Many businesses start off as a one person show and as more sales are made and revenue begins to stream in, a business is provided the opportunity – and the need – to grow. Over the course of time businesses go through five stages, or five main opportunities, for growth and/or development.
1. Primary Development Stage
The first, is the primary development stage; the stage at which the business is essentially born. It is at this stage that a budding entrepreneur must create their business plan and set the foundations for their business venture. By seeking business coaching and financial advice in the early stages of your business development, you can help yourself make the right choices when it comes to creating and starting your business. At this stage, a financially minded business development and growth coach can help you address particular areas of concern, such as:
- Does (or will) your product or service satisfy a customer’s need that is present in the current market?
- What is your completive advantage over other businesses who provide a similar service or product?
- Is this product or service profitable, with or without competition in the market?
- How should you best market your product/service and display your appeal over other already established businesses?
- How much and where will your funding be provided from?
- Do you need to appeal to investors, or do you need to plan ahead to protect your personal investment?
- How do you plan to establish your business structure?
- How will you handle an expected vs unexpected need for growth?
These are just some of the many aspects at the initial planning stage of launching a business
2. Post-Launched Stage
Following the implementation of your business plan, will be the riskiest stage of your business growth and development. At this stage, you have recently entered the market, are learning the ropes of cash flow management, what and how much of inventory to store, or how many clients you can successfully handle at a time. You may also be finding that your reality is not living up to your initial market analysis.
During this stage, having someone on your side to provide valuable insight into what is working, what isn’t working, and solutions to not just keep your business afloat but to navigate it towards more stability. Business growth and development services from a professional financial coaching firm can help you and your business create growth strategies to face and overcome the following challenges:
- The affordability of hiring staff to help you take on more clients, and thus, increase your revenue stream.
- Confirming and strengthening your presence in the marketplace, either by expanding your target audience, opening of your service or product offerings, or upsell more to your current customer base.
- Reevaluate your finances to ensure the best application of cash flow, minimize debt, and improve general financial practices.
- Identify potential investment opportunities, create business proposals, and confirming opportunities as well as the application of investment funds.
3. Initial Growth Stage
Now the wheels of your business are moving more smoothly, and steady revenue is streaming in. Whether you are continuing business support or are looking for additional support and direction once you have reached this stage, a professional business consultant can help you prepare and implement an improved business model that addresses new financial concerns while addressing operational deficiencies in order to maximize profits and streamline your processes. With a business advisor, you will learn:
- The best methods for handling an increase in customer base.
- How to appropriate additional funds and reinvest into your business and employees.
- Marketing maneuvers to stay ahead of your competition.
- To continually review your business plan and practices for improvements
4. Expansion Phase
The Expansion Phase is where your business becomes ready to explore new business opportunities. A thorough market analysis should be performed to determine where your services or products are most desired and the opportunity to targeting those customer-rich areas—either by improved marketing or opening an additional location to provide access to your business for that area. Other opportunities may include partnering with a complimentary business structure or purchasing your competition and absorbing their customer base.
5. Business Maturity Stage
This may be the final stage, but that doesn’t mean that your business will stop growing or developing new avenues or improved practices. In fact, you’ll continue to do so but you will be more prepared to take on the stressors of change. It is at this stage where a business growth and development coach will commonly approach new topics for discussion:
- Employee benefit packages
- Employee payroll restructuring
- Additional growth and/or expansion
- Retirement planning
- Disaster planning
- Business succession and continuation
- Acquisition planning
- Exit strategies
Business owners can tackle each stage of business growth and development on their own, however, investing in the professional services of a business or sales consultant can help your business to more quickly overcome obstacles and make the necessary changes to promote growth and expansion. Jorgie is a talented and successful sales consultant, personally familiar with this process in her own business ventures. Let her help guide you and your business to success, even if that means connecting you with an associate like Clone Solutions to help your business reach its goals.