Once your company reaches the Maturity stage, you will notice consistent profits year over year and stability across the board. Congratulations, you have successfully created a self-sustaining business you can be proud of for years to come. When you reach this stage as a business owner, you have a few options:
Continue with status quo and operate your business under the same blueprint.
Seek out further growth opportunities and revenue streams.
Plan your exit strategy through a partial or full sale.
There is nothing wrong with following the same blueprint at this point, but if you choose to stick around and see how much further you can grow your business, simply revert back to the same questions you faced during the expansion stage – research other markets to ensure you will have similar success, and go through the same alpha and beta testing processes to see how new clients react to your services. Take a holistic look at everything and ask yourself if this is the best course of action and if you can financially account for any unforeseeable pitfalls.
On the other hand, if you have reached the point where you don’t see yourself staying with the company or decide it’s time to pursue another venture, an exit plan would allow you to turn the reins over to a young entrepreneur who is willing to purchase your company (full or partial sale) and take it to even greater heights. If this is the step for you, ensure you are turning the company over to someone who has the ability to grow what you have created.