Stages of Family Business – What stage are you in?
You must be at least one step ahead of your competitors to be profitable in the wine business today. This requires knowing how the wine industry is evolving, understanding your market opportunity, and being clear about your business and brand strategy.
Rosemary Richardson, Associate, Scion Advisors
Companies that successfully stay ahead of their competition are also very conscious of what stage they are in. This level of consciousness enables a business leader to know what to focus on and what is coming up ahead.
Start-up mode: your singular challenge is to turn your dream into reality and survive long enough to establish successful cash flow. Often this is about juggling many new and different balls and learning how to make and execute critical decisions on the fly.
Formalization stage: is dependent on having a viable, competitive business strategy. At this stage, it is important for winery leadership to manage increasing complexities of the business, understand and leverage financing techniques, and to develop professional management. In this stage, effective organizational systems and procedures are essential to survival and growth.
Maturity: your key challenges are to renew and refocus strategy, reinvesting where necessary to keep building equity, momentum and vitality as a brand and a business. This is a time to reexamine your financial business model, its profit potential and how to revamp your organization and ensure future growth.
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