When you’ve invested a whole lot of effort to get your business up and running, it’s natural to be impatient about seeing a return on your investment. But with so many potential ways to grow the business, it’s hard to know how to best focus your time and limited resources.
The answer depends largely on what stage of the business you are at. In many cases, unrealistic expectations are a result of having skipped over critical early stage activities such as financial planning and proof of concept testing.
This was certainly true in SoYoung’s case. Because we had no idea what we were doing, the first years of the business were a long slog as we zigged and zagged, experimenting with different product ideas and slowly building our network. It took patience, dedication and years of hard work to get where we are today.
If you don’t know where you are, you’ll never reach your destination
In today’s post, I clearly spell out the 5 stages of a product business. Understanding where you are today will help you prioritize your activities and manage your expectations at each of the five stages of growth, potentially saving you years of wasted effort.
Be honest about identifying where you are where you are today. As long as you’re in still in business, it’s not too late go back and start doing things in the right order.