Stage Four of Small Businesses Selling to Hospitals
Stage Four of Small Businesses Selling to Hospitals
The final and fourth stage of a small businesses growth into the health care market place is called the next level and is defined by the companies owner as to what that is. After completing this stage, the company will no longer be a small business, but rather an upcoming mid-size business. If the growth stages have sufficiently reached traction in having a launch as being successful in the home territory, plus expansions have been accomplished through additional products or services and geographically, the small business owner now needs to decide what is that next level.
Many owners do not opt for initiating this activity as pressures begin to mount on the amount of organization needed to follow through with this stage. They feel they are making enough money at the current level of activity or they position to sell the company. Choosing to push forward is more of a mindset shift to have the proper amount of desire to achieve it. Often this optional phase involves taking the small business national with a methodical healthy approach learned from the regional activity. (This may just include the training or information profit center that was developed and does not involve being on-site all over the country.)
Regardless, these owners need to determine if they are willing to personally continue to grow with the firm to meet the new challenges that come with a larger entity. The need for stronger more robust systems to manage the increased work flow requires new employees that are professional management. All the decisions cannot now be made by just the owners since they cannot handle too many direct reports with only 24 hours in the day.
Some examples of stage four opportunities in the hospital market would be to establish agreements with nation wide Group Purchasing Organizations or developing a partnership with a national service provider to deliver the unique niche that the current small business has a solution for.
The choice to proceed needs to be addressed prior to commencing on stage four activities or it can lead to very unhappy small business owners participating in activities they have no desire for which is closely followed by the down fall of their company. But if the mindset shift has taken place, proceeding can yield a successful mid-size company delivering to the health care market.