To build your business it’s important to identify the growth patterns and the common problems that arise at key steps of your business development.

There are five key steps to growth patterns and each one comes along as the business develops and matures.

5-steps for success: 

Step 1.  Start up. In the beginning, small business owners are most concerned about finding customers and being able to deliver product and services to their target market. In this stage the business owner is looking to master their process and move from chaos to control of their business.

Step 2. Survival. At this point, the business has proven their basic business plan and has created a true operating business. The company who can find its niche market and create predictable cash flow will deliver enough products and services to become a viable business.

Step 3. Success. This is a pivotal point for owners in that the business has reached economic health. The focal point at this stage is the systemization of the business model so that everything that the business does can be duplicated for efficiency. The business owner truly takes ownership of the business process.

The attitude of, “This is how we do business here.” The marketing and branding stand out and make the business unique in its market place. The business owner is focused on staying profitable while the company enters into a strategic planning and execution of business principles.

Step 4. Growth.  Knowing that they are poised for growth, what owners face at this time is how to grow quickly and how to finance their growth. Both operational and strategic planning is being actively done, with managers having very real responsibilities.

The team is a well oiled machine and you can feel the synergy in the organization. Failure at this stage often occurs because of the attempt to grow too fast – running out of cash, or not being able to effectively delegate authority to a managerial team.

Step 5.  Stability. At this point, the company has the staff and financial resources to engage in detailed operational and strategic planning. It has a decentralized management structure with experienced, senior staff and all necessary systems are in place.  The owner and the business have separated to a large degree, both financially and operationally.  The key is to maintain a nimble culture that pays attention to Environmental, market changes and the organizational structure and Incentives that reward adaptation.

Where is your business is at the present time and what are the next steps you need to take to Build Your Business?