The 7 stages of business growth are a framework that can help you understand what areas your company has growth potential in and how to grow it. While you may not have reached all the phases, it’s important to understand how each stage works so that you can plan and execute strategies to get to the next one.
What are the 7 steps of growth?
Existence Stage
The existence stage is the most critical for a small business, and it’s where you can begin to see real progress. During this phase, the key is to maximize sales versus expenses while minimizing wasted costs and resources. A good place to start is by re-evaluating all your products and services to ensure they are providing the most value for your customers. It’s also important to make sure that your team is effectively communicating with not only each other but also their clients and customers.
Success Stage
As you reach the success stage, your business will be growing consistently, and you’ll be ready to scale up your efforts. The key here is to maximize customer spend within each target market segment and expand your brand’s awareness.
Maturity Stage
Once your business reaches the maturity stage, it will have achieved stability and become predictable in its practices. This is a time to focus on expanding geographically, building worldwide recognition, and product diversification. However, it’s important to remember that the success of your business in this stage can be a dangerous trap, as many companies in this phase lose sight of their core purpose and focus on revenue instead of quality.
