S11 E1 Business Life Cycle: Start Up Phase If you’re a serial entrepreneur, then you’ve been here before. In fact, you likely spend the majority of your business life here. Welcome to the Start Up Phase. The Start Up Phase is where businesses are born. Concepts become prototypes. Critical decisions are made. Direction is determined. Traction is achieved. Plans are solidified. In this stage of your business:
This phase’s challenges include:
Here’s what you need to do / how to navigate through these challenges:
Listen to “TurboCharge Your Business” on the International Business Growth Network or wherever you get podcasts and gain access to even more great resources at https://turboexecs.com/turbocharge. #business strategy, #company lifecycle, #small business, expansion, #financial literacy, #business advice, #business success, #financial success, #business education, #build a business, #business management But surviving the Startup Phase is only the first stage in the gauntlet that is business ownership. As your company takes off, you’ll encounter a whole new set of challenges…and opportunities. In this stage of your business:
This phase’s challenges include:
Here’s what you need to do / how to navigate through these challenges:
Listen to TurboCharge Your Business on the International Business Growth Network or wherever you get podcasts and gain access to even more great resources at https://turboexecs.com/turbocharge. #business strategy, #company lifecycle, #small business, expansion, #financial literacy, #business advice, #business success, #financial success, #business education, #build a business, #business management The same is true for companies in this stage of the Business Life Cycle - they have been around for a while, with products/services that have served a purpose, that may need a refresh/reposition/repurpose to reach a new audience. You’re in a groove with your business. It’s providing stable, predictable profit and cash flow…but for how much longer? What’s around the corner that might disrupt that cushy situation? In this stage of your business:
This phase’s challenges include:
Here’s what you need to do / how to navigate through these challenges:
Listen to TurboCharge Your Business on the International Business Growth Network or wherever you get podcasts and gain access to even more great resources at https://turboexecs.com/turbocharge. #business strategy, #company lifecycle, #small business, expansion, #financial literacy, #business advice, #business success, #financial success, #business education, #build a business, #business management After a period of stability and success, a company may encounter a decline in revenue and profits. The decline can be exacerbated by an owner’s unwillingness to invest in people or technology, otherwise raiding the piggy bank and withdrawing their equity.
The Decline Stage of your business is marked by
You can avert this stage with innovation. This phase’s challenges include:
From the Decline Stage, your business will either move into Death or Rebirth. The Death Stage is marked by insolvency, bankruptcy, and the business having no value. Yikes! The challenge is to reposition/rethink markets, customer needs and product offerings, and/or to start over. The Rebirth Stage is marked by a successful turnaround effort, financial restructuring, new leadership, strategic focus, and process improvements. Challenges with rebirth include:
Listen to TurboCharge Your Business on the International Business Growth Network or wherever you get podcasts and gain access to even more great resources at https://turboexecs.com/turbocharge. #business strategy, #company lifecycle, #small business, expansion, #financial literacy, #business advice, #business success, #financial success, #business education, #build a business, #business management
0 Comments
Leave a Reply. |
new choice for BUSINESS SEARCHArchives
August 2023
Categories
All
|