Nothing Small About Small business
The 5 Stages of Business Development
Think of the business as a tent ... with the owner as the tent pole. Everything rests on the owner's shoulders. As the business grows, that tent becomes harder and harder to hold up.
Stage 1: Entrepreneurial & Optimistic
What will it take for you to get from "maybe" to "yes"? 95-98% of all businesses start and end in Stage 1, even though the peak rewards for business owners are in Stage 2.
Stage 1 entrepreneurs work harder than they have to, make less than they could, and leave a lot on the table when they exit the business. Entrepreneurs:
- Know their business could be delivering better results
- Believe the business could be worth more than it is
- Say their business is not consistent or focused enough
- Spend time working in the business, not on the business
- Feel the business sits all on their shoulders
- Think the business is not as fun or rewarding as it could be
Stage 2: Structured for Growth
This is where real profit happens. Here, the business becomes a stable, well-run company with long-term goals and steady, profitable growth, supported by well-grounded structures and process.