Business follow patterns of growth and development that can be used to predict and plan for the type of support these business’s need. Here is a guide to different stages of business development and the areas these owners need to address.
Let’s start showing 5’S of Business development using three dimensions – Time, Team and Money
Start-up
Revenue typically is $0 – $1/m
Time: Owner spends their time wearing all the HATS of the business, Owner commits majority of their time to getting their business established.
Team: Limited management structure, Little to no training or team development.
Money: All decisions are made by the owner, One or two person team.
Sustaining
Revenue typically is $1/m – $10/m
Time: Owner wears different HATS, Owner commits majority of their time to the survival of their business.
Team: Focus on finding the right people and building a team, Limiting training provided to the team, Some managers are taken on.
Money: Owner makes most decisions with some input from management.
Successful
Revenue typically is $10/M – $20/m
Time: Owner spends time optimizing the skills of the team they built, Actively contributing to the running and success of the business
Team: Targeting the training of key people and building a management structure
Money: Owner starts to delegate responsibilities with close supervision
Stable
Revenue typically is $20/m – $100m
Time: More Complex management structure allows for bigger picture owner participation
Team: Team interactions are experiencing challenges, Managers are scrutinized more to ensure long term success as complexity increases
Money: Management structures are formalized and most tasks are delegated, Owner is still involved
Seasoned
Revenue typically $100m+
Time: More Complex management structure allows for bigger picture owner participation
Team: Talent is regularly recruited, Consultants and external expertise are used as needed
Money: Multi-layered management teams, The Business can take on numerous challenges.
Depending on where your business is determines the strategy, plans and Actions needed to pull out and up. So the real question is: What are you doing to pull out and up?
For a Conversation on your WHAT, WHERE, HOW and WHY reach out to Focal Point Business Coaching of Pennsylvania and ask for Mark Steinke. 1610.768.7774