The Growth Stage is focused on putting in place a variety of systems that achieve and maintain the competitive edge that the business has over its competitors. Some businesses fail at this stage as they do not successfully manage rapid growth and change. Without the right systems or practices in place, customers lose faith in the ability of the business to deliver.
Good systems are essential for continued successful growth. Such systems focus upon quality management, innovation management, information technology and business control. In addition, businesses can grow through change, mergers and planned acquisitions.
On the flip-side, the founders of the business may choose to sell off some or all of the business. This is often called “harvesting the wealth”.
The key topics that need to be addressed in the Growth Stage are as follows: