How do you keep track of your priorities as your enterprise grows? This guide outlines the different things to bear in mind as your venture goes from establishment to survival and eventual success.

Each business has its own style and structure in how it operates. It is shaped not only by the products or services it offers, but also the qualities of the people who run it.  

Depending on the expertise of your business and the amount of people working with you that you must account for, there will be various elements to consider as you handle the daily operations of your trade. 

For instance, a self-started food stall business might need to worry more about resources while a cleaning service provider’s focus could be on having staff who are always available. Despite these operational differences, like any other business, they would share the universal aspiration to grow. 

Hence, every enterprise would need to know what it takes to achieve that growth and how to anticipate the needs in each phase. The following are the phases of growth for micro, small and medium enterprises (MSMEs), and the demands of each phase.  

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1. Existence after establishment 

In this early phase, the starting essentials have been set in place, like initial capital to keep things moving, a central database or software for bookkeeping and planning, perhaps a skeleton crew on hand — or it could even be you on your own as the sole founder, handling multiple moving parts. 

Survival is the name of the game in this part of the business lifespan, informed by two key questions: Do you have enough? And how can you get more? 

These two questions arise over the main consideration of your business survival: your customer base. Do you have enough customers at this point to support your sustained development? If not, how can you reach more people and expand your sales? 

Proper preparation is crucial here, as you will need to put in the work to secure your cash flow for the financial demands in this phase. 

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2. Gaining profits to progress 

This next phase is one of promise and possibilities. Your business has grown incrementally thanks to your product or service proving to be in demand. You may have regular customers, and you are consistent in keeping them happy. 

Although your organisation may still be ‘simple’ or handled by a limited number of workers, you have a workable flow, and your established method keeps your ship sailing just fine. Even though survival is still a major concern in this phase, the progress made thus far means that you have some freedom to look at options. 

The scale of expenses that you manage will be a deciding factor in your next steps from here onwards. In anticipating future cash needs, you may opt to get additional help by bringing in new partners, or even investment from those interested in getting a share of your proven business.  

Some owners and founders may even choose to sell their business off at this point, especially if the investment of time and money gets to be too much for them.  

3. Success and flexibility 

In this phase, the sustained success of your business means that you now have a tried-and-true growth platform. This opens up more options for you to contemplate, stemming from your decision to stay on as a driver of the business or to take on more of an advisory role while letting others handle the operational aspects for you. 

If you choose the former, you can then look into leveraging your enterprise’s proven track record. An option like borrowing would be made easier now that you have a confirmed means of repaying, while on the operational side you can start deeper strategic planning for your financial growth. 

On the other hand, if you choose to hand over the reins to your partner or dedicate a manager to the role, you will then be able to invest your attention and energy in other focus areas. Even as a thriving entrepreneur in search of your next venture, you can still stay on as the best advocate for your brand. 

Step ahead with confidence on your path to success with a host of solutions on offer at UBC. Find the right tools for your business needs here, so check them out!