At this phase your company should now be generating income with cash flow improving as revenue begins to cover expenses. Customer retention and growth should be one of the main focuses (of many!). However, during this phase finding time to divide between all of the demands – listening to customers, determine new developments needed, measuring the competition, hiring the right people, managing revenue, etc. – will require focus and prioritizing. Clearly define goals, key performance indicators, processes and teams. Ensure everyone is aware of the goals and be as transparent as possible. This may be the phase that you hire a few key executives, as mentioned in the prior phases, hire complimentary skill sets to yours. Begin looking at partnership opportunities to turbocharge growth.
Typical funding options at this phase include investments, loans for equity, interest or revenue share from future revenues.
Learn more about funding opportunities through SCRA’s Entrepreneurial Programs and SC Launch, Inc.
Key Concepts of this phase:
- Pitching and Fundraising
- Managing Current Customer Needs while Planning For Future Customer Demands
- Executive Recruiting
- Seek feedback from Board of Advisors (and keep them updated)
Typical resources needed at this phase (update this list – it is just an example):