During the week I met a few business owners who are concerned about the growth of their businesses. Do you also feel you are giving so much but your progress is so slow?
Life is a process! Are you aware there is no straight line in business growth? There would be highs and lows which could be determined by different factors at every stage of nurturing your business.
There are four phases of business growth. The rapid growth phase, plateau phase, episodic phase, and the incremental phase.
The rapid growth phase could be initiated by things like strong customer relationship, and good strategy for customer retention, exponential sales growth, your product and services meeting the market at the right place, time and price or strategic participation in a niche market.
When you are at this phase you feel good about your business. But remember growth is not a straight line. You would definitely hit some curves and would need a higher level of knowledge to navigate. When you are at the rapid growth phase, it is a time to save, strategize and solidify your business plan to accommodate all the curves on your business journey. Whatever stage you are now, enjoy the season!
Always remember growth is in phases and evolving is non-negotiable. Follow me tomorrow to read up about other phases of your business growth.
Enjoy your week!
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