Ralph Waldo Emerson says it beautifully, “Your actions speak so loudly, that I cannot hear what you’re saying.”This year was no different. As 2015 draws to a close, small business owners from around the globe revealed what was most important to their business success by what they read.
As you sip on your holiday cheer, enjoy our most read blogs of 2015!
Business passes through various points that lead to accelerated growth. Like a plane preparing for takeoff as it accelerates down the runway, there are points where a business breaks out and achieves consistent revenue growth. These are called inflection points. Build your business right at these points and achieve growth that withstands the test of time.
According to Wikipedia, an inflection point is a point on a curve at which it changes. It’s a turning point after which a dramatic change, either negative or positive, is expected. An inflection point is like a fork in the road on the growth chart of your business.
Interestingly, those who study growth businesses recognize businesses that achieve sustainable growth share a common inflection point.
The Growth Surge
The first stage that every business passes through is the entrepreneurial stage. This is the phase during which you transform your idea into a viable business with products and/or services offered to actual clients. Systems are also developed during this phase that allows your business to sustain its growth.
Although this phase varies in duration, the average amount of time it takes a business to pass through the entrepreneurial stage is five years. This marks the first inflection point for the business.
If a business grows through this inflection point at a revenue growth of at least 30%, it earns the right to achieve one of the three common time-frame trajectories: four, six, or twelve-years. It is during this time frame that business growth accelerates.
Reflections on Inflections
Before I knew about inflection points, growth rates, and stages of business growth and development, I learned this directly through launching and growing two businesses.
My inflection point was 12 years. Like magic, my business began its exponential growth curve. Unfortunately, at the time, I had no idea how it happened or what caused it.
That’s no longer the case. I’ve learned the significant nature of the inflection points and how to leverage the growth opportunities that lie in wait at those important junctures.
What is it that you want more than anything else? You want your business to grow — and keep growing — through good times and bad, right? If so, pay attention to your inflection points. Do you know what it is? And, more importantly, will you be ready to build the right business at that point?
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