The 4 Stages of Business Growth: Where are you?

Stages of Business Growth
Finance

As a business owner, there are 4 stages where you can find yourself at any point in time. It is extremely important that you identify what stage you’re at and you try your very best not to keep your foot on multiple camps.

In this article, we’re going to talk about the 4 stages of business ascension. We’ll work at what stages you’re at and how you can jump to stage.

This is going to ensure you can sell faster and get rid of the low-value task. So, you can spend more time pushing your business forward. You can have more time to aim to create more profit, more time and more personal wealth.

 

Stage 1: The Technician

This stage is where you are doing the doing. You are on the call phase, delivering the value, and working directly with clients. This is where most small businesses find themselves. You’ve probably been doing it as a career and saw an opportunity to make it as a business.

Now, you’ve dive out into having your own business and doing everything. This is the most critical stage because most business owners feel comfortable staying here. They want to deliver value. They want to be the hero to their clients. For this reason, the longer they stay in this phase the harder it is for them to get out of it. In order for us to go to the next stage, the manager, we need to map out how we deliver that value as our technician to our clients.

There are far too many business owners that have this excuse that “I want something done well. I need to do it myself.” This is usually because you haven’t mapped out the system or the process. You haven’t taken the time to actually train your team to do the delivery properly. In order to make that transition, we need to have those systems in place. So, we can replicate you to allow you to be the manager.

 

Stage 2: The Manager

In the manager stage, you are overseeing the doing. Your goal is to make sure that you set realistic expectations and keep your eyes on the doers. You hold them accountable and coach them to be the best versions of themselves.

At the end of the day, everyone is human. So, you can’t expect to hire somebody into your business and replace you straight away. You need to make sure that you’ve got the right framework to support them to be the best version of themselves. You have to coach and mentor them to reach their fullest potential.

 

Stage 3: The Leader

For you to jump to the next stage, the leader, you need to create the right infrastructure. This will support other managers to come in and oversee the doing. There is a big difference between a leader and a manager in your business. A leader is somebody who crafts a strategy forward-facing. They are the captain of the ship. They are there looking to the future and working out what’s the future direction that the business needs to take. While the manager is the one who executes on that plan. In order for you to make a successful jump, you need to make sure you lead by example.

 

To be a successful leader, you need to have a plan. The best in the world all work on a 90-day planning framework. As soon as possible you should get into the habit of following the 90-day planning. Working out Where’s your business now? Where are the bottlenecks? where do you want to end up over the course of 90 days? what are the things that you need to do to achieve that outcome? Your ability to be a successful leader comes down to your ability to translate your vision. You need to be able to successfully pass it on to your managers so they can oversee the doing.

 

Stage 4: The investor/entrepreneur

In order to jump into this stage, you need to create a significant profit in your business. Look at all the biggest businesses in the world, all of them have advisor boards and investors. Most investors play a passive role in that business.

You have to ensure that you’ve got the capacity and you’re willing to let go of the reigns. This is the trickiest part of this transaction because you’re stepping out of the day-to-day operations altogether. This is easier said than done. Your ability to be a successful entrepreneur and investor is about having the right operating system. This will allow your business to be run by the right people that have the vision that aligns with yours.

Now, I’m sure that transition is many years down to the track for many of you guys. Or maybe many of you don’t even want to aspire to get to that level. But knowing these four stages can support you to take the right steps on your journey.

If you want help scaling your service business, make sure that you join our free Facebook group Your Lifestyle Business. We share a ton of value for business owners like you to help you grow and scale. We’ll catch you inside and we’ll see you there!

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