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The 5 Stage of the Business Life Cycle: Where are you?
Every business will encounter each one of the business life cycle, many businesses will experience the stages in sequences and others won’t experience the stages in this exact order. Each business will endure similar and different challenges that will require their strategy to swift, maintain, increase, and/or change the course of the company in all of the stages. This will demand different amount of resources and/or investment to increase the chances of succeeding to the next stage of the business life cycle.
Stage 1: Development
The beginning of your journey will start in the development stage of the business life cycle. Even if it is merely a thought to start up a business. This is the initial stage where you will be exploring all possibility and growth of your business. Whether your business is worth pursuing, stage 1 of the business life cycle with help you determine that. Research, obtaining feedback, and conducting rounds of test will be a part of your stage 1 experience. If you decide to act in moving your business forward in this stage, your business success will be determined by your financial foundation, knowledge of the industry you wish to pursue, and your passion to push through.
Stage 2: Start Up
Once you have chosen to move forward it is time to expose your business by launching your product and services, implementing your marketing and sales plan, and networking. To ensure profitability and to meet your customer’s expectations you will have to modify your business structure. It is in this part of the business life cycle that is considered the riskiest stage. Your mistakes and actions will determine the path in your company’s success. Analyzing your results will allow you to tweak in areas that requires improvement to move on to the next stage of the business life cycle. It may seem confusing at first when you are making so much changes and adapting to such demands that it becomes unclear. Don’t get discourage the clarity will once again come.
Stage 3: Growth / Establishment
In this stage, you should be feeling more secure than you ever have in this cycle. Investment is the key, this stage will bring the biggest challenges. Your time will be invested mostly in your customers, employees, and expanding. Consistent revenue will flow in to cover the on-going operating expenses. Your business is gaining new customers and relationship with existing customer strengthens. Competition and expanding in the workforce are some of the biggest obstacles your business may encounter. “Hiring smart people with complementary skillset is necessary to make the most of your company’s potential during this phase, and so any good founder will be spending a lot of time directly involved in the recruitment process.” Written by Neil Petch in The Five Stages of Your Business Lifecycle: Which phrase are you in? To achieve the best, you will need to modify in areas such as marketing, operations, and sales to expand to the mass market and set your company in the right path.
Stage 4: Expansion
Your business is fully established and your existence in the industry is known. It’s day to day routine operates smoothly. Don’t get to comfortable! “In business, if you are not moving forward you are moving backwards, and without a constant, almost nervous itch or desire to expand, complacency can set in, and you might get caught off guard.” – Written by Neil Petch in The Five Stages of Your Business Lifecycle: Which Phase are You in?
In this stage, your business will expand and stretch it’s limits into new markets. The marketing, operations, and sales plan modify in stage 3 will be implement in this stage to take your business to newer heights. Remember, implementing these adjusted plans does not necessary mean your business will not fail. There is no way of predicting if the adjustments to your business’ plans will succeed. Some business has expanded rapidly and damaged what was built. It is important to expand but cautiously measuring all risk, disadvantage, and advantages to ensure the business success.
Stage 5: Maturity
You are at the top of the industry, entering this stage your business has successfully implemented all business’ plan and profits become predictable. Your position in the industry is exclusive and will expand to new territories using your brand recognition. You will be face with two factors: expansion or sell. If you choose to expand you will then enter back to the expansion stage. Many CEO has step down at this stage and allow a new CEO to take its position who is more fit to take on the new challenges. This may not necessary be the decision every business take on. If you choose to sell/exit the business and the business is declining the amount you desire to receive for the business may not be in your favor. Which ever decision you choose to make, it’s going to cost you money and time.
Credit of article:
Neil Petch, “The Five Stages of Your Business Lifecycle: Which phrase are you in?”
Main Street Office Suites’ main purpose is to assist our clients in the best way possible to acheive their business goals. By doing so, we have an amazing staff that will assist them to accomplish that goal. Connie O’Hara, one of our newest staff members. She joined our team in August 2017. Her background consist of 14 years of property management, customer service, and account receivable. She was born and rasied in Tualre County. She currently resides in Visalia, CA with her husband of 10 years, three children, and her dog, Mei Mei. On her spare time she enjoy DIY crafts, spending time with her family, and watching her favorite show “This is Us”. She believes cusotmer service is a way of life, not a job. Since joining our team Connie has improved our marketing resources, financials, and atomosphere in a more positive and productive way. We are excited to have her join our team. Her experience, skills, and friendly nature brings a new light to Main Street Office Suites. Make sure you stop by and say hello to her!
Main Street Office Suites provides virtual office spaces and full time office spaces. Our virtual office spaces allows our clients to conduct business in a professional environment starting as low as $10 per hour with no contract required. We have various of office spaces designed to fit your needs. You may book our conference rooms or office spaces by clicking the “Book A Space” button at he bottom of the page. Our full time office space required a signed 12 month lease. Our full time office space comes with additional benefits that will allow you to utilized all our services starting as low as $350 per month.
What makes us special is our Base Service Package. Our Base service Package includes all the esstientials you will need to grow your business as low as $50 per month. Our staff and services are here to assist you in reaching your company goal.
Professionalism is an important aspect of all levels of a company. Demostrating professionalism beneifits the company’s success, reputation, and morales. The ability to display professionalism is not required strictly to clients, but must be displayed at all time in your work and towards all individuals. Where business is performed plays an important role. When meeting with clients, employees, or conducting a meeting a coffee shop is not an ideal place to do so with all the traffic, loud noise, and distractions it can be overwhelming.
Main Street Office Suites offers day offices and conference rooms by the hour, half-day, and daily as needed. Our offices will allow you to conduct business, meet with clients, and have a meeting in a professional setting. Many of our offices and conference rooms vary in different sizes to fit your needs. Book Today!