Which stage your business is in, and what matters now
You will probably recognise your own experience in the stages below: milestones reached, challenges overcome, and obstacles where you could not get any further.
It is rare for a business owner to master this path without expert guidance and support, and that is where thexton armstrong comes in.
At this stage you are working out where you want to go. You find out whether you believe in a business idea and are ready to commit to it. Do you decide to act on the idea and start a business of your own, or do you buy an existing one?
At this stage you put everything into your business idea and invest time, money and a great deal of yourself in making it work. The main aim: a clear strategy for your product or service, market validation and positioning.
Creativity and energy are high, but the business is also at its most vulnerable. It is a chaotic time. High initial investment leads to negative cash flow, and the workload comes at the expense of your private life.
Your position is uncertain, and you may have serious doubts about whether the business will last. At this stage it is above all your full commitment that decides whether it carries on.
You have proved that your idea works. Orders are coming in, the market has confirmed your offering, and cash flow is rising. Confidence grows, and with it the readiness to take every opportunity.
The focus shifts from your product to your market. Sales now take top priority. Revenue rises, margins probably do not. Communication and responsibilities are patchy at best; there is plenty of energy, but focus and consistency are harder to achieve.
For your own sake and that of your business, you now need to proceed carefully. Communication becomes harder, and decisions stall without settled processes. At some point you cannot put in any more hours and have to take on staff. Choose the best people for the job, not the ones closest to you. At this stage you are your business’s greatest asset and at the same time its greatest risk.
Now you need to leave behind the stage where you were responsible for everything, all the time. Set your focus and define your new role. Delegate everything else.
thexton armstrong specialises in supporting business owners at this stage. With our advice you put in place the foundations and structures your business needs in order to grow.
This is one of the most demanding steps. For your business to keep growing, your vision and core values are no longer enough on their own. The barriers to growth now have to be removed, and you need a solid, dependable management team to which you can hand over decisions for good.
It must be clear who makes which decisions, and when. Rules and targets have to apply across the business and be adhered to. Encourage creativity and innovation without wasting resources.
This is the stage every business owner is aiming for. You have the right management team, the right people and clear rules. Your business is healthy and growing, and your overriding aim is to keep it that way.
In a few businesses the flow phase never ends. Holding on to it is very difficult, though: for most, a plateau follows, in which fixed structures slow innovation down and the business gradually loses momentum.
To stay in the flow phase, you and your team need to avoid complacency and remain able to innovate.
It has been a long journey, but now your business is due to be handed over. In principle you can sell at any time; an attractive offer may come early, but it usually comes unexpectedly.
It is wise to have an exit plan in place as early as you can. That way you make sure that you, your team and the business you have built are well protected.
We help you plan your exit on your own terms, whenever you decide to sell.
Our advisers support business owners where they need it most: in the acceleration phase. Many business owners find this the hardest part of the journey, because they have to combine roles and decisions that take them away from the operational core of the business. Time and again we have seen founders benefit from expert guidance in working through these growing pains and coming out the other side.
Talk to us about the next stage for your business.
Whether it is growth, restructuring or a handover: we look at your business and at you as the business owner in equal measure. That approach is at the heart of how we work. And it always begins with a Profit Leakage Analysis.
Find out how we can support you
