The Different Stages
What's in this article
We identify the 3 different Business Stages, where each stage has a specific set of strategies, activities, beliefs, and rituals. The stages are
- The Growth Stage
- The Scale Stage
- The Legacy Stage
The Legacy Stage is about… building your legacy
The third stage is the Legacy, and while most companies never get to this stage, or even aspire to build a legacy company, some companies do. At this stage, you will be working on standardizing your business, operations, build a highly profitable team, while your step away from the operations and focus on strategic partnerships and building a legacy brand. You prepare your business for generational wealth or a great exit, you choose.
Doing the right things at every stage
First, let’s be clear: there is no one-size-fits-all model to grow a business. Your business is as unique as you, and so are the strategies, tactics, and decisions. However, growing a business at this stage is simple, if you allow it to be. Here’s a short checklist of the activities to focus on at this stage:
- Standardize your business to increase the value of your company. Your business is an asset that creates wealth for you, and value and joy for the people in your industry.
- Build a business that is beyond you, and can easily be run by fantastic team members.
- Prepare your business to be acquired for big money, or kept in your ownership for generational wealth.
- Your team needs to become a profitable, self-going entity that will contribute to the growth of your business.
- You move away from the operations and become the leader your company and your people need.
- Create strategic partnerships in your industry. Become the leader in your niche everyone wants to partner up with and be seen with.
- Create deals, joint ventures, and partnerships with other leading brands.
- Find business deals to invest in.
- Manage your wealth.