Evaluating Business Growth Strategies

You’ll find doing so is a lot like the stages of life.

By Carole Mahoney

Just last month, I turned 46. Which is significant to me because now I am on the other side of the ‘hill.” When surveys ask me for my demographic information, I am now checking the next box down.

But I have no desire to buy a sports car, date younger men (hubby definitely wouldn’t approve), get Botox, go to a retreat to find myself, or drastically alter my life.

Is that to say that this milestone age hasn’t affected me in some way? Of course not, but it hasn’t made me want to do anything uncharacteristic.

Well, except that I lost 74 pounds. So, you could say it has motivated me to push for the best version of myself.

I have observed a lot of business owners go through their business growth strategies and business life cycle stages in much the same way we go through our own personal life stages. What we learn about ourselves and the others around us eerily align to the stages that a lot of businesses go through.

Coincidence? Some might argue that they have a cause and effect on each other, even if indirectly. And I would tend to agree.

A colleague once recommended a book by Gail Sheehy to me called Passages. The gist of the book is that we all go through stages, which is an opportunity for us to get us to our full potential. Business growth works the same way.

What Business Growth and Personal Life Stages Have in Common

The Trying 20s. The safety of home left behind, we begin trying on life’s uniforms and possible partners in search of the perfect fit. In your business, the first years are about learning to survive and finding those who are the right fit to help us. From getting our first customers, to hiring our first employees—a lot happens fast. We do stupid things and make stupid mistakes.

The Catch 30s. Illusions shaken, it’s time to make, break, or deepen life commitments. Maybe those first customers weren’t a perfect fit, and it is making you miserable. Or those first employees didn’t have the necessary skills to do what you needed them to. You thought you would be better off at this point. But you are determined to make it work and forge ahead with the tough decisions and conversations.

The Forlorn 40s. Dangerous years when the dreams of youth demand reassessment, men and women switch characteristics, sexual panic is common, but the greatest opportunity for self-discovery awaits. Doing things the way you have done them isn’t enough. It’s time to make a change.

The Refreshed (or Resigned) 50s. Best of life for those who let go of old roles and find a renewal of purpose. As you take your lessons learned and throw out old perspectives on your business, true growth can happen. That might mean stepping out of your usual role and letting others in. It might mean a new direction or service you offer.

We all go through stages, which is an opportunity for us to get us to our full potential. Business growth works the same way.

Are You Starting with the End in Mind?

It is a determined balancing act to do so. What do you want the freedom to do? Understanding where you are and appreciating that is key to discovering what the next step to your ultimate end goal is.

Personally, I have heard a lot of awesome end-game plans from entrepreneurs lately. Whether you want to split your golden years between the two places where your kids end up, travel the world, hike a 65-mile trail, or ride a Harley cross-country, every decision that you make in the now gets you closer to or farther away from being able to do that in
your future.

So, start setting your personal goals no matter what stage you are at. Here are a few questions to get you started:

1. What will it cost? Assign a dollar amount to what freedom will cost you. Now you have the goal and can start working backwards. Example: I need to be able to sell the business for $5 million.
2. When does it need to happen? If you are 50 now, then you will probably not want to be riding a Harley cross-country at 70. So, perhaps the answer is I need to cash out for $5 million in no more than 10 years.
3. How will you do it? It might seem odd to be planning your personal exit strategy before you have a business growth plan. But knowing what you want and why is exactly what you need to be able to even start a business growth strategy.

Does this seem simple yet daunting? Putting down goals on paper can seem scary and make you ask yourself a variety of questions: What if things don’t happen? What if I don’t know what to do? How can I even think about the future with everything happening now that I have to focus on?

These are often the things that we let stop us from writing down our goals and creating action plans. The “what-ifs” are all the things you can’t control and also the things you don’t know that you don’t know.

And just like with each stage of life when you sought help, doing the same can happen with your business. Write it out, find your gaps, and then find the people who can help you fill them.

Carole Mahoney, as the founder of Unbound Growth, has coached Harvard Business School Entrepreneurial MBA students on sales and been featured as a top sales coach by Ambition and Sales Hacker. You can contact her directly at www.unboundgrowth.com.