The Small Business Life Cycle: How to Expand the Life of Your Business
The small business lifecycle is essential to understand because effectively navigating it will expand the life of any small business.
The small business life cycle is the component that allows you, as the business owner, to achieve your greatest small business goals.
There are four different stages of the small business life cycle. They are:
- Growing Pains
We’ll talk a little about what each of these cycles means and how they can each help expand the life of your small business.
Stage One: Infancy
Infancy is generally considered the craft or technician phase, where you, the owner, is birthing the business.
At this point, the relationship between your business and you, as the owner, is that of a parent and new baby. There is an impenetrable bond that is necessary to determine the path your business will follow.
The key is to know that your business must grow to flourish. You cannot stay in the infancy stage forever.
Stage Two: Adolescence
In this stage, you need to start bringing your support staff together to delegate to and allow growth to happen.
The first step in adolescence is hiring a technical person so they can bring a needed level of specialized experience.
During the adolescence stage, you become a leader and manager. Adolescence is where team building and planning needs to start.
A relationship should be built between you as the business owner and newly acquired team members to foster growth and plan for the future.
Stage Three: Growing Pains
There’s a point in every business when a business expands and becomes chaotic.
Growing pains is the stage where challenges frequently arise causing the business to seem out of control.
While more clients and revenue can be a “good problem” to have, it is still a problem nonetheless.
In this stage, you are faced with several critical choices. You can:
- Avoid growth and stay small
- Go broke and give up
- Push forward into the next cycle
Many small business owners give up during the growing pains cycle. This accounts for the high failure rates of small businesses today.
Stage Four: Maturity
The last business life cycle stage is maturity. This does not mean the end of your business, however, at this stage, some business owners think about selling their successful business.
Your passion for growth must continue for your business to get to the seven-figure level you likely aspire to reach.
One challenge with maturity is that many business owners tend to coast along in this stage.
The best advice is to keep your entrepreneurial fire burning so you can push your business forward and realize your highest business goals.
Remember that all four of the small business life cycles are connected
As you go through the four key small business life cycle stages it’s vital that one supports, then builds upon the other as you move your business through each one.
If you have questions, we have answers
If you have questions on which stage your business is today or how to navigate the often challenging waters of growth, take our GUIDED TOUR.
Or ask Bill a question to get the answers and perspectives you need to reach your long-term small business goals.