The four different stages of a business life cycle are:
- < >Walking to Running
- Hunger Pains
- Golden Years
We’ll talk a little about what each of these cycle’s means and how they can each help expand your business’ lifespan.
This is generally consider the technician’s phase, which is the owner. At this point, the relationship between the business and the owner is that of a parent and new baby. There is an impenetrable bond that is necessary to determine the path your business will follow.
The key is to know your business must grow in order to flourish. You cannot stage in this stage forever.
Walking to Running
In this stage you need to start bringing your support staff together to delegate to and allow growth to happen. The first line of defense is your technical person as they need to bring a certain level of technical experience. This cycle really belongs to the manager though. The plan stage needs to start and a relationship should be built with the entrepreneur to plan for the future.
There’s a point in every business when business explodes and becomes chaotic. This is referred to as growing pains. It’s a good problem to have, but a problem nonetheless. You are often faced with a number of choices:
- Avoid growth and stay small
- Go broke
- Push forward into the next cycle
For buiness owners it is easy to deal with the first two tages. It is the hunger pain stage where they have trouble. We’re all hungry for power and success and soemtimes you need to ignore that hunger as there will be better meals in the future that will be more sustaining. However soemtimes it is good to give into your hunger and gorge. You need to make sure you have the team in place and the systems.
The last cycle is maturity, though this doesn’t mean the end of your business. Your passion for growth must continue in order for your business to succeed. You need to keep an entrepreneurial perspective in order to push your business forward.
You see how all three of these cycles are connected and depend on a strong foundation for each one of them for your business to be and continue to be successful. All three of your key roles must also work together to work through these cycles.
Putting together your team
There are essentially three key roles that need to be filled to set your business up for success:
- The Technician
- The Manager
- The Entrepreneur
All of these roles need to be played simultaneously by different people with the right talents. It’s all about balance.
This person represents the present and all that needs to be done for the physical aspects of the business building process. They are the “doer”. This is usually the most visible person of the entire operation.
This person represents the past and works to fix problems through learning from past mistakes. They are the practical side of the business and is in charge of putting together the business and overseeing the planning.
This person represents the future and the vision for the business. They are responsible for the creative side of the business and are always considering ways to enhance products/service, business image, branding and more.
All three of these characters are essential in the success of any business and to build a solid foundation from the start, you need to work harder to find the right people to put in these roles. Obviously, you need to be one of these key people, but ensure you find the role that fits your skills and talents, not necessarily what you THINK you should be doing.
If you’re having trouble putting together your business life cycles or idenifying your team members and figuring out which of the key roles you fit into, look at our FREE articles and if you need more help contact us for more detailed support.
Rodney Mogen, is the president of solveurpuzzles, a business focused company. Helping Financial advisors and insurance agents solve their case troubles and issues. Rodney is also a small business advisor focused on developing financial strategies for small business owners and helping them develop their own strategy and ideas to grow, sell, develop the way they want. He is focused on creating proper financial strategies for Advisors and business owners to assist them in their day to day duties by solving their financial puzzles. Rodney is also the Director of Financial Strategy for The Evans Group. Check out more information at www.solvurpuzzles.com and the financial strategy work for The Evans Group at www.financialselectservices.com.