1: Make Time: The Five Stages of Small Business Growth

What stage of growth is your business in?

In this episode of Make Time: CEO of 25eight Sam Hurley, describes the characteristics of the five stages of small business growth as identified by Churchill & Lewis and published by Harvard Business Review. By understanding these stages it helps us to better navigate the challenges of entrepreneurship effectively and what the most important thing we need to focus on.

The stages include: Existence, Survival, Success, Take-Off and, Resource Maturity.

Each with its unique characteristics and challenges. Sam also highlights the significance of leadership, strategic planning, and adapting to market changes as critical factors for success in business and provides a tool for you to pinpoint your stages of growth.

Make time to grow your knowledge this week with 25eight.

Link to the Five Stages of Business Quiz -https://www.25eight.co/blog/discover-your-stage-of-business-growth-and-the-strategies-to-reach-the-next-level

Visit 25eight to learn more about our programs www.25eight.co

Takeaways

The five stages of business growth are crucial for understanding development. Each stage has unique challenges and characteristics. Leadership plays a vital role in business success. Understanding your current stage helps in strategic planning. Survival stage focuses on revenue and expenses management. Success stage involves decisions about expansion or stability. Growth stage requires effective delegation and management. Resource maturity emphasises maintaining agility and innovation. Business evolution is a continuous process. Identifying personal goals is essential for business growth.

Keywords business growth, small business, stages of growth, entrepreneurship, business success, survival, resource maturity, business strategy, leadership, business development