How to make the most of each #BusinesGrowth Stage

At Work & Co, our focus is more than just offering a coworking space for companies and freelancers. A community of people that can better grow their businesses because they are part of our space is what gives us that extra kick! That’s why we love hosting events like the YOCO || CCDI collaboration to help businesses make the most of each business growth stage! Below is a little highlight reel of the talk (speakers listed after the video) and some lessons supplied by YOCO & CCDI.

Erica Elk from CCDI
Ronald Makomba from YOCO
Tamburai Chirume from ONE OF EACH
Adam Duxbury from GRANADILLA SWIM

STAGE 1 – START!

Learn and learn some more

How do you know you’re in this phase?

  • Your monthly revenue is maximum R40k
  • It’s your first steps
  • It’s probably a hobby or ‘side-hustle’
  • You still have a day job or part-time job
  • There’s not much traction yet

Where should your focus be?

  • Product/Market Fit
  • Find and serve your unique audience/customer profile well
  • Identify your weaknesses and improve
  • Don’t assume what customers are willing to pay – find out
  • Get repeat purchases and referrals

What should you be measuring?

  • Number of people using your product/service
  • Feedback from your fist customers on what is working and what not
  • The number of repeat purchases

STAGE 2 – BUILD!

Start to formalise

How do you know you’re in this phase?

  • Your monthly revenue is between R40-R100k
  • You have products/services that work for existing customers
  • Your demand is consistent or increasing
  • You’re ready to hire your first employee
  • You need more capital

Where should your focus be?

  • Internal process optimisation
  • Getting the right tools in place so that you can scaleHiring and training your first employees
  • Tracking “jobs to be done” for customers
  • Refining your value-proposition
  • Keeping a close eye on your costs

What should you be measuring?

  • Number of delighted customers
  • Number of unhappy customers
  • Tracking “jobs to be done” for customers
  • How much time it takes to get a new customer
  • How much time it takes to serve a customer

STAGE 3 – GROW!

Take growth seriously

How do you know you’re in this phase?

  • Your monthly revenue is between R100-R1m
  • You are able to meet customer demands
  • Your early staff need minimal supervision
  • Your team is growing
  • You are raising capital for growth purposes

Where should your focus be?

  • Growth optimisation
  • Figuring out the 1 or 2 key growth metrics for your business
  • Focusing team meetings on growth metrics and how to remove barriers to growth
  • Finding channels to help you grow
  • Optimising your business BEFORE you scale

What should you be measuring?

  • Proportion of new vs returning customers
  • Cost to get a new customer (marketing and sales channels)
  • Profits you make from existing customers
  • Total business revenues and costs
  • Effectivity of growth campaigns

STAGE 4 – TAKE-OFF!

Expand your product or market

How do you know you’re in this phase?

  • Your monthly revenue is between R1m-R4m
  • You have a management team who handle daily operations
  • You’re seeing exponential growth in sales
  • Your customers are asking for more
  • Demand is increasing from other regions

Where should your focus be?

  • New opportunities
  • Working “on your business” and not “in your business”
  • Building structures to help your team perform at their best
  • Looking for new opportunities and being creative about how you can do more with what you have
  • Clearly defining growth projects for yourself to focus on
  • Understanding how much capital you need to scale up

What should you be measuring?

  • Create a dashboard of all the above metrics for your business
  • The size of a new market
  • The cost of a new pilot or project
  • Financial forecasts

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