THE FOURTH STAGE OF BUSINESS SUCCESS: THE ACCELERATION STAGE
Inspired by Randy Gerber’s first book, The Integrated Entrepreneur: Achieving Happiness in Relationships, Business & Life, we are highlighting the five stages of business success first-generation entrepreneurs go through, with a five-part blog series designed to help you thrive in all your business adventures.
In this fourth part of the series, we highlight the next stage of business success: the Acceleration Stage.
What is the Acceleration Stage?
By the time entrepreneurs reach the fourth stage, they have identified how to scale their business profitably and healthfully, and are seeing returns on their previous investments.
While in the Light at the End of the Tunnel stage you may have used the success stories of others (and a lot of faith!) to motivate you to keep growing your business, you are now energized by the visible changes and progress you are making.
You can begin to plan to make investments in people, equipment, capital expenses, time, and processes to grow the business more rapidly. Put simply: your relationship with your business has improved and it is clearly moving forward.
What can I expect in the Acceleration Stage?
Entrepreneurs in this stage begin to build their leadership teams, expand their benefits program and develop robust employee-employer relationships. Entrepreneurs in the Acceleration Stage are continuing to master stress management, integration and not letting the pressures of the business derail them personally. They are getting better at sustaining positive energy, and keeping their spouses and families happy.
How can I continue to succeed as a leader during the Acceleration Stage?
In Stage 3 we talked about the importance of beginning to work “on” your business, rather than “in” your business. This transition from employee owner to investor owner begins during the Acceleration Stage and continues through Stage 5: The Sustainable Stage.
As the business moves into the Acceleration Stage, entrepreneurs need to spend more of their time problem solving, writing business plans, and hiring managers to take over sales and operations.
Though it’s hard to shed the employee owner responsibilities, doing so is essential to allow the business to assume more risk and be insulated from mistakes. Risks don’t go away as the business moves forward. Entrepreneurs in this stage are just more aware of the risks and have a better understanding of the ones that matter.
To move onto Stage Five, innovation must be the fabric of a business’s culture. Innovation, in and of itself, is both a risk and an opportunity.
The Acceleration Stage is also the time when entrepreneurs need to consider bringing in professional management. Professional managers are experienced managers from outside your own company who have proven abilities in managing operations or subject expertise. They aren’t necessarily entrepreneurs, but they have a lot of experience and know how to grow a business, giving you the opportunity to manifest some of your larger scale goals.
Dying to know what other opportunities await you in Stage 5: The Sustainable Stage? Stay tuned for the final blog in our series on Stage 5 and learn the rest of the tools you can use to make your business a success.