Tips to Grow Your Small Business

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Tips to Grow Your Small Business

  1. 1. : The Small Business Life CycleBy Charlie Gilkey
  2. 2. Outline The Stats Intro to the Stages of the Small Business Life Cycle Stage 0: The Aspirational Stage Stage 1: The Entry Stage 01 02 03 04 Stage 2: The Growth Stage 07 06 05 Stage 3: The Crucible Stage 08 Stage 4: The Cruise Stage The Way Ahead
  3. 3. > TheStats
  4. 4. The Stats More and more people start small businesses today because technology, societal expectations, and the demands of life favor small businesses.
  5. 5. TheStats 23millionsmall businessesintheU.S. accountfor54%ofall U.S.sales. Source: http://www.sba.gov/content/small-business-trends
  6. 6. Approximately543,000newbusinesses arestartedeachmonth TheStats Source: http://www.businessinsider.com/infographic-the-state-of-us-small-businesses-3013-9
  7. 7. Half of all small businesses survive 5 years or more. TheStats Source: http://www.washingtonpost.com/blogs/fact-checker/wp/2014/01/27/do-9-out-of-10-new-businesses-fail-as-rand-paul-claims
  8. 8. 55% 66% Smallbusinessesprovide TheStats ofalljobsintheU.S. and ofallnewnetjobs sincethe1970s. Source: http://www.sba.gov/content/small-business-trends
  9. 9. In life and business one size doesn’t fit all TheStats Are you going to make it?
  10. 10. The Stats Most small business owners feel overwhelmed by all the information they get about how to grow their business. • One expert says one thing, and another says something else. • Best practices from last year are obsolete this year. • There is always more to do… …than time and resources available to do it with.
  11. 11. In life and business one size doesn’t fit all TheStats So what steps to take right now? are right for you
  12. 12. TheStats In life and business one size doesn’t fit all
  13. 13. a Intro to the Stages of theTrust us! We’re Awesome Small Business Life Cycle Intro to the Stages of the
  14. 14. Intro SmallBusinessLifeCycleOverview Everystagehas: Challenges Strengths Inconvenient Truths Ways Forward Moments Catalytic
  15. 15. Intro Myth: Thefartherthroughthecycleyouget, theeasieratimeyou’llhavegrowing yourbusiness.
  16. 16. Intro Fact: Everystage willhavechallenges. Don’t Give Up!
  17. 17. Intro TheSecrettoSmallBusinessSuccess Take theright stepsatthe righttime.
  18. 18. Stage O: The Aspirational Stage
  19. 19. Stage0 TheAspirationalStage “Whenever you see a successful business, someone once made a courageous decision.” -Peter Drucker
  20. 20. Stage0 people who want to start a business. The aspirational stage is for all but they haven’t actually started. they daydream, They read books,
  21. 21. Stage0 Challenges Figuring out what business to start Making the leap Overcoming the overwhelm around changing the world 01 02 03
  22. 22. Stage0 Strengths HopeEnergy Anything counts as a win 01 02 03
  23. 23. In life and business one size doesn’t fit all Stage0 Your business might not work. Inconvenient Truth
  24. 24. In life and business one size doesn’t fit all Stage0 Just Start. The Way Ahead
  25. 25. In life and business one size doesn’t fit all Stage0 How do you start? What makes you come alive? What are you natively good at? Who fires you up? What frustrations can you solve? Pick one frustration and start generating 01 02 03 04 05 solutions.
  26. 26. In life and business one size doesn’t fit all Stage0 Catalytic Moment You try something and it WORKS even if it’s just a little bit.
  27. 27. Welcome to Stage 1: The Entry Stage
  28. 28. Stage1 Stage 1–TheEntryStage “In the business world, everyone is paid in two coins: cash and experience. take the experience first; the cash will come later.” -Harold S. Green
  29. 29. In Stage 1 you get a little traction, but don’t yet have a lot of customers, market share, or demand for what you do. Stage1
  30. 30. Take on too much work, work with anyone willing to work with you, and say yes to anyone who shows interest. Stage1 Thisisanaturalpartoftheprocessofgrowingabusiness. The Entry Stage is a Yes Stage
  31. 31. Stage1 Challenges Having a little success does not mean you’ll have sustainable long-term success Talking about what you do Undervaluing what you do 01 02 03
  32. 32. Youstillhave energy Small wins count as huge wins because you are #winning SuccessHigh “Fail fast and fail often.” -Seth Godin You’renot toobigtofail Strengths Stage1 Atthisstage,therearen’tawholelotta peoplewatching.
  33. 33. In life and business one size doesn’t fit all Stage1 You have no idea what you’re doing. Inconvenient Truth
  34. 34. In life and business one size doesn’t fit all Stage1 The Way Ahead Focus on a beachhead offer Test, fail, iterate around your solution 01 02 03 Center your marketing
  35. 35. In life and business one size doesn’t fit all Stage1 Catalytic Moment You hit your first Home Run
  36. 36. Welcome to Stage 2: The Growth Stage
  37. 37. Stage2 Stage 2–TheGrowthStage “The success combination in business is: do what you do better… and: do more of what you do...” -David Joseph Schwartz
