What Stage Is Your Business At Right Now?
Have you considered that there are common stages of growth that many business owners experience when starting and growing their business? If so, are you clear as to what these are?
There’s a common misconception in society that business success can happen overnight. The reality is that for most businesses it’s a journey and it’s the small steps you take each day that builds your business.
If you think about a sport or hobby that you’ve mastered, do you remember what it was like to be a beginner?
I was recently talking to a client about this journey and I likened it to running. When you’re a beginner your focus is to steadily jog or run a route that is achievable and to intersperse this with walking.
Your aim is to make it around a short route. You’re finding what works for you with your body steadily adjusting and conditioning itself to become more efficient during those first few months. You begin to discover that running consistently enables you to run with greater ease and your confidence increases.
Over time you discover that you can run further and for longer. You want to improve further by improving your times. So you follow a training plan and enter races such as a 5k, then a 10k, half marathon and marathon.
Maybe you find that you want to run with others for support, advice and accountability. To help support this you join a running club or hire a coach to help you reach your goals.
Over time you find that you’re regularly running tens of miles a week and it feels like a breeze.
Your focus is now to improve your race times and set new personal best goals. If you wanted to take your running to a higher level, maybe you’d look to enter into higher profile competitions and even become a professional athlete?
What this journey demonstrates is that a complete beginner can’t possibly compete at the same level with an athlete runner. We have to start somewhere and progress over time. This is the same when starting and growing your business. So what do these stages look like in business?
Here are three common stages of growth that I’ve experienced during my 10 years in business, and it’s what I commonly see when working with my clients:
This is a stage where you’re thinking or just starting your business and you have no clients or just a few. You’re excited and motivated and are ready to share your products or service with the world. At this stage you feel unsure as to where to start, you’re not sure of your marketing message or who your ideal client is. You need to get clear on your direction and on where to start. The key here is to keep taking steps forward daily, keep learning and be open to new ideas and opportunities that will enable to increase your client base.
At this stage you’re ready to maximize and grow your business. You have a several clients or even maybe a full practice and you want to explore other ways of bringing in more income that leverages your time. This could be by raising your prices, adding an online revenue stream, changing the way you market, sell and structure your services or by hiring others to help run the business for you.
You are busy working in the business, and you need help and support by bringing people into the business to enable you to grow. You may consider seeking advice from a business coach or mentor who can advise you on how to grow, systemise and scale your business.
At the ‘leading’ stage you have solid income streams that can support your business and plans for the future. You’re now taking more of a leadership role and want to lead a team that runs your business without you. You are known in your industry by your competitors and those that admire you.
You have been featured in the press or media or you are looking at ways to increase your marketing or media exposure in a big way to get your message out there.
Your goal is to become a top-of mind name in your industry whilst growing the business to hit your personal financial goals and positively impacting people.
Questions to consider:
Can you identify which stage your business is in?
What do you need to focus on to maximize where you are in your business right now?
To help you reach that next level, what support do you need and who from?
Until next time…