From a small thought to the fully established venture with an annual turnover in millions, your business or I should say your child is growing slowly and steadily.
As every other thing that grows has a lifecycle, so does your business have its life stages where it goes through the different aspects of the growth process.
So why is it necessary for all the business owners to know in which stage their business is?
The answer to this question is simple, knowing the stage will help them get an idea about where their business stands in the growth cycle and also help them get prepared for the next stage. It shows them the amount of effort they have done to reach the position and the time and the efforts that are still to be given to reach the specific target.
So based on some research and the viewpoints of experts in the industry, we have identified 6 stages through which every business goes. The time taken by each niche might be different based on the people and the circumstances that occur with time.
To all the business owners who are busy thinking about their business growth, take out some time from your busy schedule to find out the stage in which your business is. So keep reading…
Stages of the business lifecycle
Sowing the seed
Every start-up owner begins its business with “a million-dollar idea” which according to him will make a difference in the niche. This phase of the business lifecycle is from where the business takes the birth, which we call the “start” or “the beginning“.
This is the best phase of the business owner’s life because in this stage there is not much hard-work that is to be done but still is the most important phase as this is what would decide the future of the company.
The work that has to be done in this phase is “exploration of the ideas“,
matching it up with the current market trends and figuring out how you can stand-out in the industry. Careful and dig-dipped research of the target audience is what the owners in this stage mostly work upon.
During this phase, the business gets its vision, goals and the USP’s based on which the business has to be taken forward towards practical implementation.
Building the base
After great market research and getting confidence in the business ideas, this is the stage where the ideas get the shape to get things into practice. The concepts are now converted to real actions and work on the different aspects of implementation gets started.
Creation of prototypes, team building, showcasing ideas, getting the right clients, raising the basic funds, many things are to be done in this phase of the lifecycle journey.
This stage might seem a little difficult for the owners as they have to take care of different aspects of the business, like employee recruitment, bringing in the new projects, maintaining cash flow, paying and bringing in the right resources needed to run the business and much more. The list has no end.
This is the stage where the owner, as well as his team, is in the learning phase where they have to give their maximum effort to make some space in the market.
Establishment and traction
After creating a base for the business, it’s time for business owners to start getting the pace into it. This is the phase where the business will start getting recognized by its customers based on the service the company provides.
Most of the entrepreneur’s mistake traction with the company growth whereas the growth process starts in the next stage of the business lifecycle. During this phase, the owners get the right validation for their ideas and business models which they are following.
The feedback and the market response help them make the required changes in the product or services that they provide or even in the business policies that they follow, which in turn helps them to improve and maintain the pace of the business.
Growth and refinement
Moving to the next and the most important phase of a business lifecycle, that is GROWTH. The business after attaining a certain grip will start-moving upwards if the efforts are made in the right direction.
This is the phase where your business will be in a need of right funding and investments. Here the business owners have to be very actively planning the marketing strategies that can bring in a great amount with very little effort. Getting the right investors is what most of the owners focus on while living in this stage of the business lifecycle.
This is a crucial stage for any business, as one right or wrong decision might affect the business statistics of the company, while it’s running at a great pace. Here most of the organizations take help from anyone who has gone through such experiences or by concerning a business consultancy services to get the right guidance to make the decisions.
Apart from getting the right funding, the business has also reached a stage where the people working in it can start rectifying things that are less important or are not working well for the company’s goals.
Such things include the type of products that don’t work, the irrelevant audience or the business plans that don’t work-out. This process can help the business owners to plan future strategies that can give better results.
This is the phase that takes your business to the next stage of growth. It is the right time you use your funding to take things to the next level. The business experts of the industry suggest the owners broaden the horizons of the business at different geographical locations.
Setting up new infrastructures might require the need for more resources to start building staff and the number of clients that can help it run well. This expansion has to be well-planned based on past research and data from where you got the maximum response.
Along with the expanding business, as an owner, you have to learn the skills of cash flow management by understanding the need for investing the profits in the right business plans that can help you gain profits over a long time.
Have you passed through the difficult phase of business expansion? If yes, then congratulations… you are into the pretty beautiful stage of your business lifecycle. This is a stage when everything seems to be working stably as you always wanted it to be.
The perpetually growing progress graph, your assured profit amount at the end of the year and some honest, loyal and strongly build a customer base that continues to be with you at every stage.
Here the only thing as a business owner feels to do is examine the market, finding the changes that he can implement while revising the business policies that can help him look for more areas to grow.
Navigating through the different stages of the business lifecycle, you might now have got an idea about the stage that your business is currently in. Not all business will follow the same flow shown above, some might have less struggle gaining success while some business comes to the end reaching to the very second stage.
It totally depends on the niche, the idea and the people working over it. The more passionate the ideas and the efforts are, the easier it would be to cut short the process. So just focus and start working…
James Vargas is an experienced business expert, startup business consultant, and manager at Get Everything Delivered. With the 1.5-decade corporate experience, he is now sharing his guidance to start-ups to grow with corporate team building activities and project delivery solutions.
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