In my opinion, if a business isn’t growing, it’s dieing. Oh sure, if it is stable, the company can last for years. However, it becomes drudgery and then it feels like work. If this happens to leadership, it will show throughout the organization. Plus, without growth, the impact of customer losses (through means within and not within your control) is significantly magnified.
With that said, you have to be in control of the growth. Next to no growth, growth that just happens to you is the worst thing. This will cause your costs to spiral out of control. It will also, very likely, lead to unhappy customers as your ability to deliver on promises will be compromised by the uncontrolled growth. In entrepreneurial circles controlling your growth ties into scalability. This is having that processes and staff in place to handle the growth and then to add staff into those processes seamlessly as needed. Remember; not all business is good business. Know your niche. Plan your work and work your plan. Don’t start chasing shiney objects which will get you off course from your plan.
Sure, you may leave an opportunity on the sidelines. However, your objective is to become what you envision the company becoming. Making frequent, wild changes to chase new opportunities only confuses your leadership team and associates and adds cost to the organization. It also increases the likelihood of delivery failures, which you simply cannot allow.
Stay in control of your business. Then, when the next economic downturn occurs (and it will occur), you can hold your own or more readily scale downward if necessary.