How small business grows with different stages
You have started a small business, but don’t know how to grow it. You come to a position, generate leads, but what about conversion? You call the leads, meet your clients, but all in vain. Why the growth stage becomes dormant? Every entrepreneur has the dedication, will to grow his business. He has the madness, power of motivation, strong willpower, but doesn’t to the stage where he should.
You read the success stories of Tesla motors, PayPal, apple but why you can’t reach to that position? Why the entrepreneurs can’t grow their business? I consider they don’t understand the E.G.C. what is E.G.C? the entrepreneur’s growth cycle. The fact is not about making money, but forming a great organization or company. The company which can run smoothly for a century.
As the human body grows and forms maturity, business has different maturity stages in a growth cycle. Every great corporation has different stages of growth. The first stage is called the groping stage. In this stage, you start the business or create a company.
You don’t know whether you should have started this company or not. You don’t know how to start it properly, how to raise fund, how to hire staff, etc. The question peeps up in your mind is this the right business for you? If you are starting a mall or training institute you are still with a lot of ambiguity. Whether you start a small company or big company, whether you meet people one to one or how to do the promotion, you don’t know anything.
The groping stage is the stage a businessman doesn’t know whether it is the right business for him or not. He just starts by following other business models. He doesn’t have the right direction. Even if he has strong confidence, but has some doubts over the vision of the business.
He doesn’t know how to do sales, how to create products, how to distribute in the market. Whether he should do telephonic sales, online sales, direct sales or corporate sales. It lasts for 2 years. Some come out early from this stage, but it is not guaranteed.
Early success: This is the 2nd stage of the growth cycle. In this stage, a businessman thinks what is the better way to do business? He changes his strategies and develops some new strategies and plans for his business. You need to know that if you continue the same strategies of your groping stage then you can’t get success in this stage.
In the groping stage, you might be the one man army who used to handle the overall work. Now it is the time to think where do you get people whom you trust. Not only you need the right persons but the people whom you can have trust. He may be your relative, friend who may not be the right person but you can trust.
Unfortunately, no one wants to join you at this stage as you have not established your business. Then you have to think about scaling up. You have to leave all your work, whether you are taking care of the administration or promotion, production, stock, you have to stop and focus on scaling up. You have to do a complete human modulation and change your thinking.
Till now you were running the business. The time has come to build the business. Most entrepreneurs quit in this stage. Because they don’t have the proper source to grow it.
Growth acceleration stage:
In this stage, you have to grow your consciousness to build the organization. You have to hire quality people. The person who has experience, most challenging and who can question you. They should have the capacity to build the system and process. Taking risks and building systems are two different games.
The man who is capable of building the system may not have the capacity to take the risk. You can’t put your legs on the two ships. Your entrepreneurial spirit should be moved towards implementation. You have to develop your managerial capacity to take care of the system and process. Your focus should be on the proper implementation of the system and process.
Now the time comes for global expansion, individually driven to the system driven to data driven, then culture driven and collective consciousness driven.
You have developed a good system, globally expanded, established the office in different countries, highly motivated employee. People eager to work with your company. Now you are in the position to attract best people. Your company has an annual turn over of billion.
Now the time comes for reorientation, a period of complacency. You need the diversification of your business. You have good CEOs, staffs and you don’t need to take care of all of your business.
In this stage, you need to build the reputation of the brand, service, sales, products, the staff of your company. You need the proper reputation management to build the image. Everyone has the capacity of building a great corporation, you need the proper guidance. IBM, Facebook these companies are not jokes. Some highly effective people have built this with a great vision.
When corporization starts people start having trust in your company. Employees from other MNCS think they have better opportunities in your company.
Big corporates have the capacity to make plans for next 10 years, how the leadership strategy will be, in which country they would operate, which products they launch in recent years. They start promotion before a year of the product launch.