The Right Metrics at the Right Stage #9
4 Stages of Business!
There are different stages in businesses and for every stage metrics
It is important to re-evaluate the metrics itself every quarter.
There are primarily 4 stages in business.
- Early Stage
- Growth Stage
- Maturing stage
- Expansion Stage
Here are a few examples of metrics at different stages:
→ Early Stage – At this stage, metrics around validation and viability are critical. So the important metrics identifying the ideal customer profile (ICP), Conversion of orders from leads, Gross Margin, Repeat buying, All rounder team members,
→ Growth Stage – The focus now shifts to scaling operations and increasing efficiency. So the KPIs will be around New Customers, New Geographies, Customer retention and churn, Increase in Average Customer Value, Gross and Net Margin, and Using tools & technologies to scale.
→ Maturity Stage – At this stage, metrics that matters more are around exploring new growth avenues and sustainable growth. Metrics that will be of utmost importance will be customer happiness, growth of everyone in eco-system like Team, Vendors and Stake holders, Cash flow buffer, market penetration.
→ Expansion Stage – While heading towards leadership position in existing market and planning to enter the new markets, here the focus shifts on ROI, Leveraging existing strengths/infrastructure, Automation, Industry-specific data, Leadership team
These are not exhaustive list but an indication of types of metrics that should matter at every stage of business life. Even at Expansion stage, there can be certain new product or services that will have different metrics. So the metrics for existing business will be different and metrics for early stage will be different within the same organisation.
Navigating the various stages of business growth requires a keen understanding of which metrics to prioritize. By focusing on right metrics at each stage, you can make informed decisions, drive sustainable growth, and achieve long-term success.
Stay tuned for next week's edition of "One Metric for Growth" as we delve into another crucial aspect of business. Until then, keep measuring, analyzing and growing!
Customer retention is the key
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What are the most relevant factors to consider?
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Don’t overspend on growth marketing without good retention rates
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What’s the ideal customer retention rate?
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Next steps to increase your customer retention
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