STAGE 3 - SUCCESS
"Success is not final; failure is not fatal: It is the courage to continue that counts."
In this stage, you move beyond survival and start to thrive. You generate enough profits to either fund additional growth or provide you with a generous income.
The test here is to accomplish more than simply survive. You have to discover new approach to bring in income at a level of profit margin that enables you to plough funds back into the business.
In you fall flat at this stage, your business can easily get stalled. You've made sense of an approach to survive, but you can’t move beyond just covering your costs and paying yourself a basic salary to get to a point where you’re making enough to move on to Stage 3. The result is that you pour huge amounts of energy into a business that just survives but never prospers. Some small firms carry on for years like that, but it’s rarely rewarding.
You can utilize the benefits produced by the business to subsidize future development, proceeding onward to Stages 4 and 5. Or on the other hand you can confine from the business, appoint supervisors to run things and keep the profits coming, and simply utilize the cash for other purposes, purposes, like funding a new business venture.
Both of these results are entirely alluring, so as should be obvious, the opportunities are getting better as we move up the growth ladder!
To move past survival and begin making practical benefits, you'll presumably should be substantially more deliberate than you should have been in the beginning times of the business. Getting started for development turns out to be substantially more critical, so you can take enough time to contemplate the path you want to devise and take the steps necessary to get there.
The business should scale up past what you can do yourself, so you'll have to hire reliable representatives and oversee them successfully.
UPCOMING STAGE IN THE SERIES - TAKE-OFF