https://youtu.be/BBy0Q3WV3W8

Today I’m going to talk about the life cycle of a business and how to get the most out of each phase while also extended the lifespan of your business.

This is a subject I’ve written about before so check out some of those articles below

The four different stages of a business life cycle are:

  • Infancy
  • Adolescence
  • Growing Pains
  • Maturity

We’ll talk a little about what each of these cycle’s means and how they can each help expand your business’ lifespan.

Infancy

This is generally considered the technician’s phase, which is the owner. At this point, the relationship between the business and the owner is that of a parent and new baby.

There is an impenetrable bond that is necessary to determine the path your business will follow.

The key is to know your business must grow in order to flourish. You cannot stage in this stage forever.

Adolescence

In this stage you need to start bringing your support staff together to delegate to and allow growth to happen. The first line of defense is your technical person as they need to bring a certain level of technical experience. This cycle really belongs to the manager though. The plan stage needs to start and a relationship should be built with the entrepreneur to plan for the future.

Growing Pains

There’s a point in every business when business explodes and becomes chaotic. This is referred to as growing pains. It’s a good problem to have, but a problem nonetheless.

You are often faced with a number of choices:

  • Avoid growth and stay small
  • Go broke
  • Push forward into the next cycle

Maturity

The last cycle is maturity, though this doesn’t mean the end of your business. Your passion for growth must continue in order for your business to succeed. You need to keep an entrepreneurial perspective in order to push your business forward. This is also the stage when too many business owners want to start thinking about exit, but this is too late. The right phase for planning the exit is in adolesence

You see how all three of these cycles are connected and depend on a strong foundation for each one of them for your business to be and continue to be successful. All three of your key roles must also work together to work through these cycles.

If you’re looking for help to make the transition in each stage and to get the right people involved and working together as a team use the form below to contact us and have a few minutes to think through your options.

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