  38. 38. Stage2 You have customers and market demand, you’re excited, and business is taking off Riding the Rocket Source: https://flic.kr/p/96iJmd
  39. 39. In life and business one size doesn’t fit all Stage2 You’re going fast and it’s fun. This stage is the one so many entrepreneurs love to stay in. Source: https://flic.kr/p/7YHYBb
  40. 40. Stage2 Challenges It’s hard to hold on You have too many ideas You’re not there yet 01 02 03Source: https://flic.kr/p/9x8R1f
  41. 41. Stage2 Strengths There are lots of possibilities It’s fun You have confidence 01 02 03
  42. 42. Stage2 You can’t keep going like this, or you’ll burn out. Inconvenient Truth
  43. 43. Stage2 Focus on your specialty or niche. The Way Ahead
  44. 44. In life and business one size doesn’t fit all Stage2 Tips for Moving Forward Add supporting or complementary offers Maintain your beachhead Stay customer facing and focused Keep going! 01 02 03 04
  45. 45. In life and business one size doesn’t fit all Stage2 Catalytic Moment Market demand xceeds your ability to deliver.
  46. 46. Welcome to Stage 3: The Crucible Stage
  47. 47. Stage3 Stage 3–TheCrucibleStage “The mark of a successful organization isn’t whether or not it has a problem; it’s whether it has the same problems as last year.” -John Foster Dulles
  48. 48. This is everyone’s least favorite stage because it is frustrating. Seth Godin calls it “the dip.” Stage3 The First “No” Stage
  49. 49. There is enough going for you that it’s hard to quit, but not enough in place to continue indefinitely. Stage3 The First “No” Stage
  50. 50. Stage3 Challenges You’re tired You need help People are watching you now 01 02 03
  51. 51. Stage3 You’re finally at home as an entrepreneur Strengths You’re a small giant You know what’s working 01 02 03
  52. 52. In life and business one size doesn’t fit all Stage3 There’s no business under the business. Inconvenient Truth
  53. 53. Stage3 The Way Ahead people processes systems01 02 03 positioning04 You need to get 4 key ingredients into place:
  54. 54. In life and business one size doesn’t fit all Stage3 Focus on Your Core Reduce complexity, extraneous effort, and Start thinking like a manager Review your margins, brand resonance, Sell to your current and/or previous customers 01 02 03 04 information silos and sustainability
  55. 55. In life and business one size doesn’t fit all Stage3 Catalytic Moment gelsystems, and positioning Your people, processes,
  56. 56. In life and business one size doesn’t fit all Stage3 At this point it is common to seesaw back and forth between Stages 2 and 4 Warning
  57. 57. Welcome to Stage 4: The Cruise Stage
  58. 58. Stage4 Stage 4–TheCruiseStage “Keep your eyes on the stars and your feet on the ground.” -Theodore Roosevelt
  59. 59. Stage4 All entrepreneurs do 1 of 3 things: What happens at Stage 4? They implementa newbusiness model Theylosea critical resource Theysellthe businessand startoverAnyofthesethingswillcauseyouto movebackdowntoapreviousstage.
  60. 60. Stage4 Object Syndrome Challenges Patience: You must You have a lot to Bright and Shiny 01 02 03 switch to a long-term strategy lose now Stage4
  61. 61. In life and business one size doesn’t fit all Stage4 What is BSO? A Bright and Shiny Object is a new project or potential project that key players in the business latch onto that alters the business’s ability to operate. Look for the words
  62. 62. Stage4 Strengths You have leverage You’re a well-oiled machine Money and profit become secondary to your mission 01 02 03
  63. 63. In life and business one size doesn’t fit all Stage4 You can move fast, but you can’t change directions quickly. Inconvenient Truth
  64. 64. In life and business one size doesn’t fit all Stage4 The Way Ahead Make your key players obsolete Scale intelligently01 02 Develop a BSO warning indicator 03
  65. 65. In life and business one size doesn’t fit all Stage4 Catalytic Moment You introduce a new brand or business dynamic and start the cycle all over again.
  66. 66. The Way Ahead
  67. 67. In life and business one size doesn’t fit all TheWayAhead Wherever You Are, It’s OK We think if we just make it to We forget that even though the grass may be greener on the other side, it still needs to be mowed. the next stage, all our problems will go away.
  68. 68. TheWayAhead Yourtaskasanentrepreneur tryingtogrowyourbusinessis toassesstheresourcesyou haveNOW,andproductively usethemtosolvethe challengesoftheday.
  69. 69. If you run out of problems to solve, you’re either out of business or asleep at the wheel. TheWayAhead
  70. 70. “A journey of a thousand miles begins beneath your feet.” -LaoTzu TheWayAhead
  71. 71. Thank you for being in business! TheWayAhead For more information on the Small Business Life Cycle, visit Please share this with your fellow small business owners!
  72. 72. TheWayAhead Get even more tips to grow your small business with the second edition of The Small Business Life Cycle. Get the Book

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