YOU ARE IN THE
EARLY/SMALL BUSINESS
PHASE
Managing a small business is no small feat! We understand that it's a significant undertaking, juggling multiple tasks with limited resources. You're deeply involved in shaping your unique offerings, drawing insights from your market and customer feedback and adapting on the fly. This period is all about crafting a firm foundation for your business, balancing growth with the quality of your products or services.
THIS LOOKS LIKE…
In this phase, you're not just building a business – you're laying the groundwork for your dream. Your focus is on nurturing the growth of your unique product or service, and chances are, you're navigating this exciting journey with a small, dedicated team. It's a period marked by great ideas and, let's face it, maybe some tight budgets, with the occasional reliance on external funding. As you eagerly navigate the market, every day brings a mix of challenges and opportunities, becoming a canvas for continuous learning and growth.
This phase is all about delving deep into your market and understanding the unique needs of your customers, utilizing feedback and customer satisfaction as your guiding lights in refining your offerings. This isn't a race for rapid growth or market domination; it's about laying a sturdy foundation and establishing the kind of consistency you can genuinely build a solid upon.
Your adaptability, innovation, and the meaningful value you create with your customers are at the heart of it all. Continuous adaptation, fueled by the precious feedback from your customers, is the secret sauce for your growth.
At this time, building a loyal customer base takes center stage, and the key is delivering top-notch quality. Picture this: day-to-day operations and practically every nook and cranny of your company are steered by the dedication and vision of the owner. Leadership is hands-on, with every goal, task, and resource being masterfully managed by you. As you wrap up this phase, the gears start turning, ramping up production to bring in as much cash as possible. It's not just business; it's a journey of passion, dedication, and the thrill of seeing your vision come to life.
Key focus in this phase:
Adaptability: Being receptive to feedback and willing to pivot.
Critical Thinking: Analyzing feedback to understand its implications.
Focus: Concentrating on key differentiators that make the product/service stand out.
Validation: Seeking proof of concept through real-world application.
SOME CHALLENGES YOU MAY BE FACING…
You’re wearing a lot of hats.
Founding a small business often means juggling multiple roles, which can be overwhelming. Many of the problems still fall on your shoulders and you still have to jump into being the primary solution to those problems.
Constantly pivoting.
You may be constantly adjusting, revising or improving your core business, which can be hindered by a lack of resources, expertise or time.
It’s not easy finding the right people.
Hiring involves a blend of hope, stress, and the challenge of aligning talents with your business vision. Seeking individuals who bring competency to your company can be hard.
You have a lot on your plate.
Managing workload can be really difficult. You have a lot of responsibility and often times, you are the person that is expected to fill in all the gaps you have in your company.
WAYS TO ACQUIRE MONEY
AT THIS PHASE
Capital generation looks at various methods that businesses use to secure financial resources, crucial for operations, growth, and innovation. Here is what capturing capital looks like at your phase and what methods businesses your size typically utilize.
Friends & Family
Financial help directly from close friends and family members.
Seed Funding
Raising early-stage funds from initial backers to support growth.
Referrals & Affiliates
Gaining commissions through customer referrals and affiliations.
Grants
Securing non-repayable funds, often for specific projects or aims.
Bootstrapping
Self-funding your business using your personal finances or profits.
Crowdfunding
Using online platforms to gather small funds from numerous people.
Venture Capital
Attracting high-value investments from established VC firms.
SBA, Loans & Credit
Leveraging bank or SBA loans and credit lines to finance operations.
Angel Investors
Wealthy individuals provide funds in exchange for company equity.
Sales & Marketing
Product/service sales through focused marketing.
Revenue Based Financing
Sharing a portion of future revenue with investors for current funds.
IDEAL LEADER PROFILE
Different phases of a company are better served by certain leadership styles. You ideal leadership profile for this phase is…
DRIVER
The Driver is efficiency-focused and directive, providing clear instructions to achieve quick results. They excel in crisis situations, structuring work processes and making fast decisions. However, this style can stifle creativity and be perceived as authoritarian.
