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THE THIRD STAGE OF BUSINESS SUCCESS: THE LIGHT AT THE END OF THE TUNNEL STAGE

 
Inspired by Randy Gerber's first book, The Integrated Entrepreneur: Achieving Happiness in Relationships, Business & Life, we are highlighting the five stages of business success first-generation entrepreneurs go through, with a five-part blog series designed to help you thrive in all your adventures.
 
In this third blog of the series, we highlight the third stage of business: the Light at the End of the Tunnel Stage.
 
HOW DO I KNOW I'VE MADE IT TO THE LIGHT AT THE END OF THE TUNNEL?
If you've been following our blogs, you know about the thrill of the Intoxicating Stage and the burden of the Trapped Stage.
 
Usually occurring between years three and five, the Light at the End of the Tunnel stage is characterized by your business being on level ground, finances picking up, customers signing on, and long-term contracts being collected.
 
Simply put: you've made it out of the Trapped Stage alive and can feel confident that you're not going out of business tomorrow.
 
For many entrepreneurs, with the Light at the End of the Tunnel Stage emerges a sense of relief. You see the potential for sustainable, long-term growth in your organization and are able to have fun again, both in your professional and personal life.
 
Why, then, do entrepreneurs often feel a lingering sense of anxiety during this stage, as if everything they've built could fall out from under them?
 
YOU'RE ONE DISASTROUS DECISION AWAY FROM RUIN.
 
Even in the Light at the End of the Tunnel stage, you know you and your business are still treading on delicate ground. Entrepreneurs in this stage often need to hire people and purchase assets to support their projected before they can actually afford to.
 
It's possible that an entrepreneur's revenue will grow in the Light at the End of the Tunnel Stage, but their profit and cash will most likely not. This is a normal stage of development for businesses and trying to rush through it with quick profit schemes is not the answer.
 
It's often said that entrepreneurs are only three bad decisions away from being homeless. For entrepreneurs in the Light at the End of the Tunnel Stage, it may be only one.
 
In a business's early years, short-term, temporary failures - failures that could be overcome if the business was a little more secure - often lead to total, permanent failure. So how can you ensure that the choices you're making are going to advance your business?
 
FOUR STRATEGIES FOR STAGE 3 SUCCESS:
 
  1. LEARN TO WORK "ON" YOUR BUSINESS RATHER THAN "IN" YOUR BUSINESS. Focus on "big picture" projects and delegate the day-to-day responsibilities to another leader.
  2. OBTAIN STRATEGIC ADVICE FROM CONSULTANTS, MENTORS OR AN ADVISORY BOARD. These professionals have "been there done that" and know the answers to questions you don't even know to ask.
  3. IMPLEMENT A PROVEN MANAGEMENT SYSTEM. Systems such as EOS, MAP Management Consulting and Rockefeller Habits help new entrepreneurs avoid mistakes, or at least minimize the impact of them.
  4. INTEGRATE YOUR WORK LIFE AND IMPLEMENT PLANNED EXPERIENCE SHARING. The secret to establishing good work/life habits is ensuring that all aspects of your life are working cooperatively, something that most entrepreneurs are not successful at during the first two stages. Now you have money to solve problems and more time to do it, so you no longer need to brute force your way through solutions. Seek enjoyment and engage in and be present for those things that are important to you outside of work.
 
Use these strategies to get to the light at the end of the tunnel and be sure to stay attuned to the success stories all around you. They serve as motivation and inspiration when you are going through the ups and downs of each stage.
 
Once your business becomes a little more stable and you reach the end of the tunnel, you will then move forward into Stage Four: The Acceleration Stage.
 
How have you experienced the Light at the End of the Tunnel Stage? Share with us on Facebook, LinkedIn and Twitter!


