Transitions: Changing Life Cycles of a Small Business

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“A man to carry on a successful business must have imagination. He must see things as in a vision, a dream of the whole thing”. Charles M. Schwab, American Stockbroker

I have been working with a few small business owners recently, all of whom are going through various transitions within their business. One is still in her start-up phase of growing her service business.  Another has purchased a business and is looking to re-brand and build a new client base. A third is looking at transitioning slowly from her business so she can move into her 60’s focusing on having the time to focus on the others passions of her life while still having the financial capabilities to do so.

All of these entrepreuners are in different stages of their small business life cycle and have a very different vision on what their particular future will look like.  So how does one move from an idea to action to results?

I like to utilize a model that I call A.A.C.T. Today! Assess. Adjust. Commit. Transform.

  • Assess what the change is you are looking:  What does your business look like 5 years down the road, 3 years down the road, 12 months from now? The first step is to create the vision so that you can see it, feel it, and describe it.
  • Adjust what you are doing or not doing today that will lead you to your vision.  This is where the detail comes in by creating your action plan.  An action plan does not have to be a huge document.  Keep it simple and doable with specific completion dates.

What if the action you initially thought was a great idea isn’t?  Re-adjust the plan.

  • Commit to taking action and find someone you can verbally commit to so that they can support you in your accountability actions.  I play the role of an Accountability Partner with my clients.
  • Transform – every action and every lesson learned moves you closer to your vision.  Transformation will not happen overnight but takes courage, a willingness to re-frame failures into successes and never letting go of that dream.

“Great lives are the culmination of great thoughts followed by great actions”. Peter Sinclair

  • What is your small business niche?
  • What is it about your business that makes it stand out from all the others?
  • What phase are you in: starting up, re-defining, or moving out?

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