Think about ‘take-off’ as the stage where the businesses put their money where their mouth is — quite literally. It’s the moment at which businesses must turn their attention to how they want to finance the growth they’ve determined they want to undertake.
At this point, there are questions of systematic delegation and funding or cash (enough to actually finance the impending growth).
Delegation is tricky at this stage because of scale.
It’s not only about trust or about whether the business owner can truly let go and defer to the expertise of the managers hired to make this expansion happen. It’s also about whether there are robust enough systems in place to allow for proper reporting, checking-in, and performance control.
The challenges at this stage are less technically-driven and more about the company’s tolerance of risk and it’s ability to maintain a strategic vision, rather than getting lost in micro-managing the details.
There are many questions at this point that rely on the behaviour of owners: Will they be able to let the data drive their decisions through a data & insights strategy? Will they be willing to tolerate a high debt-to-equity ratio to finance their growth demands? Will they identify and make the right calls when it comes to refining and streamlining their internal systems? Will they truly be able and willing to delegate to their tried managers and functional departments?
These questions are followed by an ‘if’ as the answer: if the business owner or leader can rise to these ongoing challenges, through this stage, business will thrive. Their challenges will be to keep their existing customer base and operations happy, maintaining their brand value and internal workplace culture.
You can find the full eBook ‘The stages of business growth and what you should be focusing on’ here. In this eBook we dive into each stage of business growth (existence, survival, success, take off and resource maturity), the questions a business owner or leader should be asking of their business and the types of growth marketing activities you should be considering to make it successful. This includes data & insights driven strategies.