Business owners start out their business with drive and passion. Somewhere along the way, the day to day running of that business can wear away that initial excitement. In the video above, our group shares some of their reasons about why they do what they do. Hopefully it will help you as you move your business forward.
I want to go through the business cycle really quickly. There are many different models to explain this concept, but I want to break it into three parts: Excitement Phase, Plateau Phase and Reinvention Phase.
Excitement Phase of Business
This is the phase of your business when you are excited. Everything is new and your business is growing. There are things changing and you have to get a tight grasp on your systems if you want to continue to grow.
Plateau Phase of Business
At this phase in your business, you have done all you can do to reach a certain point. The business owner is just sustaining the business. The systems are working for where they are but there is not plan to escalate the business.
Reinvention Phase of Business
At the Reinvention Phase, it is a make it or break it deal. Yes, a business can continue in the Plateau Phase, but without innovation, the business will die out either through irrelevancy, attrition or lack of drive. Reinvention is when the business owner decides the next step in business. The business owner must a strategic plan to grow his business (or her business). The smart owner will have this plan ready before the business enters the Plateau Phase.
It’s all about the WHY.
Knowing why you do something can take you miles ahead of your competition. Taking time to evaluate the ‘why’ behind what you do can help you define and defend the future of your business. At any phase of your business, you can revisit your why and keep yourself moving forward.
If you want to grow consistently, find your why and keep it in front of you.