The 5 Stages of Business
What’s your stage?
The small business market is over-saturated with blogs, videos, articles, and books about startups and what it takes to get a business off the ground. But starting up is only the first stage of five. Now that you’ve got your business up and running, you need to be prepared for the other four stages so your company can stand the test of time.
Every business falls under one or more of these stages. Each stage requires a different business structure and strategy to achieve success. Knowing your stage is essential for survival and expansion.
Starting up a company is the process of identifying the value you can deliver to a specific group of people and building a reliable revenue stream. Founders are focused on assembling the capabilities to get a new business off the ground.
Expansion is the process of managing a rapidly expanding business. This means scaling up a reliable revenue stream and building or restructuring your organization to keep up with the increase in volume.
Sustaining success is the process of preserving the vitality of a successful organization and taking it to the next level. This could mean solidifying your competitive advantage through marketing, purchasing other companies to extend capabilities, formalizing and maximizing operations on a much larger scale, etc.
Realignment is the process of pulling a once-successful company that is now facing problems back onto on course for success.
Turnaround is the process of saving a business widely acknowledged to be in serious trouble by putting it on a course for revitalization. When that’s not possible, the alternative is closing with grace and dignity.
No matter what stage of business you’re at, WeLocals can help you Level Up. Learn more.