While every company wants to succeed in their business, successful growth can result in a variety of aspects depending on the level of your business life cycle. As each stage of growth comes with exciting opportunities, it also presents new challenges along the way. In fact, statistics from Company House show that 8 out of 10 UK companies fail within their first year, despite the United Kingdom becoming a harbour for entrepreneurial flair. Such failures can be attributed to a range of causes due to the lack of financial planning and underestimating competition.
Having an executive coach will help move your business forward and hold you accountable for the success of your company. Understanding the stages of business growth and learning how to solve the problems that may come with it can help you assess where you are and what you need to achieve for your brand. In addition, proper coaching will also determine the most successful management style throughout the stages of business growth.
Stage 1: Building Your Start-Up
During the start-up phase, companies are taking an initial idea and turning it into a business that brings in customers and revenue. The main goal is to survive. However, formal business planning is less often a part of the process when it should be one of the primary focuses. In fact, focusing on the customers is what you need to gain a stable audience and to expand the clientele.
Executive coaching will help you focus on developing the concept of your business, figuring out how to achieve the product, develop your brand, set up your business, find your market and locate funding sources.
Stage 2: Expanding the Clients
Once the business has achieved a stable cash flow, you must begin to identify who makes up the majority of your customers. The main challenge in this stage is to ensure that you are keeping up with the growth trends in the business. As your business grows, so should your knowledge. That is why it is vital to learn from the best and invest in mentorship for your own business acumen. The goal is to expand your market reach and seek out more opportunities in the industry.
Stage 3: Sustaining Success
The maturity phase of the business growth cycle is no longer defined by the company’s locations, but the incremental return on their investments. Companies must learn to shift their business strategies to focus on maximising the service of their existing locations and identify new channels to be used for distribution. From e-commerce for retailers to catering and delivery for restaurants, executing marketing campaigns will improve brand loyalty and performance. Thus, companies must look to quality mentorship and strategise on how to protect your business assets, to market your position, improve your effectiveness, manage your team and maintain your long-term clients.
Each stage of business growth presents a new array of challenges, but with the right coaching, teamwork and customer analytics, companies will have all the tools they need to navigate through each phrase with confidence and success.