Are You Worried About Your Business Growth? Master These Four Steps
Let’s talk about the phases of growth your business will go through and how to get the most out of each phase, while also extending the life of your business.
The four different phases of a business life cycle are:
We’ll talk a little about what each one is and how they can each help expand your business’ life.
This is typically where the owner is doing it all and they are relying upon their expertise and specialty. In the book The E-Myth they would call this a technicians time. At this point, it is hard to separate the business from the owner. The business is dependent upon the owner to be there, to deliver, and to leverage their expertise.
But a business owner can’t stay here forever and grow. They have to understand the next steps.
In this phase you want to start bringing on your support staff and learn to delegate to allow growth to happen. You need to keep a strong emphasis on the technical skills that your organization brings to the busines and the deliverables. This phase really belongs to the manager. You now start planning for the future while managing the assets and resources you have.
There is a point of growth in every successful business where business explodes and becomes chaotic. This is referred to as the Transition. It’s a good problem to have. But it presents new challenges, nonetheless. You are now faced with a number of choices:
- Stay small avoid growth and be comfortable
- Go out of business as you can’t keep up
- Persist and move into the next phase
The last phase is maturity or developed, this doesn’t mean the end of your business. Your passion and drive for growth has to continue in order for you to succeed. You need to keep an entrepreneurial perspective in order to push your business forward. This is where working ON your business is crucial.
You see how all four of these cycles are connected and depend on a strong foundation for each one of them for your business to be, and continue to be, successful. Your three key roles (Technician, Manager, and Entrepreneur must also work together to work through these cycles. If you have read the e-myth, you know these roles as technician, manager, and entrepreneur.
If you are frustrated dealing with the transition from one phase to the next, and figuring out which of the key roles you fit into, try our FREE test drive and work with one of our amazing coaches.