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CHAPTER 9 GROWING YOUR BUSINESS EMPIRE

and expand. It is therefore much easier to franchise businesses
like restaurants, hair salons and cleaning as compared to
businesses like legal practices, consulting or advertising.

Stages of Company Growth

As you begin the exciting process of building your business,
it is important to be aware of the different stages that your
company will go through. As your business expands, you will
face different sets of challenges and your focus and
management style will have to adapt accordingly. The way
you successfully run a five-men operation is completely different
from the skills and strategies required to run a $50 million-
200-strong company.

Another reason why many businesses fail to grow beyond a
certain size or fail to sustain its success is because its founding
entrepreneur(s) lacked the attitude and skills to adapt their
management styles as their companies grew beyond their
level of competence.

It is therefore important to start learning the different stages
of business growth and be prepared to keep upgrading your
skills to match the different demands that each stage of growth
will bring.

Stage Three Stage Four
Advanced Maturity
Growth
Stage Two
Stage One Early
Startup & Growth
Survival

SECRETS OF BUILDING MULTI-MILLION DOLLAR BUSINESSES 271