All things in life have a lifecycle, including business.

The life cycle in business is usually a typical path from learning, to growth, to decline, which is represented by a Sigmoid Curve.

The Learning Phase

The learning phase is chaotic and busy. Things will be hard, and you will question your path. Many new companies don’t get past this. The entrepreneur must be courageous and persistent, staying the course with a strong vision and flexible strategies.

The Growth Phase

The growth phase is full of energy. You made it past the learning phase and things are changing and improving rapidly. Opportunities are everywhere and ongoing learning makes you better and better. The entrepreneur must focus on the market, the economy, emerging competitors, and prevent complacency. Cash needs to accumulate to prepare the business for the challenges that come with success.

The Decline Phase

Then, the decline phase is where the excitement will start to fade. Sales and profits decrease, morale will decline. Struggle will ensue. The entrepreneur needs to return to the learning phase and essentially reinvent the business or suffer ongoing decline. Long term success will require entrepreneurs to restore the vision and recreate the intentions of their offering(s).

So, where is your business? Are you ready for the next phase?

Want to learn more? Let’s connect.

Adapted from “Clarity 1.10 The Sigmoid Curve” by FocalPoint Coaching and Training Excellence, Copyright 2018, by Brian Tracy and Campbell Fraser. Reprinted with permission.