial goals (like stability or having a good presence in a certain market) and non-financial goals (like entrepreneurial freedom, creative control, having a positive impact in the world or liking what they do).

So, for small business owners, their business goals are as unique as they are. When it comes to any major business issue, it can be important for a business owner to give careful thought to what way of addressing the issue would best help with their particular goals for the business. This includes when disputes/litigation arise in relation to their company’s operations. Experienced attorneys can help business owners with working out what approach in such a dispute/litigation would put their business in the best position to fulfill their vision for success.

Source: Business News Daily, “Most Small Business Owners Are Happy Staying Small,” Jennifer Post, July 29, 2016

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