Why paying attention to where you are in the business lifecycle will help you - part 2
Why paying attention to where you are in the business lifecycle will help you - part 2
Your business has made it through its infancy and is now a child. Revenues and customers are increasing with many new opportunities and issues. Profits are strong, but competition is emerging. The biggest challenge growth companies face is dealing with the constant range of issues bidding for more time and money.
Effective management is required and a possible new business plan. Learn how to train and delegate to overcome this stage of development. Growth life cycle businesses are focused on running the business in a more formal fashion to deal with increased sales and customers.
Better accounting and management systems will have to be set-up. New employees will have to be hired to deal with the influx of business. Money may be sourced from banks, profits, partnerships, grants and leasing options.At the Growth phase, you’re making your climb to the top. The market is beginning to know your name and so are your competitors.
Demand for your products and services are increasing, maybe at a faster rate than you can deliver. It’s an exciting, fast-paced time. It’s often easier to focus on new customers and customers than on re-evaluating the systems and procedures you put in place months or years ago.
Are they still adequate for your current needs and future projections? Do you have the financing in place to match your growth? Has your strategic planning process kept pace? Are your benefits plans designed to attract, motivate and keep good talent? What are your next steps?
4. Maturity phase
Your business has now matured into a thriving company with a place in the market and loyal customers. Sales growth is not explosive but manageable. Business life has become more routine. It is far too easy to rest on your laurels during this life stage.
You have worked hard and have earned a rest but the marketplace is relentless and competitive.Stay focused on the bigger picture. Issues like the economy, competitors or changing customer tastes can quickly end all you have work for. A mature cycle company will be focused on improvement and productivity.
To compete in an established market, you will require better business practices along with automation and outsourcing to improve productivity. Funding is likely to come from profits, banks, investors and government.You’ve made it to the top! Your financial position is strong, your team is experienced and your operations are stable. But staying on top creates a whole new set of challenges.
At this point in your business life cycle you may want to investigate mergers and acquisitions, look at more sophisticated financial and compensation planning, minimise risk and liability, or conduct trend analysis to discover new ways to expand and grow your business.
This is a time for major decisions. The decisions you make now will produce the results you need to prepare you for the next leg of your journey expansion and transition.
Each stage of the business life cycle may not occur in chronological order. Some businesses may quickly move through each life-cycle phase; some may skip some out all together. Many business owners will choose to avoid expansion and stay in the mature life-cycle stage.
Whether your business is a glowing success or a dismal failure depends on your ability to adapt to its changing life cycles. What you focus on and overcome today will change in the future. Understanding where your business fits on the life-cycle will help you foresee upcoming challenges and make the best business decisions.
Why paying attention to where you are in the business lifecycle will help you part 2 - To learn more about this author, visit Mark Gwilliam's Website.
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3. Growth phase
Your business has made it through its infancy and is now a child. Revenues and customers are increasing with many new opportunities and issues. Profits are strong, but competition is emerging. The biggest challenge growth companies face is dealing with the constant range of issues bidding for more time and money.
Effective management is required and a possible new business plan. Learn how to train and delegate to overcome this stage of development. Growth life cycle businesses are focused on running the business in a more formal fashion to deal with increased sales and customers.
Better accounting and management systems will have to be set-up. New employees will have to be hired to deal with the influx of business. Money may be sourced from banks, profits, partnerships, grants and leasing options.At the Growth phase, you’re making your climb to the top. The market is beginning to know your name and so are your competitors.
Demand for your products and services are increasing, maybe at a faster rate than you can deliver. It’s an exciting, fast-paced time. It’s often easier to focus on new customers and customers than on re-evaluating the systems and procedures you put in place months or years ago.
Are they still adequate for your current needs and future projections? Do you have the financing in place to match your growth? Has your strategic planning process kept pace? Are your benefits plans designed to attract, motivate and keep good talent? What are your next steps?
4. Maturity phase
Your business has now matured into a thriving company with a place in the market and loyal customers. Sales growth is not explosive but manageable. Business life has become more routine. It is far too easy to rest on your laurels during this life stage.
You have worked hard and have earned a rest but the marketplace is relentless and competitive.Stay focused on the bigger picture. Issues like the economy, competitors or changing customer tastes can quickly end all you have work for. A mature cycle company will be focused on improvement and productivity.
To compete in an established market, you will require better business practices along with automation and outsourcing to improve productivity. Funding is likely to come from profits, banks, investors and government.You’ve made it to the top! Your financial position is strong, your team is experienced and your operations are stable. But staying on top creates a whole new set of challenges.
At this point in your business life cycle you may want to investigate mergers and acquisitions, look at more sophisticated financial and compensation planning, minimise risk and liability, or conduct trend analysis to discover new ways to expand and grow your business.
This is a time for major decisions. The decisions you make now will produce the results you need to prepare you for the next leg of your journey expansion and transition.
Each stage of the business life cycle may not occur in chronological order. Some businesses may quickly move through each life-cycle phase; some may skip some out all together. Many business owners will choose to avoid expansion and stay in the mature life-cycle stage.
Whether your business is a glowing success or a dismal failure depends on your ability to adapt to its changing life cycles. What you focus on and overcome today will change in the future. Understanding where your business fits on the life-cycle will help you foresee upcoming challenges and make the best business decisions.
Why paying attention to where you are in the business lifecycle will help you part 2 - To learn more about this author, visit Mark Gwilliam's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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