What Does A Startup Have In Common With A Mature Business?

Hi Champ!

We have been talking about the life cycle and maturity levels of a business and we did this out of order!  This was not a mistake...

The main reason is that survival, growth and expansion are where we see the most confusion with business leaders pertaining to growth, change, and people issues.  The second reason is the inception stage otherwise known as “startup” and Mature stage have some huge similarities as one starts to look for ways to Springboard the business.  We will discuss this today.

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

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

The Inception and Mature Business Stages

Inception is about driving revenue and getting traction to see if the business idea is viable.  In the same manner, a mature business looks for ways grow new revenue streams to stay relevant and not be replaced.  The difference is a mature business has to focus on operational continuous improvements to save and operate efficiently with a split focus on transforming the business growth strategies.  Important themes include:

• Innovation
• Quantification
• Orchestration

Let’s talk about each one of these for just a minute.

Innovation

Innovation should not be confused with creativity, which is the expression of ideas. Innovation is taking these ideas and putting them into action. This is where a large amount of your focus should be in the beginning (inception) and even throughout your business’ entire lifespan all the way thru (Maturity) and business transformation.

Quantification

This, of course, refers to the numbers. We are talking about the value of your innovation. The best way to gauge this is by your customer response. Look to positive responses for what you are doing right-and keep doing it. Look to your negative responses to find out what you’re doing wrong-and fix it. This will enable you to keep growing and progressing with the needs of your customers and business climate.

Orchestration

Once you’ve had a chance to find what areas are working, you can narrow down those areas and concentrate on making them the stand out ideas. You shift your focus here to get the most out of your business and to meet the needs of your customers.

Is your business mature?  If so have you thought about franchising or licensing?  We can help you work through these three areas to put together your franchise prototype during your FREE test drive.

In the next few lessons we are going to transition to the 7 specific areas you need to consider in your franchise prototype process:

• Primary Aim
• Strategic Objectives
• Organizational Strategy
• Management Strategy
• People Strategy
• Marketing Strategy
• Systems Strategy

These 7 areas will fine turn your plan for the ultimate level of success.

If you would like to discuss your business growth strategy, 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