When you start a small business, the idea that you’ll be able to grow your company into something great is exciting. However, it’s important to understand where your business is in life and what stage of growth it’s experiencing for you to know the right small business digital marketing strategy to execute. The stages of small business growth can help give you an idea of what to expect as your company moves through life.
Stage 1: Starting Up
You’re just starting out and don’t have a lot of money or experience. You’re learning as you go, and your focus is on getting the business off the ground.
You probably don’t have much of a team either: it’s just you doing everything right now! Although you’re just starting it doesn’t mean you should not start deciding if your small business digital marketing efforts should be done in-staff or outsourced.
Stage 2: Fast Growth
You’re in the second stage of business growth, and it’s called “fast growth.” You will experience rapid growth as you expand your customer base and become more profitable.
In this stage, you will need to hire more employees or contract out work that was previously done by yourself or a few employees. You may also be able to take on larger projects if you’ve got the capacity for them!
In order to sustain this type of growth without running into trouble later on down the line (like bankruptcy), it’s important that you invest in small business digital marketing now while things are still going well so that people know who they can trust with their business needs when they come knocking at your door asking questions like: Who do I go with? What should I buy from them? Can I trust them? If not then why not?!
Stage 3: Growing Pains
Growing pains are common in small businesses, and they can be caused by a lack of infrastructure, staff or capital. You may also experience growing pains if your small business digital marketing strategy isn’t working as well as it should be.
If you’re experiencing any of these issues at your company, then there are steps you can take to alleviate them:
Hire employees (and spend money on training) so that you have more hands on deck to help with the workload and responsibilities; this will also allow for greater specialization within the business.
Invest in tools that make running tasks easier–such as accounting software–and look into outsourcing some tasks like small business digital marketing, accounting or HR work if necessary. This will allow people who aren’t experts at those things to focus on other areas where their expertise will be most valuable for the company’s growth plan instead of having everyone try their hand at everything (which usually results in poor quality work).
Stage 4: Mature Business
You’re in a mature business when:
Your company is stable and profitable. You’ve made it through the startup phase and are now able to focus on establishing your brand and growing your customer base.
You have a good reputation. Your customers know they can trust you to provide them with quality products or services, so they keep coming back for more!
You were successful in your small business digital marketing efforts, and you’re well established in the marketplace, which means that people know who you are (and what you do), giving them confidence in buying from you again in the future–and recommending their friends do so too!
Your loyal customer base has helped build up the goodwill of other businesses who want to work with someone reliable like yourself; suppliers will be more willing than ever before at providing discounts for their products/services because they know how much money could potentially be saved.
Stage 5: Maturity and Decline
The fifth stage of business growth is maturity and decline. This is the last stage and it’s where your business has become mature, meaning it has a good reputation, lots of experience and customers who trust you.
Businesses at this point may start to decline if they don’t adapt quickly enough to changing circumstances or fail to innovate their products or services. It’s important to hire small business digital marketing experts who know the latest trends on your specific market for your company to keep up with all your competitors.
Your business is experiencing different stages of life, just like a person.
When you think about your business, there are many stages that it goes through. It’s like the life cycle of a person. A newborn baby is very different from an adult, and they both have different needs at each stage in their development.
Your company isn’t any different–it has its own unique needs at each stage of its life cycle. As a small business owner, understanding where your company currently stands and what it will need next is essential to success! It’s also crucial to know which ideal small business digital marketing strategy to apply.
Understanding Where You Are
While the five stages are not an exhaustive list of all the ways your business can grow, they provide a framework for understanding where you are now and what’s next. If your company is at Stage 2 or 3, then it may be time to look at scaling up operations or expanding into new markets. If it’s in Stage 5, then perhaps now is the time to consider selling off assets or shutting down operations altogether.
Spirit Media: Small Business Digital Marketing Experts
Are you starting your small business or looking to scale your existing one? Let Spirit Media lead the way! With our extensive experience in digital marketing for small businesses, we have the know-how to meet your needs and surpass your goals, no matter your current stage.
We create tailored small business digital marketing strategies to help you target your ideal customers, drive sales, and boost your online presence. Choose Spirit Media and watch your small business thrive!