7 STAGE OF GROWTH
Making sure you have a great product or service that you can deliver at the right price.
This is the core of the business. Making sure you have a great product or service that you can deliver at the right price. If you don’t have the right profit built into the product then it doesn’t make sense to go to the next stage which is marketing and have thousands of people buy a product that you’re losing money on. It’s also important at this stage to make sure that the product, service, and presentation are above par. If you do heavy marketing and thousand or worse millions of people are told to try your product that is terrible, that could be the end of business.
Now that the basic foundation is strong it is time to strategically market and brand your company. This is where we tie in marketing, strategy, and sales to create a flood of revenue to the business. This revenue will in turn allow us to put more money into the marketing strategies at this stage and in turn allow us to create more sales, longer term clients who will consistently make purchases, and raving fans who will tell others to do the same.
This is the level where this business becomes an asset. You are completely hands off everything. You are not needed in any area of the business because you build a self contained ecosystem that is consistently producing predictable income year after year. Your chain of stores is equivalent to your portfolio of stock. It is just an asset that you own. You now can sell this asset or keep it, but it requires zero effort in thought or action and yet continues to yield predictable income.
At this stage it is important put great leaders in place. Although strong leadership is always important- perfecting the basics, aggressive marketing, and having effective systems take priority. Sometimes the best people for the job are found. They might be working somewhere else, maybe even your competitor. You might have leadership material players on your team already. Whatever the situation is, the priority now is to find and develop leaders that you can put in place so that eventually you can be hands off this business.
This is the stage at which you can be hands off and you can duplicate this process somewhere else. You might want to open multiple offices, store locations, or even franchise your business. You already have a great product or service, you have the formula to generate all the business that you need to be profitable, you have great systems in place using all the best strategies and practices, and you know how to find and develop great leaders. In the duplication stage you now have the formula for success and you can do this over and over.
With a ton of new business coming in it is important that you can handle it. Nothing is worse than having customers buy and you can facilitate the sale. To avoid experiencing growing pains we help you put systems in place to eliminate bottlenecks and make sure everything is smooth. In this stage we create systems for everything. Anything that shows the best results, a policy or procedure gets created so that it’s done that exact way each time. One example of a system is referrals. In the previous stage we build revenue and we want those customers coming back.
The level at which the business owner ventures to new areas of personal development and business interests. This is a new chapter about to be started.
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