As you read this, it is likely that you can place your current business within one of five areas:
You might be the “start-up business,” testing an idea or service within a new market and, at present, making little or no revenue. Alternatively, you might be the ‘sole business owner,’ struggling to juggle multiple roles and responsibilities with little time or reward.
Once you have successfully navigated and moved on from one of these start-up phases, you are most likely performing as a ‘small business’ made up of a team of a few people, making significant revenue but probably a low profit. You, yourself, as business owner will now have more freedom within this business but even fewer hours.
The next phase of growth will result in you being too big to be considered a ‘small business.’ However, you will not have developed enough to meet the requirements of a ‘big business.’
After steering your business through all of these previous stages, you will achieve the status of a ‘performing business,’ showing a steady (and hopefully accelerating) growth. Your business will have a good team culture, will be invest-able and profitable and will hold a high valuation.
Predicting the road ahead
While the nature of being an individual makes the journey of each and every business owner unique, since all businesses navigate through the same areas, each journey is more similar and predictable than we might expect. But business owners, while focusing on their own processes, soon get so distracted by the small details and fire-fighting problems that they miss the real, bigger picture.
On any business journey, one can expect to face certain frustrations and difficulties and these often come at a predictable time. However, by being aware of the road ahead of you, you can find positive and assured ways to overcome them.
If you want to receive help with this and accelerate your business through its stages of growth, join us on our next Business Accelerator Course. See the website for more details – gavinjonesconsultancy.com