INDEX
  • THE FIFTH STAGE OF BUSINESS SUCCESS: THE SUSTAINABLE STAGE
  • STAGE FOUR: THE ACCELERATION STAGE
  • THE THIRD STAGE OF BUSINESS SUCCESS: THE LIGHT AT THE END OF THE TUNNEL STAGE
  • THE SECOND STAGE OF BUSINESS SUCCESS: THE TRAPPED STAGE
  • THE FIRST STAGE OF BUSINESS SUCCESS: THE INTOXICATING STAGE
  • WHAT FREEDOM MEANS TO THE ENTREPRENEUR
  • GROWTH WITH PURPOSE DURING COVID-19: DON'T GROW FOR GROWTH'S SAKE
  • COVID-19 RESOURCE GUIDE
  • WHAT WE KNOW: RESTAURANT & BAR UPDATE
  • CONDUCTING BUSINESS IN THE MIDST OF THE COVID-19 OUTBREAK
  • 3 SCARY TRUTHS ABOUT BECOMING AN ENTREPRENEUR
  • Gerber Spotlight: How to Handle Naysayers in Your Business
  • SELF-CARE RESULTS IN TAKING BETTER CARE OF YOUR BUSINESS. HERE'S HOW.
  • NAVIGATING CIRCUMSTANCE AS AN ENTREPRENEUR TO BECOME A BETTER LEADER
  • A day in the life of Randy Gerber
  • HOW TO PROPERLY GUAGE EMPLOYEE PERFORMANCE
  • MUST-HAVE APPS FOR BUSINESS OWNERS
  • THE HAPPINESS FACTOR & WHY IT MATTERS TO EVERY ENTREPRENEUR
  • PEER TO PEER GROUPS, MENTORS, ADVISORS: HOW DO THEY RELATE?
  • WHY YOU SHOULD ''DATE'' YOUR PROFESSIONAL ADVISORS (LAWYER, ACCOUNTANT, ETC.) BEFORE COMMITTING
  • GERBER'S TOP FOUR FAVORITE BOOKS FOR ENTREPRENEURS
  • IMPROVED COMMUNICATION FROM PERSONALITY TESTS [AS SEEN ON INC.COM]
  • 5 THINGS EVERY ENTREPRENEUR NEEDS TO DO TO KICK OFF THE NEW YEAR ON A GOOD FOOT
  • GIFT GIVING FOR THE ENTREPRENEUR-THE ULTIMATE TOUGH PUTT
  • SHOULD I TREAT MY LEADERSHIP TEAM DIFFERENTLY FROM A COMPENSATION PERSPECTIVE?
  • RECAP: NAWBO CANDID CONVERSATION ''5 TIPS FOR BUILDING A BETTER BUSINESS''
  • ONCE YOU'VE CROSSED THE FINISH LINE... HOW DO YOU FIND YOUR NEXT ENTREPRENEURIAL INSPIRATION?
  • THE MYTH OF CORPORATE CULTURE DEBUNKED
  • Gerber, LLC Featured in Columbus CEO | Let's Talk Succession
  • Catered Communication Practices [as seen on Inc.com]
  • REFRESH WITH V POWER YOGA
  • COFFEE TALK WITH TOM
  • ROLLIN' WITH FUSIAN
  • DIVING INTO BUSINESS WITH A PARTNER, OR TWO
  • IS IT TOO EARLY FOR AN ADVISORY BOARD? THREE STEPS TO BUILDING THE BEST NETWORK OF BUSINESS MENTORS
  • SUCCESS STARTS WITH A PLAN | GET IT ON PAPER
  • WATCH OUT FOR THE REVENUE TRAP! BUSINESS GROWTH & QUALITY REVENUE
  • BEHIND BESA WITH MATT GOLDSTEIN
  • BESA ON 'GIVING BACK' AS A BUSY BUSINESS OWNER
  • GOAL SETTING AS AN ENTREPRENEUR
  • FIRST GENERATION ENTREPRENEURS & WHAT MATTERS MOST
  • THE ROADMAP TO ENTREPRENEURSHIP
  • WHY ASKING THE RIGHT QUESTIONS CAN MAKE A DIFFERENCE: A CAUTIONARY TALE
  • AND THE WINNER IS...
  • CAPITAL MARKETS REVIEW: Q2 2016
  • BREXIT | WHAT DOES GERBER THINK?
  • CAPITAL MARKETS REVIEW: Q1 2016
  • CAPITAL MARKETS REVIEW: Q4 2015
  • CAPITAL MARKETS REVIEW: Q3 2015
  • CAPITAL MARKETS REVIEW: Q2 2015
  • CAPITAL MARKETS REVIEW: Q1 2015
  • CAPITAL MARKETS REVIEW: Q4 2014
  • Gerber Hosts OppenheimerFunds Chief Economist
  • Gerber, LLC to Host Entrepreneur-Relationship Expert, Trisha Harp
  • 'Twitter for Dummies' Co-Author Shares Marketing Advice at Gerber
  • Nationally-Circulated REP. Magazine Coins Gerber, LLC ''Not Your Momma's Financial Advisor''
  • Gerber Featured in 'The Metropreneur Columbus'
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