We have been talking about the life cycle of a business and how to get the most out of each maturity level. Today we will dive a bit deeper into the Expansion stage to outline key building blocks for success.
As a reminder, the five different stages of a business life cycle are:
Stage 4 Expansion
In order for a business to expand successfully it is recommended that they have shored up any holes that may exist in the previous life cycle stages of stage 2.)Survival and 3.)Growth. We work to develop key targeted improvements for companies looking to add locations or franchise. Filling these holes in the business maturity helps to build a steady foundation as one expands. It is in this phase, successful entrepreneurs and leaders start to understand the phrase – “You can’t get to where you want to go with the same thinking that got you here”. This is often difficult to hear or accept by owners and means strategic change management, employee development and standard operating procedures are a must, not just a nice to have.
Key actions and projects include:
The key Springboard's to pay attention to include:
If you would like to discuss the expansion stage and or prepare for expansion while in growth mode, give us a shout and work with one of our amazing coaches.
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The pain itself is the love of the pain, the main ecological problems, but I give this kind of time to fall down, so that some great pain and pain.