What growth stage is my business in?
Read more in-depth about the different stages below.
Stages of Business Growth
Business Formation
Early-stage businesses are in rapid ideation and often pivoting between business models, service delivery concepts, and learning what the customer base is looking for. Businesses at this stage need a clear mission, vision for growth, and a roadmap for getting to the next stage. If you’re at the formation stage, you’re aware that there is still much you don’t know. You’re looking for a marketing team that can stick with you for the long haul.
Market Validation
Companies that have been successfully servicing customers for at least a few years are in the validation stage of their business. If this is you, then you’ve realized there is value in the service you provide, but still struggle to attract more of the “right” customer so you can increase margins and build cash flow to scale operations. Often, companies in this stage try marketing, but have poor results and don’t know why.
Scaling a Business
When you are scaling, you’ve reached a business stage where you can support the growth of your company and are actively funding systems, staff, and processes to fuel growth. But, what about technology? Digital lead generation and marketing automation are essential at the scaling stage for your business to reduce customer acquisition costs and maintain growth.
Business Expansion
Companies in the expansion stage are looking to innovate and become market leaders. To avoid becoming stagnant, you are searching for new ways to think about your customers’ needs and find better ways to deliver value to stay ahead of the competition. At this point, you have resources to dedicate to building strategic growth plans but aren’t sure where to start.
Exiting a Business
Owners approaching an exit are looking for ways to maximize brand equity through marketing and communication. Fine-tuning your lead generation, cultivating a positive industry reputation, and understanding what sets you apart from your competition helps your business capture the most value at this stage.
