The 6 Stages Of The Business Growth Cycle

By Author: Victor Kon
Total Articles: 2
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Business growth is hard work. It requires a lot of patience, foresight, entrepreneurial spirit, and a resilient mindset. However, the rewards are high if you can successfully pull it through.

When you first start your business, you might not know exactly where to go or how to grow it. Like quicksand, some got stuck in the pit and suffered major financial loss, while others managed to escape it.

The good news is that you aren’t alone and that every business owner goes through the same stages of business growth as it expands its operations: from start-up to small business status to an established medium size operation.

As your company escalates, figuring out how to break through the success barrier can be challenging. And whether you’re a new business or an established business owner, all businesses face similar challenges along the way.

In this blog post, we’ll cover 6 stages of business growth that you need to know if you want your company to succeed in the long term.

Growth Stage 1: The Nightmare Phase 

The first stage of your business’s growth is the nightmare phase. At this ...
... stage, you might not know what you’re doing. You can’t even say whether or not you will be successful. 

This stage is all about Chaos (if you don’t have a business plan! – click here to read an article I wrote about business planning):
To quantum leap this stage, you must plan, plan, plan!

Find out how much money you’ll need to fund your business launch: To pay expenses like rent, bills, and marketing so your company can survive long enough for anyone else (including yourself) to get paid and have stable cash flow. You will also need to consider lead generation, sales conversion, customer journey, HR recruitment and retention.

Growth Stage 2: The Survival Phase

The phrase – Do whatever it takes to make it work! It very well sums up the Survival phase.

A typical attitude might be the inclination to “Work more for less”, “offer low price”, and accept/take on any clients you can find.

You are still trying to get your business off the ground. You’ve got a few customers, but you don’t have much revenue to expand your HR team.

In this stage, you are trying to figure out how to get MORE customers, more sales, more money, and deliver services to make them happy campers!
You can focus on advertising and marketing: Google & Facebook Ads; create a Sales funnel, and apply social media strategy.

The final tip here is to offer a handful of products or services that people would buy to test which are the best seller and cut down on the low-performing offers in the next few months.

Growth Stage 3: Maturity – The Growth Phase

The third stage is where your business starts to generate lots of sales! And sales equals cash $$$.

Not necessarily a bigger team, but you made it through; you now feel abundance towards your cash flow and net profit. You are in a happy spirit and feel on top of the world.

But very quickly, you’ll find that you are working six to seven days a week and 10+ hours a day and paying lots of taxes!

Its time to switch gear!

Continue reading at https://businessignites.com/blog/the-6-stages-of-the-business-growth-cycle/