The Five Stages of Small Business Growth

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As business growth happens, the business goes through several distinct stages – from start-up through maturity. One way to evaluate the level of legal support needed by a business is to peg which stage of growth the business is in. There are several different models used to describe the stages of business growth. One of the most popular systems, originally published in the Harvard Business Review, divides businesses into five stages. These stages are summarized in a more user-friendly manner by the American Express Open Forum as: (1) Existence, (2) Survival, (3) Success, (4) Take-Off, and (5) Maturity. However, this five-stage model does little to guide the business owner in setting personal goals. But even though the Harvard model is very good at providing the business owner with big-picture perspective, the model is of little value when the business owner is trying to answer simple questions like “when do I get to take a vacation?” Neither does the model provide specific practical answers to specific questions like “when can I retire?” for things like that, one needs the benefit of specific practical experience. At the Cohen Law Offices we are sensitive to the various stages of business growth and we would like to get to know you and your business. Because “our business is small business” we would like to help you overcome any difficult business or financial situation. You can contact us or call (614) 444-4211 with any questions you may have about these articles, this blog, business growth, business planning, business transition, or the five stages of business growth.

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