As you grow your business, it will progress through these classic growth stages:
Stage 1 – Achieving Viability (Entrepreneurial)
Stage 2 – Accelerating Growth (Emerging Growth)
Stage 3 – Scaling (Sustainable Growth)
Stage 4 – Maturity
How do you know when you need to do things differently? Your business hits a plateau. The things that have been working don’t get the same results and you lose momentum.
It’s important to understand what you need to do differently at each stage to keep that momentum going – and make the changes that keep you going into the next stage.
Four Stages of Growing Your Business
Stage 1 to 2: Refine you offering and business model, understand your competition and know how to differentiate, get organized (implement systems in key functional areas.)
Stage 2 to 3: Build and document scalable processes, build a deeper bench of specialized talent, delegate management and create accountability, take a pro-active approach to generating revenues.
Stage 3 to 4: Talent management, long term strategy, focus on culture, giving back to the community, reducing risk, innovating.
How to Set the Stage
So how do you do things differently? You, as the business leader, set the stage. You create a growth culture, share your plan with your team, include your team in the plan’s execution, and invest in resources to help you get to the next stage.
As Fractional VPs of Sales, we help all of our clients grow – and we’d love to help you. Contact us today!