Last Updated on July 5, 2023 by
About 20% of new businesses close within the first year. One of the primary reasons for this is a lack of preparation by the business founder or owner. Therefore, you need to enter your new business with a plan. The approach you take in the beginning is not the same approach you should take when your business is mature and ready for expansion. The factors that matter the most during development won’t be the same factors you’re focused on during growth. Keep these five stages of business growth in mind when starting your business to help you stay focused and take the right approach.
Table of Contents
1. Development
The first stage of your business happens before your business even gets started. You need to have a business plan in place before you take action. This gives you a road map, keeps everyone on the same page, and helps you secure much-needed financing.
The business development plan you create today may not be the plan you keep as your business grows and expands. However, there are business development plan templates available online to help you get started.
2. Start-Up
This is when you have a brand new small business. You’ll spend your time gathering resources making the necessary connections for supplier and client development. You’ll find yourself working hard and pivoting as you go.
Depending on the type of business you’re starting, you could be doing it all on your own. For others, this is the time to hire a team. Curating the right team of people is crucial for establishing the culture, values, and office atmosphere for your business.
3. Growth
When you reach this stage, you now have a business that’s up and running. This is the time to identify changing market conditions and new opportunities. Perhaps you need to reallocate funds or invest in new software to streamline operations.
You may also want to expand your marketing efforts. You can get more info on hiring freelancers to help you with growing your business. Freelancers are a great option when you are ready for growth but aren’t ready to hire more full-time staff.
4. Expansion
The expansion phase is not the same as growth. During the expansion stage, you’ll have a solid understanding of the limits of your business.
You can then look for ways you can expand the business that goes beyond just increasing sales. This could be through a merger, moving into a new market, or expanding your product line into a new sector.
5. Maturity
A clear marker of business success is when you move into the maturity stage. At this point, you’ve managed the helm of your business for several years, grown, and expanded into a solid business model. It can be tempting to sit back, relax, and assume your business is on autopilot.
However, this is the opposite of what you should do. During this stage, you should focus on building customer loyalty for long-term stability. It’s also smart to continually monitor the changing market and customer needs to ensure your business continues to stay relevant.
Prepare for These Business Growth Stages
Are you thinking about starting a business? Prepare yourself for these five business growth stages. If you’ve already started a business, identify what stage you are in so that you can strategize effectively.
Check out our other technology and business articles for more helpful guidance on taking your business idea from concept to success.
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Apart from that, if you are interested to know about Business Growth with Custom Box Printing then visit our Business category.
