Stages of business growth constitute the most important stages in the life of a business. It is very crucial that a company should efficiently manage the different stages of growth. A business develops from the stages of introduction to maturity and then re-introducing itself to the world outside. One has to handle various stages of growth carefully, to avoid minor and major mistakes. Simple and continuous care can avoid problems from occurring. Growth of a business may see stages such as high profits, at times it see’s the decline of a product and at times average growth of your business.
Q. Are you facing problems in managing the stages of business growth?
Q. Don’t you know what the stages of business growth are?
Here are some tips from Kuza Biashara, on how to manage the stages of business growth:
It is the introductory phase of the business. In this stage, the business is in the set up stage. It is newly introduced to the society. It deals with the establishment of infrastructure, products, services, appointment of employees, marketing your products and services, etc. This stage will witness a lot of spending, as you have to invest to gain or see results. Do not look for profits in this stage. It’s good to spend in the introductory phase, to let people know that you exist. But plan your budget in advance. Do not spend everything on marketing.
A small growth of the business is seen in this stage. Here, the products and services are known to a set number of customers. Your products are in demand and may also see small amounts of profits. Once you start getting profits, try to manage your finances. Check the status of your money, what payments ate due from your end. At the same time, once your products are in demand do not over produce your products.
It is the most crucial stage of business growth. Here your products become the best in the society. Customers just buy your products and they are very much in demand. In this stage, it makes sense to allot finances to increase the production of your products and services. Again, do not over-do it to avoid problems later. Continue to check your finances. Once business growth reaches this stage, you should be earning profits and all your due payments have to vanish. Save the most in this stage for a good future.
It is the most difficult stage of a business growth. In this stage, the demand of your products starts to decline. So, never over produce your products, it could lead to many complications. You may not see many profits in this stage. Continue your work with the finances you have in hand.
Reintroduction of your products
Once your business is out of the decline stage, it is very necessary that you re-introduce yourself to the society again. You have to spend money, to re-market and remind your products to your customers. Be aware, you may have to spend more. Only this can help you gain profits to your business.
Effective and efficient training is the key to taste success in any business. Business growth strategy is very important to have a training process in advance. Do not overload too much of information in one session. Training process should help employees take decisions, solve problems and work efficiently. Make the training sessions interactive and always ask questions. Organize mock sessions to handle different situations. Training can transform a normal employee into an efficient worker, so make the most from the training process. Take them through the business growth stages steadily for assured success.