[vc_row][vc_column][vc_column_text]Think of this stage of the business growth cycle as a ‘post-validation’ phase. Whatever the business has been doing to acquire those brand fans has been working. They’ve proven that there is indeed a niche for their product or service, a clear demand and a chance to diversify their offerings, based on the incoming data.
They also have enough clients or customers to keep the daily lights on, so to speak. Now, there’s a shift in focus from client-centric processes to internal, financially-focused questions.
- What are our financial goals, broken down by quarter? Can we generate enough revenue to continue at break-even and to make a few purchases to replace or repair our capital assets? (Notice how there’s no focus on expanding or improving capital assets — remember, this is about survivability)
- Is there enough incoming revenue for us to continue to remain in business while also turning our eyes towards planning out a strategy for growth? Since growth is also about the potential of our industry, does our industry and market niche give us enough depth and breadth to generate continual sales and expand?
Survival is about refinement as much as it is about continuing operations as they’re going. This is the moment in which most companies are somewhat bogged down by the demands of the day-to-day operations but can start to lift their eyes towards the horizon of expansion.
Marketing at this stage of the business growth cycle can start to focus on content building through a variety of types and on a few strategic platforms. If companies haven’t yet hammered down a content marketing strategy or, at the very least, a content publishing calendar, this is the right moment to seize the day.
While operations in the ‘survival’ stage are geared towards the simple continuation of services, businesses with a marketing focus can start to dip their toes into building partnerships with influencers, building out an AdWords campaign or starting to focus on local and search marketing.
The structure of the organisation at this point is still lean and streamlined. The company has a limited number of employees and could be supervised by either the business owner or a sales manager. Sales managers make major decisions in conjunction with or on the direction of the owner.
You can find the full eBook ‘The stages of business growth and what you should be focusing on’ here. In this eBook we dive into each stage of the business growth cycle (existence, survival, success, take off and resource maturity), the questions a business owner or leader should be asking of their business and the types of marketing activities you should be considering to make it successful. These questions and actions include growth marketing strategy, data & insights and how they can drive growth for your business as well as digital transformation programs. [/vc_column_text][/vc_column][/vc_row]