Okay, now that we have that cleared up, we move on to Stage 4: Stability. You’ve grown your business and you’ve had quite the surge. Now, your business has become fairly stable and predictable. You know that if you do certain things, customers will show up. Ads produce a steady stream of clients, cold calling or prospecting continues to get business. You know that if you go on x number of appointments you’ll close y number of sales. Your conversion rates are steady and predictable. Basically you take action and you get results, steadily.
But even this stage has situations you need to face. As an entrepreneur do you …
Stay a small business
- Hope what you have created will be sustainable in the long term and support your endeavors
Continue growth … which may lead to a re-invention of your organization
- Being a large business is not the same as being small. You’ll have to adjust your business model and your culture as you move from one level to another.
- Do you cash out and move on to your next endeavor? Or sell and remain with the company as an employee or consultant? (Psst … here’s a few things to consider when you get ready to sell)
- If you remain stagnate, you’ll eventually close the doors. At this point, you’ll have to hope that you have invested profits wisely to continue your lifestyle.
But the journey isn’t over yet. Stay tuned to our next blog for Stage 5. As a note, the next blog will assume you have decided to continue the growth of the company and transform to that next level. We’ll talk more about what that involves. Stay tuned!