Business Growth Simplified
I picked the entrepreneur topic because I am up to my neck in interviews this week. A client finally admitted he didn’t want to do his job any more so we are trying to find his replacement. An example of how too many small business owners start a business as a job, not for self-sustainability as an ongoing asset!
If you’ve been following along on our blog then you are already familiar with the small business growth cycle. You also understand that each phase has a specific goal on which you must focus.
This week we want to begin looking functionally at what you should be doing within each phase of growth. Because revenue is one of the most critical measures of growth let’s start by looking at sales and selling for startups within the foundation phase specifically.
The self-sustainability stage of the small business growth cycle is a tipping point for your company but many entrepreneurs don’t even realize it. In a previous post titled At What Stage is Your Small Business Growth? I discussed the major goal of each stage of the business growth cycle. The self-sustainability stage has one of two paths and it is the owner’s choice as to which path to take:
- Grow the business into a larger business by taking it into the rapid growth stage
- Disengage from the business and allow the business to sustain its current level of success.
There are dozens of articles and blog posts written every day about what you need to really grow a business. Most tout the most obvious aspect – more money and financing; better marketing; added sales; a raving customer; etc.
Tell you something you don’t know if you own a business. You need all those things just to have a business!
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Business growth is a challenge for many small business owners. I frequently find the reason for their struggle is they are focused on the wrong objective for their stage of business growth. All small business owners should be focused on accomplishing 3 things and in this order:
You see business growth is systematic.
Marketing for startups is often difficult because small business owners don’t understand the difference between sales and marketing. (see my previous post Sales Slump? Do You Have the Right Resource Assigned?). Marketing for startups is all about understanding what the customers wants to satisfy their need and communicating exactly what you can offer to fill that need.