This leadership style emphasizes efficiency and directive actions, offering clear guidelines to ensure prompt and effective outcomes. Ideal for scenarios that demand quick decisions and structured work processes, such as crisis situations, this approach can deliver rapid results. While highly effective in providing direction and clarity, its potential downside lies in its propensity to overshadow creativity and, at times, appear authoritarian to team members.
YOUR NEXT PHASE IS…
PRODUCE/SYSTEMATIZE
The “systematize” phase is where your business is gearing up for a remarkable transformation. You will instill a more organized and consistent approach across your operations. It's a pivotal time for crafting internal processes that ensure every task, from welcoming new team members to daily operations, runs smoothly and predictably.
We will introduce standardized training methods, embrace advanced technology, and maintain a consistent quality in your services or products. Now, imagine actively seeking skilled professionals to join your team, adding depth and expertise. Plus, you might explore software tools to manage personnel, workloads, and budgets more effectively. This strategic shift is all about scalability, breaking away from the reliance on just a few key individuals.
Think of it as setting the stage for sustainable, substantial growth. Your goal? Enhancing operational excellence, marking a significant change in how your company functions and thrives. Welcome to the phase where your business spreads its wings and gears up for a new level of success!
Key focus in this phase:
Structural Energy: Creating robust systems for operational consistency.
Technology Integration: Implementing tools for optimization.
Training and Development: Building a well-informed, skilled workforce.
Scalability Focus: Setting up the business for growth without hiccups.
SOME SOLUTIONS THAT MAY HELP…
Let go of more.
Entrust more tasks to people or outsourced labor. Initiate regular 1:1’s. Focus your team towards delivering value to your customer.
Increase your net.
Get more control over your customer acquisition funnel and increase your customer feedback loops. Ensure that your core business is constantly improving.
Find the right people.
Consider a recruiter to find the right people. Hire competent individuals to handle specific tasks, qualified to ease your workload.
Get Organized
Prioritize tasks using tools like the Eisenhower Box, delegate responsibilities among team members, and adapt to changes, seeking external help when you feel you’re pushing too far.
Go through the full GRM to unlock more detailed and specific solutions for your business.
in your next phase
WAYS TO ACQUIRE MONEY
These are some of the methods of capital generation you would most likely use at in your next phase of business.
Private Equity
Attracting funding from private equity firms for substantial growth.
Vertical Integration
Building resources that acquire more of your main business pipeline.
Larger Distribution Partners
Partnering with companies to enhance reach and share resources.
Next Phase
IDEAL LEADER PROFILE
Different phases of a company are better served by certain leadership styles. You ideal leadership profile for this phase is…
SELLER
As a business owner, adopting the Seller leadership style means harnessing charisma and communication skills to motivate and unite your team. This approach is centered on your ability to articulate an engaging vision and create a dynamic, forward-thinking team environment. Boosting team commitment and job satisfaction through , mentorship, guiding both personal and professional development. Balancing this vision-centric approach with meticulous attention to operational details and structured execution is crucial for your business's day-to-day success. In practice, the Seller style shines when complemented by a team that brings detail-oriented, self-motivated, and strategic thinking to the table. This ensures that your broad, visionary goals are translated into practical, achievable plans. Striking a balance between your inspirational influence and hands-on, pragmatic leadership will effectively transform your vision into tangible results, fostering the growth and success of your business.
Unlock your future with a
GROWTH READINESS MAP
The Growth Readiness Mapping (GRM) is a powerful diagnostic tool that provides business owners with a comprehensive view of their operations and the opportunity to unlock their full potential. With the GRM, you will have a clear understanding of what steps you need to take to grow your business and achieve your goals. Whether you're looking to expand your business, increase revenue, or improve overall operations, the GRM is the tool you need to get there