The Six Phases of Business Growth

As the New Year rolls in, many entrepreneurial minded people have focused their resolution around building or improving their business plan. In order to master a business plan, it is necessary to become accustomed to the phases of business, This will help you better predict and diagnose what phase your business is in and act accordingly from an owner standpoint. Growing a business is much like raising a child…

1. Creation Phase: The Creation Phase is setting parenting standards, a plan, dreams, and goals for your child even before he or she is born. In business, you do this by creating a vision, business plan,and set of standards for the business.

2. Infancy Phase: In the infancy of a child, as well as a business, is when the needs are the most demanding.  An infant requires constant, focused, attention and the parent must constantly check in to ensure the child’s safety. Consequently, in relation to business, the Infancy Phase is when most quit.

3. Toddler Phase: During the toddler phase of a business, like a child, the business is learning to do the basic functions consistently. The parent’s (owner’s) attention is still on high alert due to the many dangers that lurk at this phase.  The business is beginning to provide results but they are inconsistent at best.

4. Adolescence Phase: In the adolescence phase,  the business begins to take a life of its own. It is growing, yet it still can easily get out of control if the parent doesn’t continue to give it constant direction and manage expectations.  Like a child, the owner of the business must consistently measure the results to ensure the business is growing in a healthy manner while keeping an eye out for areas where the it is underperforming.

5. Teenager Phase: Just like a teenager, the business begins growing faster than the parent’s systems can keep up.  This is where most owners feel things are getting too crazy and decide to pull back.   Instead of pulling back, the owner can anticipate the and build the business plan, processes, and systems to prepare.  This is where the owner must plan accordingly by preparing to let go of controlling all aspects of the business and GET OUT OF THE WAY of restricting the natural business growth.

6. Adult Phase: Like a child,  you wish for your business to become independent someday. The Adult Phase is when the business continues to grow and to consistently meet the standards without having to rely on the owner for day-to-day operations. Once the business reached adulthood, to avoid becoming aged and irrelevant to the marketplace, the business must plan to reinvent itself thus,moving back to infancy, and the cycle continues.

Now that you are aware of the phases of business, take a moment to reflect:

• What phase of business is your real estate business in?
• How will you, as the owner, manage and optimize your business throughout each phase?
• What preparation will be required for each phase?

Learn more on how to build your real estate business and become a Lifestyle Agent by downloading more educational resources or booking a free consultation call at www.seanmoudrycoaching.com!