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 Scale Stage is about… scale
At this stage, your business focus will change. Your business model most likely will change. You will change, too. This is a scary stage where the things that worked until now, are not the things that are going to move you to the next level.
Possible growth blockers
At every stage, there are multiple challenges that block our growth. These challenges change when you develop, but there will always be challenges when you navigate from one stage to another. To be able to navigate through these challenges, you need to be very clear on why you want to scale, what drives you forward, and what your big mission is.
Here are the most common growth blockers at the Scale Stage.
No understanding of the business model challenges
What got you here, won’t (likely) get you to the next level. If you have a scalable business model (like we teach you in the Growth Stage), you can keep doing the same thing, but increase the volume. If you don’t have a scalable business model, you’re facing a big change in your business.
No time for growth
If you are maxed out and already working way too many hours to keep the lights on, you won’t have time for strategic growth planning and execution. Since this stage means that you turn more and more of your hustle to assets, you need to have time for this.
Lack of data
If you don’t have data, or you don’t know what the data tells you, it’s impossible to safely scale your business. Now, scaling and business in general always includes risk-taking, but when you scale, you need to know what the risks are, and particularly how your numbers look like. When you scale, everything scales, so you need to be clear on how your operations look like, and what the consequences of scaling are.
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. Millions of small businesses have navigated through this stage, so there’s no reason to try to re-create the wheel. Here’s a short checklist of the activities to focus on at this stage:
- Prepare mentally to scale. This often means that you need to say NO to a lot of things, while you are fully focused on your mission. You might need to let go of some offers that no longer fit into your vision, or some people that are not the right fit for you. This is scary but a necessity if you want to scale.
- Get clarity on your vision and mission. Know why your business exists and how your future vision looks like.
- Implement powerful growth rituals that keep you focused on your goals.
- Carve out time. You need to find time for strategic growth activities. This means you need to remodel your business and sometimes, it also means that you need to drop some customers that are taking too much of your time.
- Design a business model that scales. You might want to add revenue streams that can help you scale, or, you need to kill many of your operations in favor of the ones that can scale. It’s highly individual and depends on many factors.
- Engineer a business infrastructure that allows scaling. You need to focus on processes, technology, and people. You need to invest in automation and marketing that expands your reach. And you invest in people who can help you grow.
- Track your Key Growth Metrics every day. At any given time, you need to be on top of your numbers and how your business performs. Implement a simple system for tracking and interpreting your data.
- Design a publicity system that helps you become seen and known as the leading brand in your industry. At this stage, it makes sense to build the powerful media assets that position you as the leader in your industry.
You will have a business that is scalable: you can grow your business without sacrificing wellbeing. You will be able to remove yourself from the operations and scale them. Your business makes a great profit for you, and you can invest it to support other causes you have passion for.
When you have all this in place, you will be experiencing solid, sustainable growth and lots of free time that you can spend with your family. Your business becomes an asset that keeps providing you with the lifestyle you deserve. Some companies continue to the LEGACY STAGE…