Many of us have seen it happen over and over again: a company finds success in a certain industry, and then tries to conquer the world. Whether it’s a restaurant with one location that wants to take its company nationwide or a manufacturer that wants to sell an innovative product to a region that is not ready for it, businesses fail when they try to grow too big too fast. While your dreams may be huge, settling for more responsible growth at a steady pace is often the better route.
One example of a company that grew at a reasonable rate is Corporate Transportation Group. The founder, Edward Slinin, started off with just one car shuttling passengers throughout the Tri State area. Trips to and from the airport and travel around town to various office buildings were the bread and butter of the company in its early days. CTG began to turn a profit and become successful in the car service business, and Edward Slinin was reaping the benefits of his hard work.
Another businessman might have taken this success and spent profits to buy an entire fleet of cars and hire dozens of drivers as employees to serve companies throughout the nation. However, Mr. Slinin realized that the costs of such a huge endeavor were not able to justify growth of that magnitude so early in the corporation’s life. He found it more advantageous to invest the profits in areas like advertising and more luxurious vehicles.
Eventually, CTG did spread out geographically, but only in baby steps. The company marketed itself to the outer suburbs and beyond, both through advertising and relying on word of mouth. Mr. Slinin did bring on affiliates to handle car service to a wider area, providing transportation to the entire North Eastern part of the U.S. within a few years. Over time, CTG spread nationwide and into several countries.
However, appreciating worldwide success did not happen over night. It was only through the patience and hard work of Edward Slinin that CTG was able to expand over the decades to be a prominent company dominating the car service industry. He has taught us all a lesson about making a business strong before making it grow at a rate it cannot handle.