What Is Your Business Life Stage?
Your Business Life Stages 1-9
- Birth Business Life Stage
A business is really started when you take on personal risk. Most people at this stage have a job, not a business. To grow out of this stage, you need to think about the needs of the business as very separate from your own. You are not your business.
- Infant Business Life Stage
This is the stage where you hire another expert to handle the additional workload you have from successfully completing Stage 1. You may have independent contractors or a few employees, and it’s basically still you running the business. Cash flow may be one of the issues that keep you up at night.
- Toddler Business life Stage
Now your business is really starting to move forward. You’re building your management team, and you’re still in control. Your team works well together, yet they still run all their ideas by you, as you’re still the main decision maker. Everything begins to accelerate during this stage. Cash flow may still be a concern, and most importantly, you are making progress.
- Teenager Business Life Stage
At this stage, you begin to develop your team to manage the business. Cash flow is no longer an issue – growth and innovation occupy your thoughts. During this stage you may become overconfident and mistakenly believe more means better. It’s easy in this stage to discount accountability [big mistake!], and you haven’t yet built strong, sustainable systems.
- Young Adult Business Life Stage
Now you’re really beginning to anticipate the future and make more educated and committed
choices. You limit what you focus on — especially the systems that build long term success.
You settle down and get serious. Congratulations, you’ve grown up.
- Maturity Business Life Stage
Yes! You are now reaping the rewards. You’ve developed a life and business system
that’s sustainable. Celebrate your successes and hard work! The business has now been branded, there is a clear leadership vision and direction, and your teams are aligned. Sales and profits are growing, your original vision has come to life.
- Mid-Life Business Life Stage
Unfortunately, at this stage of business, as in life, things begin to deteriorate and fall apart. What do you need to do to reenergize the business? If you don’t tend to this issue it will continue to age. What worked well in the past is no longer working. This is the time to re-innovate, re-create and re-energize! At this stage you may also consider putting your exit strategy in place.
- Aging Business Life Stage
If you fail to take action in Stage #7, your business will continue to break down, especially if you, the owner, are in denial. You may begin to lose talented team members if this denial continues.
- Institutionalization Business Life Stage
Your company is in demise and is only kept alive by what was originally put in place: the systems, rules, policies, and procedures. You’re no longer putting energy towards innovation or creativity. Your business may cease to exist.
Email email@example.com today to set up a time to review these stages in more detail and learn what you MUST do to avoid Business Life Stage #8 and #9!