According the Harvard Business Review small businesses must go through five stages of growth.
- Stage One: Existence (key issues include formation, access to business credit, compliance, etc.)
- Stage Two: Survival (key issues include cash flow and development of clients)
- Stage Three: Success (key issues include transitioning owner’s role from day to day “working” to leadership)
- Stage Four: Take-Off (key issue again is having adequate financial resources to grow/expand)
- Stage Five: Resource Maturity
To find out more on the five stages of small business growth read the full article.Harvard Business Review Article