Xenians, if we asked you at which stage of business growth you’re at, would you know? We hear the buzzwords “scale” and “scaling up” but do you know what they really mean?
You see, every business has the potential to grow. Once you work out the stage of growth you’re at in business and understand each of them, you’ll be able to determine how much you want to grow and what business strategies you need to focus your time and energy on, to get to the next level.
Here’s a quick overview of the Business Growth Stages:
The Startup Stage
- The Startup Stage can be defined as a balancing act!
- Funding: personal savings, family & friends or Venture Capital (check out our OPSP and Pitch Perfect Power Room recordings)
- Major Goal: to get through the Startup Stage as quickly as you can; build MVP’s and test, learn and optimise your offering
- Your time should be spent on figuring out if people actually want and will pay for what you’re offering. And if you don’t validate this, you’re going to run into a lot of problems, including not gaining enough customers to become viable and running into cash flow issues
Early Growth Stage (Survival)
- The Early Growth Stage can be defined by Financial Planning, Marketing & Operations Management (check out our Marketing 101 Power Room recording)
- Funding: aim to stabilise your cash flow to maximise on bulk buying/pre-planning/strategic marketing, higher margins and better funding opportunities
- Major Goal: to survive & thrive! Survive through turbulent times by managing your finances and retaining your customer base. Thrive by seizing opportunities and growing your customer base through clever marketing and product optimisation
- At this stage, you have a good base of customers but as the owner you’re still very much involved in the day-to-day operations. You should be starting to see consistent growth and as you gain experience you can begin to refine and level-up your offerings
Growth Stage (Success)
- The Growth Stage can be defined by focusing on Revenue Growth and Profitability
- Funding: exploring funding options via banks, investors and business funders (check out our Funding to Scale Power Room recording)
- Major Goal: deciding whether to expand or keep the company stable and profitable
- In the Growth Stage (Success) you should be achieving sustainable rinse-and-repeat cycles, making it the perfect time to explore whether you want to achieve further high growth or stay as you are
- This phase requires a complete mindset shift, a major appetite for risk and a deep understanding of HOW to scale a business
- Check out our Power Room session on Scaling and Blitz Scaling.
Check out our Business Tools & Templates here for a bunch of quick tips and tricks to grow your biz!