No matter how you define success, every business wants to reach it. However, business growth takes time, commitment, and a process full of challenges – it doesn’t happen overnight. From the first idea to the final sale, your business will have to navigate many ups and downs to achieve success.
This article presents and discusses the business lifespan from development to maturity. You’ll also find steps to help you succeed during each stage.
Stage #1: Development
Starting your own business might be something you’ve dreamed about your whole life or an idea you fell in love with recently. You have a passion and are excited to share it, but how do you ensure you start on the right foot?
The entrepreneurial road can be full of obstacles and challenges, but with a well-developed business growth strategy, you have the tools to find success. Your development plan will help you navigate the winding, potholed path as your ideas become a reality and your business grows.
During the development stage, you’ll want to map out things like the following:
- How to approach market penetration
- Specific, measurable business goals
- Your ideal, long-term outcome
- Marketing strategies
- Initial funding sources
Stage #2: Startup
After organizing your ideas and developing a business plan, you’re ready to head into the startup stage. This stage is where the rubber hits the road, setbacks can seem impossible, and your grand endeavors may feel unrealistic. You’ll come face-to-face with critical moments as a small business owner.
The startup stage is when you’ll need to rely on and perhaps adjust your development strategy. Constantly assess what’s happening, identify issues, and determine how to solve them. It’ll be hard work, but you must set your business on the right track as early as possible.
During the startup stage, you’ll want to:
- Create a team that shares your goals and passions
- Focus on customer service
- Determine effective funding sources and distribution
- Implement marketing strategies
Stage #3: Takeoff
After starting your business engine, it’s time for takeoff. This stage is when you’ll see a lot of growth and a different set of challenges. Balancing your core principles with your company’s growth can be tricky.
Don’t go into autopilot after takeoff. You’ll want to continue assessing your business, measuring your goals, and adjusting your business plan to meet its changing status. You’ll also need to make significant financial and employment decisions to encourage business growth.
The takeoff stage is an exciting time. You’ll want to stay on top of everything by analyzing different aspects of your business, including:
- Where your business excels
- Current market landscape
- Customer base and target audience
- What generates the most profit
Stage #4: Expansion
Your business’s expansion stage is when you find new strategies to improve. You’ll see increases in customers, sales, and revenue, opening doors to never-before-dreamed-of opportunities. At this point, your evaluations and analytics will show clear trends to steer toward success.
During the expansion stage, you have the tools and knowledge to understand your company’s strengths. You know which goals to set and can raise your sights to explore large-scale changes. Here are some ways you might choose to expand your business:
- Opening new storefronts
- Merging with other businesses
- Acquiring another company
- Increasing distribution channels
Stage #5: Maturity
A business reaches maturity when all the in-depth strategies, tough decisions, exciting opportunities, and careful investments come to fruition. After spending a long time cultivating your business, you now get to enjoy the abundant harvest.
During this stage, retaining your success becomes the top priority. You’ll need to keep doing what you’re doing, but don’t put the vehicle on cruise control. Stay committed to the policies, adjustments, creativity, and passion that brought you and your team here.
The maturity stage is a great time to go back to the basics while looking to the future. Consider things like the following:
- Revisiting your business plan
- Finding ways to keep the work environment fresh
- Pinpointing moments of previous significant growth
- Exploring new ways to expand
Get Work-Friendly Space for Your Business
At Creative Executive Space, we provide professional office space to encourage business growth. We strive to help boost companies’ growth and operational needs with upscale offices, executive suites, and shared areas. To schedule a visit, go online or call us today at (239) 357-0739!
