SMEs Business Growth & Maturity
If you are an SME, it’s really important to identify the maturity level and growth stage of your business, so that you can identify the 'Tipping Points' to successfully manage your growth challenges and opportunities and create an engaged and sustainable future for your business!
· What stage of growth currently is your business?
· Is your business capable of rapid growth?
· If required, can your business adapt swiftly to meet the market’s demands?
If you don’t know the answers, your business may not reach its full potential and you could be putting your business at risk or worse, limiting its future!
Have a look through the four stages and select the one that you think best reflects your business. Doing this exercise early on in the life of your business will help you to single out some of the crucial tipping points and support you to manage your people engagement and business plans more effectively.
Four stages of Business Growth & Maturity:
1. Start-up/Entrepreneurial: Most everything is managed by Founder/Owner, including people, services/suppliers, marketing and finance. Operating informally and exploring how to establish and network the business.
Tipping Point: When you recognise the signs that you need someone to take the baton from you, this is the potential tipping point. If you need someone to step up and engage with those that you have strived to build trusted relations with, consider how others will receive this new leadership and how this can be managed to transition your business smoothly to the next stage.
2. Transitioning/Developing: Your business is able to show consistency in approach, service, standards and is becoming more structured. If your business has scaled up, it’s likely so has the number of people, making this is an area that may need further investment of resource, time and finances.
Tipping Point: As your business grows, it’s not just your processes, systems and other technological elements that needs to adapt, but how you manage your people and structure your engagement drivers is a tipping point that will need to be kept in check.
3. Transformed/Stable: When your business is at this stage, and will be a good size at this point, it’s time to look more closely at ways to create continuous improvement, through identifying how you have developed and where you are with the growth of your business. Your business will now need to deep dive into longer term goals and objectives, seeking a competitive and sustainable way forward.
Tipping Point: The growth of your business will inevitably require greater people management skills, and this is the tipping point that supports continuous improvement, performance and will encourage ways in which to sustain engagement across your business, which are partially dependent upon the strength of your managements’ people skills.
4. Accomplished/Established: At this level of maturity, you will be able to demonstrate clear engaged people plans and leadership capabilities that will be aligned to your now established strategies, business plans and the culture of your business and its brand.
Tipping Point: Driving long term performance and keeping your people engaged is a tipping point that will really challenge your business planning. Ways in which to manage these key areas will need to be identified as early as possible if you aim to achieve a successful and sustainable business.
If you need help to plan for your business growth tipping points, get in touch and let us help you to ensure you have the right leverages in place so you can enter through each of the growth stages successfully as your business matures. firstname.lastname@example.org