Mar 25, 2019
We all want to grow our businesses. But are you going about it in the right way? Today we’re talking all about the growth stages of your business — how they work, and how you can utilize them best to accomplish your goals.
Before anything, you need to make sure that you prepare for growth. This means fleshing out the details of your businesses, making sure your finances are in order, and that all your other infrastructure is in place so that when growth arrives you’re not unprepared.
Now that you’ve prepared for growth, the growing phase is pretty straightforward: you’re growing! This is the time when you need to be hitting the streets, talking to potential clients, and lining up new work. You also need to be communicating to existing clients why your growth phase will benefit them and how they will see value in your growth.
Stabilizing is like moving into a light jog after being in an all-out sprint. You can finally breathe a little bit. While you are stabilizing, you should focus on bringing your expenses down, making sure that your business is supporting your lifestyle and taking time to relax. But don’t spend too much time here — you want to get right back into the growth phase.
“Preparation, growth and stabilization are critical for your business to run how you want it to, spin off and give you money how you want it to, and be something that is sustainable and also sustains your lifestyle.”