What’s Your Business Stage?

KNOWING THE ANSWER HELPS YOU GROW

Businesses go through various growth stages that are fairly specific. It’s important to know where you are in business so you can determine the best next steps for growth and where to turn for resources. We define the stages this way and offer up these suggestions for moving forward:

STARTING  UP

PRE-STARTUP: A business estimated to be within 12 months of opening and generating revenue.

Your business is likely a pre-startup if you:

  • Have been thinking about a new idea to make money.
  • Need money to get started.
  • Have started talking to potential customers.

Steps to Grow your Business:

  • Get informed before investing your hard-earned money. Consider the Growth Center Partners’ Basic Business Start-up classes to learn what’s involved in becoming an entrepreneur.
  • Figure out how to develop the right products for the right customers. Seminars like Right Products, Right Customers will help you hone your ideas.
  • Budget for professional services to make sure you legally protect yourself and your ideas.
  • Wait on taking office or retail space until revenues start flowing.

STARTUP: A business that is open and generating revenue but has not yet experienced significant growth.

Your business is a startup if you:

  • Have customers buying your product.
  • Are feeling like you can’t quite quit your day job yet.
  • Are developing other ideas for products or services.
  • Have separated your personal and business finances.

Steps to Grow your Business:

  • Consider the Stronger Businesses™ program  to learn about techniques and tools to grow your business
  • Start setting sales goals and see how you do.
  • Compare your revenues and expenses each month.
  • Join the Growth Advisory Program   to work with a team of mentors on growing your business in a safe, confidential environment.
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READY TO GROW

GROWTH/SECOND-STAGE BUSINESS: A business that wants to scale but doesn’t yet have the business operations and processes in place to sustain a greater volume of sales and production.

Your business is likely a high-growth business if you:

  • Feel like you know your markets well and where the opportunities are.
  • Are gaining traction in your sales efforts with larger orders and new customers.
  • Are worried about burning out because you’re doing it all.
  • Are considering acquiring a company or merging with another company.

Steps to Grow your Business:

  • Consider the Stronger Businesses™ program  to strengthen the leadership in your company.
  • Make sure you’re managing by the numbers – cash flow, profit and loss, sales targets, customer satisfaction, etc.
  • Attend a seminar  to learn some new tricks for growing your business.
  • Join the Growth Advisory Program   to force yourself to take time to work with a team of mentors on growing your business.

ESTABLISHED BUSINESS: A mature business still aiming for growth.

Your business is likely an established business if you:

  • Observe that your sales and/or staff figures have been relatively flat for the previous three to five years.
  • Are experiencing staff lethargy.
  • Are thinking about selling your business in the next five years.

Steps to Grow your Business

  • Consider the Stronger Businesses™ program to strengthen the leadership in your company.
  • Make sure you’re managing by the numbers – cash flow, profit and loss, sales targets, customer satisfaction, etc.
  • Attend a seminar to learn some new tricks for growing your business
  • Join the Growth Advisory Program to work with a team of mentors on assessing what your future growth goals could be.
  • Determine the value of your company so that you know what it’s worth.