Most businesses follow a fairly predictable life cycle. If you know the different business stages in the life cycle you can make better decisions and enjoy your successes that little bit more. Or to put it another way, you will know when to panic and when to celebrate.
While it’s fair to say that business is quite challenging, a look at each of the stages of the business lifecycle highlights a unique set of obstacles to deal with and overcome. You will have to be flexible in your thinking and adapt your strategy as you move along.
Brad Farris of Anchor Advisors, he helps small business owners particularly service-based business owners improve. He is a business consultant and business coach.
In this episode you'll learn:
From the moment you make the decision to set up a business, you’re in the “business lifecycle.” This will see your journey from idea to startup, and if successful, through to the growth and maturity phases.
In order to grow, you need to think about expansion. Identify new opportunities within your niche... Uncover the pain points. What else can you sell to your clients? Where else can you add value in the exchange?
Whether you’re thinking about starting a small business or you’ve been in business for a while, The Small Business Life Cycle will give you a better gauge to evaluate where you are and what you need to do next.
Mentioned in this episode:
Brad's Website: AnchorAdvisors.com
"Where geeks go to talk about things they haven't figured out in their business."
Lifecycle of a Small Business