34 HARTFORDBUSINESS.COM | DECEMBER 5, 2022
Expert's Corner
Biz Starts
3 stages of a company's growth
By Ken Cook
I
n thinking about growth, there are
stages or life cycles that practi-
cally every company experiences.
These stages are not defined
by time, but by the activities of
the business.
Understanding what stage or life
cycle a company is in is important
because it provides
context and clarity.
Knowing where you
are helps leaders
focus on the activities
that will drive growth
and sustainability.
The first stage is
the early stage, often defined as
the hectic, crazy, scary, stressful,
"am I out of my mind" stage. The
early stage is the beginning, and the
company looks for business wherever
it can find it.
The goal is simple — get
customers. The orientation of the
early stage is selling, and sell some
more, and then sell some more.
The ultimate early stage goal is
stability — market awareness and
customers who continue to buy.
To reach stability, be sure to listen
and be flexible in terms of products,
services and response. It's very
seldom that someone gets it right
the first time. Your customers will tell
you with their purchasing decisions
whether you have something they
value and are willing to pay for.
If the organization listens well
and responds well, the instability
of early stage evolves to the more
stable expansion stage of growth. In
the expansion stage, the company
breathes a little easier and begins to
work on itself.
Cash flow is positive and more
predictable. Management can
take some time to focus closely on
the infrastructure, systems, and
employees needed to not only serve
the existing customers, but also serve
the additional customers that most
surely are on the way.
Working on oneself also improves
profitability. When revenue is all
that is important, the profit margin
becomes secondary. The "loss
leader" becomes an acceptable
strategy to gain market awareness
and presence.
In the expansion stage, wean
unprofitable or low-profit customers to
higher-priced products and services,
while simultaneously cutting costs
by eliminating waste and poorly
designed processes.
As time passes, all good things will
eventually wind down. At some point
in a foreseeable future, the customer
base may be saturated, market condi-
tions could change, technology alters
the offerings, competitors surpass
your offerings, etc. The ability to grow
the business slows or even stalls out.
When this occurs, the business
must experience some type of
transition. The transition can be
new products or services, new
markets, new technologies, or even
different industries.
What's important is to recognize
that a transition is necessary. If a
transition does not occur, the busi-
ness will eventually begin to decline.
Common to all three stages of
growth is the focus on the customer
and alignment of the company with
their needs.
• Early stage companies seek to find
their place in the market and iden-
tify the customers they can best
serve in a unique and valued way.
• Expansion companies continue to
explore and expand their customer
base, and find ways to improve the
value equation they offer them.
• Companies facing a transition
reinvent themselves and find new
markets, or face the inevitable
decline that will occur.
If company leadership understands
where they are in terms of growth
cycles, and puts the customer first,
they should be able to define the
activities that accelerate profitable
growth and sustainability.
Ken Cook is the co-founder of
How to Who, a source for expertise
on how to build strong relationships,
and how to build business through
those relationships. Learn more
at howtowho.com.
Ken Cook
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