5 Stages of Your Business
It’s time to shift your mindset. Even as you focus on day-to-day priorities, you need to step back and see the bigger picture — a much bigger picture involving your overall business.
Regardless of your company’s age and business size — you’re on a long-term journey from entrepreneur to exit (E2E). During that journey, you’ll witness dramatic market evolutions. You and your business must evolve, too.
ChannelE2E’s Mission is to help IT service providers successfully navigate each business stage, maximizing your performance every step of the way. VAR. MSP. CSP. Total Service Provider (TSP). The technical jargon doesn’t matter when you focus on the bigger picture — which involves five critical stages for your business. Take a look:
This begins with your initial business development and seed initiative. You and your co-founders have “a great idea” that deserves some time, attention and testing.
Maybe it’s a new way to offer IT services. Maybe it involves actual intellectual property. Whatever the case, you’ve got a germ of an idea — and you want to incubate it. If the testing goes well, perhaps you’ll formalize an IT product or service. If you survive the initial business development, cash and management challenges, you’ll onboard your first customers.
Typical challenges during this stage include:
- The ownership: Who owns percentage stakes in the company? What are the buy-sell triggers in the ownership agreement to protect all co-founders over the long-haul?
- The concept: Shaping a business idea that has a real path to profits.
- The funding: Most IT service providers bootstrap their businesses. It’s rare, but if you’re developing intellectual property you may attract dollars from angel investors and perhaps even a VC.
- The assets: What assets are you going to trademark and/or potentially patent?
- First wins: Gaining early market acceptance from a few trusting customers.
- Who does what?: Establishing an initial business structure of roles and responsibilities.
- Stage 1 Example Company: Deep Information Sciences, a data-centric solution provider that emerged from stealth mode earlier this year.