This week’s splurge in conversation (which was a bit more like our guest speaker) was inspired by a visitor the incubator hasn’t seen for a while, but who offered all of us some very powerful information about knowing what stage of business growth we are in. As shared by Dino Eliadis with https://businessgrowthsimplified.com, understanding these stages and what happens in them allows a business owner to better understand needs, plans, and direction. His firm provides strategic growth coaching and training and prefers to focus on businesses in the first 3 stages.
Stage 1: Foundation – Goal: Get monthly cash flow to the point of consistent break even.
Stage 2: Survival – Goal: Consistently achieve owner-established profit requirement.
Stage 3: Self-Sustainability – Goal: Sustain the business’s success created to this point OR rapidly grow the business to a large corporation. The litmus test: Does the business consistently generate profit without your intervention?
Stage 4: Rapid Growth – Goal: Assure that growth does not outpace assets, resources, and systems.
Stage 5: Maturity – Goal: To diversify the company by offering related products or services to existing customers or by entering new markets.
If you want to follow the many tools and resources his organization offers, or read more about the topic we discussed, see, https://yoursmallbusinessgrowth.com/your-business-growth-stage/