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Stage Two:
Manage and Grow 

Your business is up and running.

Congratulations!  Now what?

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Did you know that the #1 reason small businesses fail is the lack of adequate planning?  According to the Bureau of Labor Statistics, 18% of new businesses are gone at the one year mark, 50% at five years, and

65% at ten years.  This is not to discourage you, but to encourage you to plan, plan, plan.

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Now is the time to execute your business plan, and begin

building your systems, team, and culture.

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Let's get growing!

Stage Two businesses come in a variety of sizes and shapes - from just-out-of-the-gate startups to developing companies building out departments and management teams - and everything in between.  Let's take a look at some of the benchmarks as you progress through Stage Two... 

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Early in Stage Two your focus will be on beginning to execute the Sales and Marketing portions of your business plan.  In other words: Sell!  Sell!  Sell!  You will start to create simple systems, beginning with your core systems of Sales and Operations.  As you can afford it, you will slowly start to hire your team. In the meantime, however, you will be wearing ALL THE HATS.  Don't underestimate how overwhelming the beginning of Stage Two can be - that is why planning is so critical! 

 

As you progress through Stage Two your focus will be on establishing a rock solid foundation for your business, and proving that it is profitable and sustainable.  With your Sales and Operations systems in place, you'll now add the core systems of Lead Generation and Collections. 

 

Somewhere around this time your business will likely hit a plateau when you have simply maxed out the number of hours you can work in any given week (likely because you are stuck in the tactical work of the business instead of building the business?). You'll continue to add to your team and begin to delegate key functions to them.  You'll start to create your company culture based on your core values.  You'll develop or hire a key employee to "own" one of your six core business functions.   

 

As you approach the end of Stage Two your revenue and profit margin are growing.  You will continue to build your systems for each of your six core business functions, develop your leadership team and culture, and two to three of your six business functions will be run by someone other than you. 

 

The Six Core Functions of Your Business: 
SALES
PEOPLE
FINANCE
spoke-diagram-5piece-thumb.png
MARKETING
OPERATIONS
***LEADERSHIP***
Always at the center of your business. 

 

Some examples of how coaching can help:

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​- Strategic Planning - envisioning where your company is headed, both short and long-term

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- Execution and Accountability - for both yourself and your team

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- Systems - documenting and managing the key processes in your six core business functions

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- Team Building - "developing" your people, not "managing" them

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- Culture - building a robust culture where employees feel empowered and engaged

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- Hiring - including recruiting, onboarding, and retaining great people

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- Delegation - the art of the clean handoff

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- Organizational Structure - defining roles, responsibilities, key performance indicators

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- Finance - understanding the basics of your financials

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- Marketing - establishing your market position and branding

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- Meetings - running effective meetings (and only the necessary ones!)

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- Self-Management - the self-awareness and emotional intelligence required to lead

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- Time Management - carving out time to work "on" your business and not "in" it

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- Post Mortem - learning from your "mistakes" and turning them into structural solutions

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- Leadership Development - ongoing development of your capacity as a leader (including identifying knowledge and skills gaps) so that you can continue to grow your business

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Recommended read:

Traction: Get a Grip on Your Business

by Gino Wickman    

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