Let’s look at some business fundamentals, starting with the Three Stages and Ingredients of Business Growth.
Each business goes through three distinct stages of growth, and each stage comes with its own ingredients.
The stages are Set Up, Grow Up, and Scale Up.
It’s important to be aware of the stage your business is in, and which ingredients belong to that stage.
Even more important is avoiding accidental sabotage, which is easily caused by using ingredients that belong in a different stage.
For example:
It’s a fool’s errand to use the scale-up ingredient "add new products" if you’re still getting clear on the set-up ingredient "define ideal customer profile".
Then again, sometimes things change in your business or in the marketplace, which can require that you go back to ingredients from previous stages.
For instance, one of my business partners is currently redesigning a number of things in her business.
And while she’s been in business for many years, and in Stage 3 (Scale up), the redesign requires that she conduct customer research – i.e. an ingredient from Stage 1 (Set up).
This – the ability to see which ingredient is required at which stage – is foundational to any thriving business.
Things aren’t static, you’ll never reach any kind of ‘set & forget’ status in business.
Things will always change, or break, and it’s on you as the business owner to decide which ingredient you choose, in order to fix or remedy it.
🧑🎓 📈 Stages and Ingredients of Business Growth – Mini-training