Your business wealth journey can be broken down into five phases. Think about which phase you are in and refer to our list of key considerations. Find out more!
Starting Up
The creation of your business is perhaps the most exciting stage of your journey, but it can be somewhat overwhelming. The are many key things to consider at this stage to ensure you have a strong foundation for your business to flourish in years to come.
Consolidation
After the initial “flurry” of getting started, customer relationship management and sales / marketing focus and strategies become critical. Keeping the sales “pipeline” full and consolidating the product/service offering to the market are key challenges.
Scaling up
Now the “rubber has hit the road”, and you’re planning for growth, it’s time to review your business plan and strategic objectives to be clear about exactly where you’re headed and to develop the plan to get there.
Contentment
After steering your business through the start up, consolidation and scale up phases you should be at the point of being able to be much less “hands on”. The business will ideally now be in the hands of your capable management team which you oversee through regular review forums and development discussions.
Succession Planning
All good things must come to and end and getting out takes a lot of thought – and a lot of time! Everything will take longer than you think and lots of obstacles will come up. There is one clear message – start early!
