On Stage Performance
Theatre performances are great. All the actors, singers and dancers knowing where they are, where they're meant to be and playing their parts with enthusiasm and aplomb.
Now if only business people had the "stage presence" to recognise where their business is at and what needs to be done accordingly.
And depending on what stage the business is at, the owner could be experiencing a few different emotions - excited, proud, disillusioned and frantic are just a small example.
As I see it, there are 5 primary stages to business;
- Start Up - the owner is all fresh and energised, with their baby about to go live and be introduced to what they trust is an expectant and willing market. The need for working capital to get the business moving and known is high. Confidence is strong.
- Growth - Times are good, the business is paying back the owners. But as the business progresses through the growth stage feelings of frustration and stress creep in. Staff are vital. The owners feels they have lost a bit of control. The business is successful but the owners don't really feel it.
- Advanced Growth - Taking everything thats been learned through the first two stages, the business and its owners have overcome any disillusionment, have likely gone through a restructure and are re-energised to put forward again.
- Plateau - Business, lifestyle, balance and cash flow are all going swimmingly. The business is not only paying back handsomely but with interest. Owners scale back, ease up or stop doing the things that got them the growth of the past. Others start becoming better known and investing in the technology to take the next steps.
- Decline - Market share is being lost, potential staff no longer see the business as the employer of choice, staff are leaving to go competitors, cash is tighter. Decision time about selling or closing is on the mind.
So what stage are you at? And what advice are you getting to make sure you get to or stay in the Advanced Growth stage?
Clifton Accountants - THE Business Specialists