Are You Ready to Grow Your Small Business?

In the stages of corporate growth, the transition from Stage 1 to Stage 2 can be the most challenging for entrepreneurs.  Their business vision may have included growth, but they might not be prepared for the challenges that growth presents. While many companies just “evolve” from one stage to another, the most successful business leaders strategically direct change and manage the people, processes, technology and infrastructure through each stage.

For start-ups and small businesses in Stage 1 ($.5 to $5 million in annual revenue), the mantra is “just get it done.” You may be more focused on the day-to-day operations than on strategic planning. As the company to grows into Stages 2 ($5 to $25 million) through 4 ($100 million+), you need to establish processes, policies and procedures.

If you want to grow your small business from Stage 1 to Stage 2, you’ll need to address the following questions.

1. Have you created an efficient supply chain and delivery chain?
2. Do you know which of your products and customers are the most profitable?
3. Do you have the right people?
4. Have you updated your business plan and your strategic plan?

By concentrating on these key areas and strategically changing and managing your people, processes, technology and infrastructure to fit your company’s needs at each stage of corporate growth, you will grow your business smartly and efficiently, rather than just “evolving,” and you’ll be prepared to take your start-up or small business to the next stage.