The 4 Stages of a Business's Growth

There are 4 Stages small businesses & their owners fall into.

From just starting out to dominating their industry (and becoming big businesses).

Each stage has Highest Leverage Activities (HLA’s), the activities that give you the greatest results with the least input (time, money, energy).

Identify which Stage you’re in & know what you should focus on.

1 - The Garage Stage

The early days of your business. You may literally be working out of your garage (how many businesses started this way?), grinding it out, long hours, little/no pay, hoping to survive.

HLA’s to focus on:

Flesh out your product/service – What are you bringing to market?
Clarify your Ideal Client – Who receives the most benefit from your solution?
Identify your Why – Why are you building this business?

Know the Who, What, and Why = have a foundation to build on.

2 - The Stable Stage

Alright, you moved out of your mom’s garage. You have your first customers. You may have hired your first VA/employees.

Congratulations! You made it out of the hardest Stage! You have a business!

HLA’s to focus on:

Fulfill your product/service – Do what you said you were going to do.
Get feedback from your Ideal Client – What do they like? What needs improvement?
Check in on your Why – Is it still what motivates you? Does it need tweaking?

You’re up & running. Check in to ensure you’re running in the right direction.

3 - The Growth Stage

This is where the magic happens, the “hockey stick growth” everyone dreams about. Where you take the business you’ve built & stabilized, “pour gasoline on the fire”, and transform your life.

HLA’s to focus on:

Standardize your product/service – Package it so you can deliver at scale, the same way every time.
Focus on only your Ideal Client – Chase more of them & say No to those who don’t fit the bill.
Keep your Why in sight – You’re getting closer! Use it as fuel to power through this Stage.

Time to ramp, buddy. Put processes in place, get the right partner alongside you, rock & roll!

4 - The Maintain Stage

Alright, you did it! Your business is absolutely crushing it. You made your financial dreams come true. You’re at the top.

HLA’s to focus on:

Don’t fall off – Look at your Why, the reason you built this business in the first place. You’re there; enjoy it!
Don’t be pushed off – Build a moat. Defend yourself from competitors. Don’t lose all your hard work.
Enjoy the view – You earned it, so go enjoy it. Take time off. Be with your family. Go on that vacation. Your hard work has paid off.

Now that you’re here, make sure you stay here for the rest of your life.

To Recap

The 4 Stages of a small business:

The Garage Stage – survive.
The Stable Stage – live.
The Growth Stage – build.
The Maintain Stage – thrive.

Your Homework

Identify what Stage you’re in with your business.

What HLA’s should you be focusing on?

Are you focusing on them?

Get after it!