Want to Grow Your Small Business? The Five Phases of the Business Growth Cycle
If your small business has been doing well but you really want to kick things into overdrive and proactively promote growth, then it's important you follow the five phases of the standard business growth cycle. By doing so, you will ensure you have a well-thought-out plan for growth and won't waste time or resources chasing inappropriate opportunities.
If you are unfamiliar with the growth cycle, here are the basics about each of its five distinct phases:
Growth Phase #1: Identify All of Your Business's Growth Opportunities
Before you can grow your small business, first, you need to spend time identifying all of the various opportunities available. Write down as much information about each opportunity as possible. In this early phase, it's reasonable to put down sure things as well as the more creative ideas.
Growth Phase #2: Evaluate Your Growth Opportunities
After you have a list of possible growth opportunities, then you need to evaluate each of them for their chances of success and ability to implement. For example, a social media campaign may be a great idea and very doable, while a print media campaign in an expensive market such as New York City or San Francisco may not be quite as realistic.
Growth Phase #3: Development of a Strong Plan of Implementation
Once you have identified your best opportunities, then you need to develop a strong plan of implementation. The plan should be as detailed as possible. For example, a successful growth plan includes:
- task owners
- deadlines
- milestones
- sales targets
Growth Phase #4: Implementation of Your Growth Plan
Once you have a complete plan with all of the above included, then it's time to implement the growth plan.
Growth Phase #5: Monitor and Tweak the Implementation
Finally, the last phase of your growth plan is to monitor its implementation success and tweak the things that aren't working as you had planned. Often, things look great on paper, but when you put them into practice there are small things that just don't work well. By monitoring your growth plan and making small adjustments for unforeseen issues as necessary, you keep your growth on track for success.
For Additional Advice and Assistance
Now that you have a clear understanding of the five phases of the business growth cycle, help is readily available if you need assistance with prioritizing and implementing your small business's growth opportunities. A growth consulting service can help you evaluate your opportunities and make a workable plan to convert them into revenue.