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> Creating Successful Small Businesses > Business Success > Business Phases
Business PhasesMy clients are at different phases in their work from just starting out to fully experienced but all are ready to take their businesses to the next level. Our work together is guided by the issues and pitfalls they face at each level and by what is needed for them to successfully move forward.
If a client is in Phase 1: The Business Concept
We'll start by helping you develop a clear vision for your business. Your goals will become focused. You'll make sure that what you're conceptualizing can become a viable business for you. At the end of this phase, you are ready to develop a business plan.
Pitfalls: Where do people get stuck in Phase1? The biggest problem is that they tend to stay here forever. They dream about their idea, but don't make it happen. Another problem is that people may not take the time to find out if their idea is viable; they just jump right it. The problem is, they've jumped right past planning.
If a client is in Phase 2: Planning
You'll create a high-level plan for your business. We also do a business skills assessment to make sure you have the skills needed to do what has to be done to turn your concept into reality. You'll have a detailed plan in place for your business, with resources assigned, and timelines and milestones in place. At the end of this phase, you are ready to launch your business.
Pitfalls: People get stuck in this phase for a number of reasons. Some are planning only because they are forced to (for example, by a bank's commercial lending department), or they aren't ready to do the type of planning it takes to make a business work. Maybe they don't know how to pull together a business plan.
If a client is in Phase 3: Launching a Business
We'll make sure everything in the first two phases is in place. Your business will now be a legal entity. You'll have a "Grand Opening." Your marketing plan will be in place, and you'll be finding the best ways to reach customers. By the end of this phase, you will have become a Young Business.
Pitfalls: Businesses can get stuck in this phase while waiting for everything to be perfect. Some businesses lose a lot of revenue waiting for everything to be just right, while they could have opened and started the business without some of the frills.
If a client is in Phase 4: The Young Business
This is a very hard phase for first-time business owners. There is a lot of uncertainty. By the end of this phase, your 'business fears' are gone. You'll have a solid plan in place to make the business stronger. All employee problems are easily handled. Your customer service has been proven to customers. All processes and procedures are now documented so the business can grow. Contingency plans are in place, and the business is considered to be Established.
Pitfalls: Many business owners have a hard time breaking out of this phase. They have employee and management issues. The business is not producing solid profits. Many businesses stay in this phase so long, they owner finally gives up, leaving the long-term potential for the business untapped.
If a client is in Phase 5: The Established Business
Through our work, your business and personal life will be in balance. These will be succession plans in place. Productivity is high. There is low turnover among employees. Your customers are loyal, your referral network strong. There are no financial issues. By the end of this phase, you will become a Strong Business.
Pitfalls: Perhaps business owners have been in this business so long, they see no need for improvement. But they're seeing only their point of view; perhaps they should look at their businesses as their customers do. Or perhaps business owners feel tied to their businesses instead of their businesses setting them free.
If a client is in Phase 6: The Strong Business
You're probably ready to take another business through its phases. Enjoy creating that next concept!
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Things are always changing, Boss.
And one of the changes that is going on is:
NOTES FROM YOUR BUSINESS will no longer be
a daily publication.
It's funny that last week's note talked about
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