13/02/2019
Today I'm going to talk about the life cycle of a business and how to get the most out of each cycle, while also extended the lifespan of your business.
The four different stages of a business life cycle are:
• Infancy
• Adolescence
• Growing Pains
• Maturity
We’ll talk a little about what each of these cycle’s means and how they can each help expand your business’ lifespan.
Infancy
This is generally considered the technician’s phase, which is the owner. At this point, the relationship between the business and the owner is that of a parent and new baby. There is an impenetrable bond that is necessary to determine the path your business will follow.
The key is to know your business must grow in order to flourish. You cannot stay in this stage forever.
Adolescence
In this stage you need to start bringing your support staff together to delegate in order to allow growth to happen. The first critical area is your technical person, as they need to bring a certain level of technical experience to the business. Then management of key areas needs to be considered – who will do what. This stage is all about planning for growth and the future.
Growing Pains
There’s a point in every business when business explodes and becomes chaotic. This is referred to as growing pains. It’s a good problem to have, but a problem nonetheless. You are faced with a number of choices:
• Avoid growth and stay small
• Go broke
• Push forward into the next cycle
Maturity
The last cycle is maturity, though this doesn’t mean the end of your business. Your passion for growth must continue in order for your business to succeed. You need to keep an entrepreneurial perspective in order to push your business forward. Key here is managed and sustainable survival, and ensuring the business remains viable.
You see how all four of these cycles are connected and depend on a strong foundation for each one of them, in order for your business to be and continue to be successful. All three of your key business roles (Technician, Manager & Entrepreneur),must work together to navigate through these cycles.
If you’re having trouble figuring out which of the key roles you fit into, or how to move to the next business stage, try our FREE test drive and work with one of our amazing coaches.