Stages of scaling your business
How to scale your business?
Stages of Building your business
1.
Struggle – Unclear & Wishful business model;
Focus on acquiring customers, constant investment - Rejection, credibility,
2.
Survival – Customer/product and price point when
you understand its workable business model, cash flow challenges because they
are waiting for the customer to come to them, only financial planning -
Understand feedback of the market
3. Stability – You build a profitable business model. How? Business owner drives the functions in different department, - when marketing, sales, operations start consistently, that’s
when business become profitable. – Business owner is proactive. There is consistency of activity. Even this is a trap, because though you start making income, business is depended on you. You are stuck in the trap of Self-employment; you create job and pay but you are doing the job of your team member.
4.
Success – Rapid Financial Growth, Functional
Heads drive business, Owner independence, owner focuses on strategic growth,
Success is not the end. You enjoy life through the journey.
5.
Scale – You don’t manage – you have a management
team – there is sytem driven growth. That is where you create legacy, that will
live beyond you.
The transition from one stage to another depends on the
efforts you make.
1 to 2 is understanding customer, product and pricing. 2 to
3 is becoming proactive. 3 to 4 is building second line managers. 4 to 5 is
building systems and management.
How fast you can do that, is how fast you will grow. Instead of blaming the world, be the seeker.
Some are in two stages – why?
Because some departments are grown while others have not.
The game is a journey, the faster you learn, the faster you
grow. When you learn, you grow, when you grow, your business grow.
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