The Next 6 Phases of Incubation

In my previous post, we looked at the first 6 phases of incubation. We continue with the remaining 6 and look at how these will impact the longevity and sustainability of any business or project. Here are the final 6 phases:

Fundable: Gearing a business to be fundable is no easy task; it includes compliance and a belief in what is to come. Too often, this has been the number 1 item on the agenda and never works that way.

Environmental: Simple checks of your impact on the environment are key. Travel time, manufacturing processes, delivery schedules, and supplier location. I love companies that offset their unavoidable impacts by planting schedules of trees and carbon-absorbing plants.

Profitable: Getting to that breakeven point is gold; staying above that is key for success. But we see too many poor record keeping and the lack of basic accounting skills fail businesses at this point.

Scalable: Time to grow, but how? Expansion, Diversification, Outsource, Insource, franchise, Footprint? All these are discussion points for the boardroom with your Coach.

Sustainable: Keeping your head above water and focusing on the new horizon while learning to adapt and adjust to the changing environment is key. This is the main job of the boss. Not doing but steering.

Sellable: The final stage is selling. Even if your intention is not to physically sell your business, you need to have a mindset of always selling your business as a solution, a leader in the industry and a company for employees to work at and a place where your legacy is developed.

Incubation is just that, a place where businesses are birthed and developed to become a part of the economic environment that they exist in, contributing to the fiscal agenda and community development.