The ‘existence’ stage is fundamentally existential in nature. At this point, the team is lean and are asking themselves key questions about survivability, serving clients and customers, and when the right moment is to take that next ‘big’ action. The questions businesses need to address at this stage include:
eBook: The Stages of Business Growth
and what you can do to maximise each
Taking a page from growth-oriented businesses, there are clear and consistent points of focus, choices that, when taken, make ‘growth’ a part and parcel of the everyday. But the specific actions and strategies that business can undertake vary greatly from stage to stage.
Businesses need a framework that is flexible and sensitive to the realities of start-up time and costs, inevitable changes in team size, roles and even product or service offerings. In this eBook, we look to offer a framework to understand the business lifecycle and what to focus on to help you grow.
Having a framework for a business cycle can help emerging and developing companies maximise on the opportunities available for them at that stage. Every stage in the business cycle has its own right expenditure of marketing, sales, analytics and training/hiring actions.
Focus of the eBook
To bring these elements and choices of growth to light, this eBook focuses on:
The Key Findings & Recommendations
Stage 1: Existence
Stage 2: Survival
Think of this stage as a ‘post-validation’ phase. Whatever the business has been doing to acquire those brand fans has been working. They’ve proven that there is indeed a niche for their product or service, a clear demand and a chance to diversify their offerings, based on the incoming data. The questions businesses need to address at this stage include:
Stage 3: Success
It might seem like the stage of ‘success’ is the state of ‘arrival’. This is rather a stage of crossroads. Businesses here must figure out if they plan to capitalise on the company’s achievements by expanding and growing, or if they plan to hold firm at status quo, allowing owners and teams to then focus their attention on other, often internal activities. The primary question businesses need to address at this stage is:
Stage 4: Take-off
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. The questions businesses need to address at this stage include:
Stage 5: Resource Maturity
Businesses at this stage are experiencing the successful consequences of the previous stage. There is financial gain brought on by rapid growth and expansion of internal operations to respond to the scaling-up of the business’s product or service offering. The questions businesses need to address at this stage include:
Aligning actions to the growth stages
Growth-oriented strategies are not simply about treading water because companies that are strategic don’t need to settle for the ‘something is better than nothing’ mindset.
With the right identification of where a company is in the framework of business growth, leaders can better redirect employees to take aligned actions. They don’t have to risk failed or terminated exits, skyrocketing costs, the risk of increased competition, or any other wholly avoidable dampeners of growth.