31 Oct Are you sure of which business life cycle stage you’re in?
Most business owners are familiar of the business life cycle stages. They’d probably have an answer if you ask them what stage their own business is in. However, if you’re a business owner and you have an answer, there’s a chance you’re mistaken.
Beth Hagan, owner of Associates in Entrepreneurship Education, explains in an Emerging Entrepreneurs session, that aspects of a business may end up in different life cycle stages. Your sales may have progressed to the growth stage but can you say the same for your customers? Is it possible that your customers are still acquired through personal referrals? How about your systems and structure?
In the Emerging Entrepreneurs session, it was stressed that knowing which life cycle stage each aspect is in, will greatly help the direction on where to improve your business. For example, finding out that your structure is still for a start-up when everything else is in the growth stage, will move you to focus on that particular aspect.
The participants of the Emerging Entrepreneurs session were surprised when they evaluated the aspects of their business separately and not as a whole business. Some business owners’ had aspects all over the stages while others were astonished that there was still one aspect that was misaligned. If you evaluated the aspects of your business separately, would you still be in the stage you thought you were?
The Emerging Entrepreneurs session covered PlanSMART for their first session for the class 2014 – 2015.