Goal: To invest in growing brand awareness and recruit seasoned executives.Ĭhallenge: Gaining an edge over your competitors and keeping up with your business’ growth. You are getting some attention within your industry and there is some indication of growing brand awareness.
It has structure and established processes. Invest your time and resources in grooming your relationships with your initial customer base.īy this point, you’ve already grown your customer base and started entering the green zone profit-wise. Establish a customer-centric culture: Speaking of loyalty and advocacy, 69% of US consumers find their experience of customer service crucial for their loyalty to a brand.Focusing on acquiring and nurturing your first few customers is an effective way of growing your customer base. 83% of your customers trust the recommendations of the people they know. Target early adopters: Rather than spread your marketing resources thin across multiple target groups, identify the customers you can convert into advocates and invest in them.Your processes will evolve and you need to ensure that your teams receive proper and timely training with each change, and you need to ensure your management follows through the adoption of each process. Your organization will need a more elaborate structure to sustain this growth and the only way to keep everyone on the same page is to establish clear processes from the get-go. Establish processes and follow them with discipline: Pretty soon, your team will start growing, hopefully doubling or tripping in size.You need a staff that is ready to roll up their sleeves and show enough passion to power you through this difficult stage of growth. Recruit the best talent possible: These are the people who will define your corporate culture and build the foundation of your brand.Goal: To build a strong team and a customer base who can turn into brand advocates.Ĭhallenge: The money is tight and you are still not making a profit. Let’s look at the first approach to business growth. Their goal is to grow a brand and sell it at its peak to maximize profits.
GROWING UP CLIPART SERIAL
Serial entrepreneurs, on the other hand, tend to perceive entrepreneurial ventures through the life cycle perspective. They look for strategies that will keep their brand relevant in the long-term. You’ll find that the terms ‘stages of business growth’ and ‘ business life cycle’ are either used interchangeably or as a combination.īut if you comb through the discussions around these terms in the business community, you’ll notice that they represent two different schools of thought or perspectives on the evolutionary path of an average business.Įntrepreneurs and SME owners who strive to build a legacy, as opposed to a sellable asset, tend to perceive their brand through the growth perspective.
Business Life Cycle: Which Perspective Applies Better In Your Case?
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