You now have more time because your business has solid infrastructures behind it where it is systemised and running smoothly. You feel confident about growing the business without breaking it.
Because you’re no longer the bottleneck in your business and no longer a hamster on the wheel, you have the freedom to work in your “genius zone”.
You feel more connected to your purpose because you have more time to do work that matters to you, as well as the ability to pursue more things you love to do in life.
You have the space to explore different marketing channels, create new products and services, add in different income streams, focus on your growth strategy and develop the leaders of your business.
You’re investing more into the people in your business and operations, which means the percentage of profits can dip in this stage. However, your sales and revenues can increase because of the increased working capacity of the team.
The feeling of knowing what to do to grow, the confidence you’ve gained through your perseverance and knowing your business is now durable is priceless because you’ve done the hard work of developing a multitude of skills as an entrepreneur and business owner.
Your business operates with a small, lean, dynamic team with lots of revenue, fun and creative freedom, and it begins to take on a life of its own.
You’re now having more fun, more freedom and more money than you’d ever could if you were working a high paying corporate job.
You finally feel like you’re running the business rather than the business running you!
You’re enjoying the life that a “lifestyle business” delivers — you’re working reasonable or even part time hours.
You have a better quality of life where you’re spending more time with family, friends and on hobbies and interests outside of work. You have the ability to own nicer things and take more indulgent holidays if you want to.
Common Questions At This Stage
- How do I get everyone aligned?
- Where can we find new growth areas?
- Are there any new products or services we should launch?
- What markets could we move into?
- How can we create an exciting culture where people want to stay and enjoy coming to work?
If any of this sounds like where you’re at, then pay attention to what you need to focus on below in order to grow your business.
This stage is all about becoming a leader, developing the leaders of your team, building a strong company culture, establishing your growth strategy and optimising performance to execute even more efficiently.
You should be focused on investing time and resources on attracting talented people into your business. Then work at building up your personal leadership skills to continue to drive the business forward, or give up the helm of the ship to your COO and let them run the operations while you work on strategic vision.
In today’s fast growth, constant innovation and evolving global marketplace, if you’re not building a great culture with strong leadership, you’ll have a hard time attracting and keeping the talent you bring into your business.
The people you have working on your team are the most valuable thing you’ll have in your business. So treat them right, lead them to empower their gifts and skills, help them take ownership of their roles, and cultivate a strong company culture they love coming to work to.
The key systems to implement in this stage is your leadership and internal communications system to effectively lead the people in your business.
The key skills you need to level up in Stage 5:
- Communication (Written and/or Verbal)
If you don’t develop and level up your leadership and communication skills, you will run the risk of driving the people you’ve worked hard to build out of your business.
Pitfalls To Avoid ⛔️
The worst thing you can do is micro-manage the team you’ve brought in. Refrain from tinkering with the systems and processes they’ve created otherwise they will get frustrated.
Instead of ‘tinkering’ as a result of having more free time on your hands, this is your opportunity to spend the time you have working in your “genius zone”.
Learn to allow your team to take care of their responsibilities in the business.
Not valuing your team
People are the most valuable thing you’ll have in your business. They are part of the reason why you get to live the life you want to live because they are taking care of the majority of the business’ responsibilities for you.
The better you treat your team, the more they are willing to do for you.
Some things you might hear yourself say:
- What should I do?
- What can I work on?
Habits To Develop 🕰
Become a leader
Develop your personal leadership skills and become a strong leader for your team. Become the person that your team trusts, look up to and want to follow because they genuinely love and respect you.
If you know yourself and your limitations, then you’ll know what role you’re most suited for. Sometimes allowing someone else to run the show may be the best option for the business to grow.
Develop talent and build an exceptional culture
Make sure the business is focused on cultivating a strong culture and building great teams, so it becomes a great place that people love to come to work.
If you’re able to create an exceptional, happy place to work, it will make it very difficult for your people to leave.
Develop a culture that continually optimises for its own performance. This is based on the operational systems that you’ve developed and built in Stage 4.
Primary Focus in Stage 5: Lead & Grow 🔍
Establish your leadership and internal communications system.
Develop the skills you need to improve your ability to lead your team, build a strong culture and establish your growth strategy:
If you don’t lead your team and effectively communicate across the business, then it will be difficult for the business to thrive and grow in an ever evolving global marketplace.
It takes time to properly develop the leaders and team members within your business and create an exceptional culture.
Remember that each stage is built on top of the other. If your systems aren’t clearly established and properly implemented, everything after it will eventually falter.