Small Business Growth: The Stages of Scaling Your Business
Business growth – that’s the goal for most business owners. However, it’s crucial that you understand the various stages through which your business will pass so you can chart a course with confidence.
Stage 1: Existence
The first state of business growth is mere existence. It’s often a struggle just to keep the business afloat, much less generating profit and seeing growth.
Stage 2: Survival
The second stage of business growth is survival. Here, you are doing more than merely existing, but have not necessarily achieved significant business goals as yet.
Stage 3: Success
This is the stage of growth and development where your business not only begins to generate profit, but really starts to come into its own. You have brand recognition, loyal customers, and more. Your focus will change from merely surviving to growing your revenues while minimizing expenses.
Stage 4: Take-Off
At this stage, your business truly begins to thrive – sales jump significantly, brand recognition grows immensely, and profit is much greater than at other stages. Rapid growth and rapid financing are the primary challenges in this stage.
Stage 5: Resource Maturity
This is the final stage, but don’t let that make you assume it is the end. Resource maturity simply means that your business has grown significantly, and is beginning to lose some of the characteristics that defined it as a small business. You enjoy solid financials, adequate staffing, and well-developed systems throughout the business.
Note that each of these stages of business growth include a number of sub-stages, and there is no truly defined length of time for any stage to last. Running a successful business and bringing it successfully through these growth stages requires a helping hand. To learn more about financial solutions, contact Growth Lending Group.