Also known as the business life cycle, the growth process consists of a number of steps that start -up companies may experience. It can often help a business owner to look at each stage as separate obstacles to overcome, in order to become a fully established business successfully.
- Seed and Development
Your business idea is fully established, and you’re getting as much advice as possible from industry professionals, friends, colleagues, family members- the more you talk about it the better. The success of the launch will be determined by your abilities, the readiness of the business and the industry and of course your financial foundation.
- Start-up Stage
this is often seen as the riskiest stage for start-up businesses within the growth process. Mistakes made at this time can be crucial for a business, and are often the reason that 25% of businesses don’t make 5 years. The key at this time is to adapt, and be open to changes that will help your business fit into its slot in the market easily. Investing in local online advertising would be a good move here, to get your business noticed and recognised particularly in the local area. SeeLocal is an online advertising platform, which allows businesses of any size to reach a variety of advertising platforms through one online dashboard. Marketing budgets are protected with an algorithm called Campaign Guard, which pauses campaigns if they begin to underperform. A designated campaign manager is then notified, and makes changes to the campaign before re-launching free of charge.
- Growth and establishment
Your business is now consistently generating a source of income, and is generating new customers regularly. The biggest challenge here, is dividing time between a whole new rage of demands that comes with the growth of a business. At this stage, investment in recruitment is essential, so you can offload some of your jobs and responsibilities to designated staff members.
Your company now runs smoothly, with a set routine feel to the day to day happenings. You have staff in place to take on designated responsibilities that your previously juggled yourself, and your business is firmly established within your industry. At this stage, it is time to start thinking about expansion into new areas- perhaps a new product or area that you could expand into?
Your business is profiting year on year. At this stage, further expansion is really the only thing left to do. You’re fully established and successful in your field, so further growth is the only thing left for you. Many CEO’s at this stage decide to sell their business, and may choose to go through the process again with another start-up company.
It is important to note, that not all businesses will experience all of these steps, let alone experience them in this order. The growth process is different for different companies, depending on their sector, experiences and other factors. However, being aware of these steps and the implications they can have on a business is important for growth at any stage, and will hopefully provide some guidance on what to expect from your growing business, and how to prepare yourself and your staff for what is to come, in order to make the best decision for your business.