Dear Bunker,
On Thursday, I released an awesome episode of the Transition with Michelle Warner, a business designer and strategist that designs tiny companies that are built to last, where we discuss how entrepreneurs can successfully navigate the five stages of small business growth.
I first came across Michelle by way of Linkedin and decided to reach out to her after reading her article “Understanding Your Business Stage,” which she wrote based off the following Harvard Business Review article from the 1983, “The Five Stages of Small Business Growth.” Below are a list of the 5 stages, which we go over in detail on the show:
Validate
Sales
Foundation
Expand
Multiply
If you’re an early stage founder, more than likely you’re in stages 1-3.
Where most early stage founders make the mistake, is trying to rush past the sales stage, where you’re focus is on obtaining recurring and predictable monthly revenue. I’m guilt of this mistake with my own company, IRONBOUND Media. Shortly after validating the business model with paying clients, I tried to rush past sales and start to build out a bigger team. Unfortunately, this was distracting me from dialing in my marketing plan efforts and building out a consistent sales pipeline.
Thankfully I came cross Michelle and her content, which gave me the nudge to reset my focus back on sales.
You can listen to the episode at the links in my signature. I strongly encourage you to check out the two articles linked above as well, to get a better understanding of the the 5 stages. Next week I’ll share more thoughts on Tuesday’s newsletter.
The 5 Stages of Small Business Growth with Michelle Warner, Business Strategist & Designer