Is Your Business Growth Progressing as it Needs to?
Although all small businesses have their own characteristics and their own sets of problems, when it comes to identifying the various stages of business growth, it can actually be reduced to recurring categories common to virtually all small businesses. As you read through these recurring phases, see where your small business fits in, and try to identify which phase you are currently associated with, so that you can strategize about ways to continue your own business growth.
Your main goals during this phase are to establish a customer base, and to deliver products or services which your company has to offer. The main questions to be dealt with in this phase are securing adequate customers, maintaining production, and covering cash requirements at this phase of your development.
By the time you reach the survival phase, your business has already demonstrated its ability to proceed beyond startup, and has a stable customer base. Now the focus shifts to establishing a longer-term viability between incoming revenues and outgoing expenses, with an eye toward future business growth.
Even though the success phase sounds like you’ve made it, there are still some important decisions to be made. Chief among these is whether to maintain the company in its present stable form, or to take risks that may result in greater growth and much greater success.
The takeoff phase is one in which your main concerns are figuring out how to finance future growth, and plan for legitimate long-term success. Typically during this phase, more power is delegated to competent and talented company employees, and the company becomes more decentralized than in prior phases.
Even when you reach the mature phase of your company’s growth, there are still obstacles to be overcome. Generally at this point in the company life cycle, you need to consider how to consolidate the financial gains you’ve made thus far, with these often having come during a period of rapid growth. This must be counter-balanced by a strategy for retaining the agility and flexibility your company has used up to this point, to compete successfully in your marketplace.
Grow your business with help from Commercial Capital Lending
If your business growth has been slowed or halted due to a lack of funding, it might be of help to you to consult with our financial specialists to get things moving again. Contact us at Commercial Capital Lending to explore ways in which we could help power your next phase of business growth, on your path to success.