The Growth Stage
We identify the 3 different Business Stages, where each stage has a specific set of strategies, activities, beliefs, and rituals. The stages are
The Growth Stage is about… growth
At this stage, it’s crucial you focus on activities that make you money and get your business off the ground. Activities such as creating an offer that people want to buy, and a sales mechanism that works for your particular offer are two key activities at this stage.
Possible growth blockers
At every stage, there are multiple challenges that block our growth. These challenges change when you develop, but there will always be challenges when you navigate from one stage to another. Here are the most common growth blockers at the Growth Stage.
The biggest growth blocker at this stage is total confusion. A confused business owner sees neither the trees nor the forest. Since the Internet is full of great opportunities and advice, growing a business has become such a complex thing to do. Today, everything is googleable, which also leads to information overload and confusion. If you haven’t figured your own way to grow your business yet, there’s a risk that you’re scanning the Internet for all kinds of tactics that could move the needle for you. Unfortunately, this will leave you more confused than before.
Right activities, wrong timing
The second biggest growth blocker is to focus on activities that are not relevant right now. Many try to put together systems that are meant for the scaling stage, and while it’s great if you already now know what the future holds for you and plan for the next stage, scaling too quickly or focusing on activities that are designed for scaling, could potentially hurt your business more than help at this stage.
Cash is the fuel that keeps your business engine running. Regardless of your relationship with money, cash is the fuel your business needs, and the need doesn’t become smaller when you grow. A business needs to generate cash to invest it back into the business to make it grow more. A business that doesn’t increase your personal wealth will eventually be a waste of your time, money, and dedication.
Growing a business eats cash for breakfast, lunch, dinner, and for night snacks too. Too many business owners don’t focus on cash-generating activities, but rather tweak things that don’t contribute to the cash flow. There’s nothing that keeps a business owner’s mind calmer than a steady flow of cash and sufficient cash reserves. They say money can’t solve your problems… but gosh, those people have never built a business.
We have created a simple framework that helps you get started and sell your services and products. It’s called the Growth Engine, and it has 5 key pillars, which will look slightly different depending on your business model.
Doing the right things at every stage
First, let’s be clear: there is no one-size-fits-all model to grow a business. Your business is as unique as you, and so are the strategies, tactics, and decisions. However, growing a business at this stage is simple, if you allow it to be. Millions of small businesses have navigated through this stage, so there’s no reason to try to re-create the wheel. Here’s a short checklist of the activities to focus on at this stage: