Where Are You in The Success Cycle?
You’ve heard it all before. The odds are against you. According to data from the Bureau of Labor Statistics, about 20 percent of new companies fail in their first year, and about 50 percent of small businesses fail in their fifth year. That means only half of all enterprises survive past the 5-year mark. After ten years, the survival rate drops to approximately 35 percent.
Job one for any company is to beat the odds. If you’re a business owner or CEO, your first task is to survive. And then it’s time to thrive.
But, of course, nothing comes without skill and effort. Big profits don’t simply fall from the sky. People may be “lucky” for a few months or even a year, but not year after year. The unvarnished truth is that successful business owners and leaders must learn how to run their firms in ways that allow them to grow quickly and profitably. Some learn quickly. Others don’t, and their organizations fail.
People who run 7-figure businesses understand that they must do more than “work hard.” In fact, working harder alone won’t result in more success–just more exhaustion. These people know that you must understand the success cycle to grow from a startup to a 7-figure business.
Where Are You in The Success Cycle?
What is the Success Cycle?
The success cycle maps out how organizations can grow from startups to big businesses in just a few years. Every firm goes through one or two stages of the cycle. Some settle into stage 4 or 5.
However, enterprises that want to grow into a 7-figure (or 8-figure or 9-figure) company need to understand the steps and what needs to happen to master each step.
The success cycle is an achievement-focused methodology that helps businesses understand what they need to grow and prosper reliably and predictably.
What Stage is Your Business in?
Without a clear road map, it’s easy to stall or even stop in one of the stages and not reach the next one. Here are the highlights:
Stage 1
The Strategic Planning Stage
This is the time to map out your goals and strategies for starting and growing a business. You know that old saying about “Planning to Succeed?” It’s 100% true, and successful companies are following plans.
Stage 2
The Specialty Stage
This is when you figure out where you are in the market and how you will stand out. You develop a point of difference, grow your expertise, and become an industry leader.
Stage 3
The Synergy Stage
No man is an island, and no matter how awesome you are, you cannot grow a business without developing good teams. You’ll also need to develop leaders that help you build different parts of the company. This is when you stop doing everything and let others do their jobs.
Stage 4
The Systems Stage
In this stage, you determine the best way to get things done – from requesting vacation time to answering government RFQs. Creating repeatable systems allows everyone to understand the process and learn how to succeed. Systems allow your teams to exceed expectations consistently.
Stage 5
The Sustainability Stage
In this stage, you must focus on sustainability and scale. This is the time to ensure you can keep your thriving business going and growing year after year.
Stage 6
The Scalability Stage
All good things must come to an end. Whether you decide to sell or hand your business off, it’s time to adjust it in ways that make it a profitable commodity appealing to buyers, partners, or even the next generation.
Stage 7
The Succession Stage
You map out an exit strategy. Maybe you want to sell the business, hand it off, or take more vacations. No matter which option you choose, you’ll need to make adjustments so the company continues to run profitably after you leave.
Learn More About the Success Cycle
When you get the right direction and structure in place and have the right systems and people working together, you will start experiencing success in each stage. When you understand the stages and which one is coming up next, you can structure your business in ways that create stability, predictability, growth, and scalability.
