What Are The 4 Stages Of Business Growth Every Business Owner Needs To Know?
I’m always happy to pass on great info...and this is great info! I’ve included a few snippets below lifted from the full article.
Knowing what stage your business is in and understanding the challenges of each stage can make a big difference to the strategic planning and operations of your business. It allows you to be prepared.
START-UP
The Start-up phase is exciting. There’s no doubt! The project that’s been a dream for so long is becoming a reality, you’re constantly trying new ideas, meeting people, trying to sell your product or service in new ways. However, with wearing multiple hats and the inevitable tight cash flow of the start-up phase there is real risk of burn out in this period. This is the stage where most businesses fail. It really is the “make-it-or-break-it†stage.
RAMP UP
This is an exciting stage as your business starts to take off with more clients, cash coming in and growth. However, things can go pear-shaped quickly if the systems you have in place can’t keep up with the sudden increase in demand. So the focus of this stage is on how the business is run and developing organised systems to help it run smoothly. There are often increased expenses so money might still be tight and often companies need to find external financing at this stage.
EXPANSION (OR MAINTENANCE)
Finally, you seem to have your operations sorted and things are running more smoothly. You will feel more secure in the business and you might start to think about expanding the business or even selling it. Expanding into other markets will help you diversify and can help sell the business by proving it is in demand in a range of markets. It is important to have your financial records up to date so that you can show potential buyers or investors. Alternatively you may be happy with where the business is at and choose to maintain it at this level for a longer period.
Do you need more detail on this subject? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts robert@vicleaders.com.au; or call me on (0467) 749 378.
Thanks,
Robert