Building Blocks for Business Expansion

Hi Champ!

We have been talking about the life cycle of a business and how to get the most out of each maturity level.  Today we will dive a bit deeper into the Expansion stage to outline key building blocks for success.

As a reminder, the five different stages of a business life cycle are:

1. Inception
2. Survival
3. Growth
4. Expansion
5. Mature

Stage 4 Expansion

In order for a business to expand successfully it is recommended that they have shored up any holes that may exist in the previous life cycle stages of stage 2.)Survival and 3.)Growth.  We work to develop key targeted improvements for companies looking to add locations or franchise.  Filling these holes in the business maturity helps to build a steady foundation as one expands.  It is in this phase, successful entrepreneurs and leaders start to understand the phrase – “You can’t get to where you want to go with the same thinking that got you here”.  This is often difficult to hear or accept by owners and means strategic change management, employee development and standard operating procedures are a must, not just a nice to have.

Key actions and projects include:

• A strong strategic planning protocol and communication strategy must be designed to evaluate performance of the profit centers.  This usually includes quarterly business reviews and reporting processes because clarity is a key driver of success.  On the fly and ad-hoc ways of doing business no longer work and can do long term damage to the expansion of the brand.
• Financial modeling and proforma’s need to be built in order to show value and opportunity for prospective buyers or investors.
• Licensing agreements and area business development models must be built.
• Pre-opening and operational manuals must be developed and implemented with processes and systems alignment.
• Training and development programs must be built and made available on-demand.
• Field consultant systems and support must be implemented to help grow sales and deal with service issues.  This must be done in ways that align with the company brand promise, operational standards, and cultural goals for delivery. 

The key Springboard's to pay attention to include:

• EACH AND EVERY ONE IS IMPORTANT AND THIS IS WHAT MAKES THIS STAGE SO EXCITING, YET FRUSTRATING.  THIS IS WHEN PEOPLE SEE TREMENDOUS VALUE IN WORKING WITH SPRINGBOARD CONSULTING’S TARGETED GROWTH PROGRAMS.
• Owner Focus
• Strategic Direction
• Sales and Marketing
• Cash Flow Management
• Performance Management
• Processes and Systems
• Risk Management
• Business Funding

If you would like to discuss the expansion stage and or prepare for expansion while in growth mode, give us a shout and work with one of our amazing coaches. 

Use our FREE test drive to get the business coaching you need to avoid feeling overwhelmed and defeated and running your business like a CHUMP.  Let us flip the switch so you can BE A CHAMP!

Take our guided tour at http://springboardyourbiz.com/guidedtour

OR

Need more sales?  Get your FREE copy of our book Sell Like a Champ here:

https://www.selllikeachamp.com/offers/MwTZdPB7/checkout

Be A Champ!

Evan Sanchez