The 5 Stages of Business Success. Working On Your Business. Not In It.Ramon Ray
Leadership is essential for the success of your business. For years, I’ve put a priority on marketing & technology. Indeed, I’m blessed that my business has had some measure of success, but after I’ve started following EntreLeadership principles birthed from Dave Ramsey and led by his Entre Leadership team, I’ve seen a growth in my company.
On the EntreLeadership Podcast, Daniel Tardy, Executive Vice President of Business and Leadership at Ramsey Solutions, and Sarah Sloyan, EntreLeadership Senior Vice President, were interviewed by Alex Judd. Daniel and Sarah discuss with Alex about the importance of understanding the stages of growth in a business.
Understanding these stages and growing from startup stage to mature business phase is essential.
This phase is where many businesses start, but it’s not sustainable. You work hard for days and days yet seem to never get anything done.
It’s important to evaluate where you’re at, get off the treadmill and start to work ON your business and not IN your business.
This second stage is when your a bit more mature in business and you need to evaluate yourself as a leader and understand who is on your team. At this stage you want to know if you’re using your time to do what is most beneficial to the growth of your team.
The Trailblazer Stage
The trailblazer stage is an awesome stage to be in. It’s when you and your company finally start to work together and everything seems to fit. It’s when you can give a task to your team member and they get it done without you having to worry about it. Even better, in this stage is when things begin to happen and you had nothing to do with it.
4 – The Peak Performer Stage
At this point in your business, you’re the leader and everyone knows the vision of the company and is working towards it. Now, it’s not so much that your team is working for you; however, they’re working for the vision of the company. You’re making more money and you have more room to hire people and invest more into your business. Daniel Tardy stated, “…your job at this stage as the owner is to continue to push vision, clarity, evaluate the results, and invest in relationships….”
5 – The Legacy Builder
After years of growing your business and watching it thrive, what do you want people to see? What memories do you want to leave behind? There should be a good taste in people’s mouths when they think about what you’ve built with your team. You’ve worked hard to get your business off the ground and now it’s time for it to live on without you.
In order to have a successful business that’s paying you a great salary and giving you the freedom to live beyond just the business you MUST have the following:
- Team – you can’t grow a business alone
- Systems and processes – your team must have a system that they can fit into to grow the company
- In addition to of course a solid marketing and sales strategy; financial engine (pricing, cash flow, etc) and using technology to power your company.