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:

Introduction

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.

Early Growth

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.

Maturity stage

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.

Decline

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.

Entrepreneurial Learning

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.

Leave a Comment

Your email address will not be published.

You may also like

Growing a Business

Want Great Guidance ? Find yourself a Super Mentor

post-image

They are the gods of small businesses, those inspired individuals who have achieved the highest levels of success. They can be the shining beacons who light up the path of running your business with their vision, wisdom and wealth of resources and contacts. They are The Mentors.

If you are fired with the passion to take your business to great heights, the best thing to do is find yourself a super mentor. Here are some tips to help in your quest

Pinpoint your Need

Sit down and focus your thoughts on your business growth strategy. Which area of the business needs a lift. Is is staffing, is it the finances, is it the production, is it the your lack of customers or is it the business as a whole that needs a makeover. Once you’ve zoomed in on the sore spot, this is where you need…

Read More
Growing a Business

Dreaming Big? You can Move Mountains with these Business Productivty Tips

post-image

You may be full of admiration for some people who seem to manage themselves and their work so usefully and efficiently. They seem to fit in so much productive work into the same number of hours which everyone has.. Let’s look what makes them tick and take a few tips.

Learn to identify your most productive hours

Its true, most productive people know which time of the day they can be most creative and efficient. They identify and allot these hours for the best part of their work. This way they are able to give their 100% awareness to the job and business productivity.

Early to rise- A winning habit

Waking up early is a personal habit that has all the plusses on its side. You need not necessarily go to work that early. It’s a habit that gives you more time for personal care, like mediation, exercise, walking,…

Read More
Growing a Business

Leadership Qualities that can make you an Icon

post-image

You may have reached the leadership position through sheer dedication to performance and a do or die attitude . Now that you are at the top, your viewpoint needs to change. You have to now be a role model, one whom others will look up to and follow. Here are some tips that can shape your leadership and management skills

Be Competent: Employees will look up to a leader who has good industry knowledge and management skills. If you do not possess these skills you should surround yourself with knowledgeable people who can offer good counsel. Competence is a trait all employees will admire.

Be Trustworthy: No one will look up to a person they cannot trust. Your employees will want to rely on you and count on you. In difficult situations, leaders are expected to apprise their employees of the situations and find solutions on how to address…

Read More
Raising Money

Are You offering Your Services Using the Right Pricing Strategies?

post-image

In these times of fierce competition, business people , mostly those that offer services and belong to the service based industry, are finding it a challenge to implement the right pricing strategies. It is virtually a struggle to set the right business price that will retain and attract the customers, and not drive them away. Follow these tips, the crucial dos and don’t s and you may be in a much better position to offer your services at the best price.

Maintain your Business identity and Dignity

If you are offering a unique or special product or service, don’t underrate it just because you want to build a better relationship with the customer. This will just cheapen your offering as another run of the mill. If its something special you are offering the customer, then communicate this fact to the client and get the equation right with the most…

Read More
Raising Money

What is a Fair Wage? How Do you Assess Fair Wage?

post-image

How do you figure out a fair wage?

This is a very common question for startups and small businesses. They can’t seem to decide or understand how to set wages and manage reputations at a time. They are determined to pay well but they also have to think about encouraging their employees to stay with them for a long time. This is why there is a need to think strategically.

Listed below are a few expert tips to help you decide:

Don’t Focus Only on Money

Money should never be the main focus for you or for your employees. You should decide on the wages in such a way that your employees are tied to your business. When your business does well they should be able to taste that success and vice versa.

Also, think about additional perks such as exclusive benefits and time off. Many employees value this more than the overall…

Read More
Raising Money

Tips to Winning Hard Negotiations With Ease

post-image

While some negotiations are easy, others are quite hard to win. If you stumble you will lose.

Whether it is a potential client or an investor, negotiations can be very tough and frustrating. The problem is that the moment you let your frustration overwhelm you, you will lose the deal and you will give in to whatever is being offered to you. In order to avoid that, here are tips to overcome tough times and to win even the hard negotiations:

Research!

Know your opponent as well as possible. This is the rule no matter what you do. You should understand your opponent to the T. Who the person is, what his culture is, what he thinks, what he stands for, how is his network, etc. are the questions you should ask yourself and answer through research before meeting up for the negotiation. Understanding the opponent will give you a great advantage.

Walking…

Read More