The 3 Phases of Business: The Road To Success from Start-Up to Expansion
Just like a child develops into an adult, a business has to go through the natural life phases of growth. Children must go through the challenges of the toddler years before they blossom to the rebellious teenager, then ultimately, the independent adult. (We hope!) In the same vain, a business progresses through three evolving phases. Here are 3 phases of the road to success.
Phase One is the Start-up Era
This is the phase in which is where all ideas are born. This is the phase of creativity and development. In this stage, your ideas come into tangible form and you begin to get clarity on your ideal market and customer. Then the relationship between your product or service and your ‘right fit’ customer begin to develop. There are many decisions to be made in this phase as the look and feel of your business starts to come into being.
Phase Two is the Growth Era
At this point, you really know your ideal client, you have created a solid customer experience, your branding is established and you are working on becoming a super-hero in your industry. Growth means expansion, and in Phase Two you are all about expanding your reach within your own niche’ market. The million-dollar word in this era of your business is ‘delegate, delegate, delegate!’
Phase Three is the Expansion Era
At this point, your business has a healthy rhythm and strong foundation. Your house is in order and you are receiving the pay off of all your hard work. You know you are in this phase when other organizations want to strategically align with you. Maintaining growth and momentum of your business will come from continuously monitoring, measuring, and adapting to the wants and needs of your ‘right fit’ customer. And over the years you will continue to course-correct due to your evolving business vision, the economy, demand for your product or service, industry changes, technology and more to stay on track and yield the growth you desire.
This is not a linear process as you may shift back and forth throughout each phase with the development of new products or changing models of your business. And just as children and adults mature at different levels, every business has a personality and timetable of its own. In growing your business, there are many hills and valleys along the way, however, when you are aware of the road ahead, it makes the journey so much more enjoyable and you are able to allow the process to unfold in the most divine way possible.
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Allison Maslan, CEO of Pinnacle Global Network, is the Wall Street Journal Best Selling Author of Scale or Fail, which is endorsed by Daymond John and Barbara Corcoran of Shark Tank. Allison’s built 10 successful companies starting out at age 19.
Now she and her team of CEO Mentors pay it forward by helping business owners scale their companies, fast-track their success, and create a more meaningful life. Pinnacle Global Network, a world leader in scaling companies and empowering business leaders has guided thousands of CEO's and Founders to success over the past decade. Allison’s been featured in Inc., Success, Fortune, Fast Company, and Forbes Magazines, is a regular contributor to Entrepreneur Magazine, and a featured expert on ABC, CBS, NBC, CNN, and Fox across the US. She is also the host and producer of The Scale or Fail Show podcast, and the Women Who Own it Podcast in partnership with WBENC, the largest certifier of women-owned businesses in North America.
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