By Allison Maslan
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.
Phase One is the Start-up Era 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, you’re 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.
Learn more about the 3 phases of business ownership with Allison Maslan’s Interview on Success Institute.
Allison Maslan is a serial entrepreneur of 10 of her own companies. She is a No. 1 Bestselling Author and pres. of Allison Maslan International where she mentors big thinking entrepreneurs to grow high-revenue businesses and healthy and passionate lives in her year long mastermind program, The Pinnacle. Allison has been an expert guest on ABC, CBS, NBC and Fox Stations across the US. She is also interviewed in the upcoming 2013 issue of Success Magazine. Grab a copy of her FREE CD, 8 Millionaire Secrets of Successful Entrepreneurs. http://www.myblastoff.com/freecd/