The growth of your business is something that you should always be considering, especially if you run your own business or work for an organization that’s trying to compete with other companies in the same market sector as yours. If you’re not constantly on top of this, you might find yourself falling behind and out of the game before you know it, which isn’t any fun at all. Here are some things to keep in mind regarding your company growth if you want to make sure that you don’t fall victim to this unfortunate scenario.
2. The beginning
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The growth of your business is something that you should always be
considering, especially if you run your own business or work for an
organization that’s trying to compete with other companies in the same
market sector as yours. If you’re not constantly on top of this, you might find
yourself falling behind and out of the game before you know it, which isn’t any
fun at all. Here are some things to keep in mind regarding your company
growth if you want to make sure that you don’t fall victim to this unfortunate
scenario.
3. Why it’s important
When a company is just starting out, it's important to focus on the
fundamentals. Once you get past those first few years, though, you should
start thinking about where your company is going and how it's going to grow.
4. 4 Important Stages in Business
Growth
1. Start-up phaseThestart-upphaseis themost crucialstagein the life cycle of any
new business. This iswherethe entrepreneur needs to develop a productor service,
establish distributionchannels andbuildrelationshipswith customers.2. Expansion
anddiversificationphase Theexpansion anddiversificationphase canbe definedasa
periodin which anentrepreneur hassuccessfully createda successful enterprise,but
also wantsto keepit growing.3. Mature phaseThe maturephase marksthe point when
the business becomes largely self-sustaining.4. Decline phase The decline phase
refersto a situationin whichcompetitorsenter into the marketandoffer similar
productsatmore competitiveprices,resulting inlower profitmarginsfor established
firmslikeyours
5. How to maintain positive relations with all
your partners
Many partners want to be involved with the day-to-day operations of the
company, but this isn't always a good idea.
6. Tips for dealing with change
It's important to stay flexible and make adjustments as needed. The first step is
understanding how the change will affect your company, both in the short-term
and long-term. Next, identify any potential benefits that may come out of the
change.
7. Dealing with success and failure
Every entrepreneur knows that success and failure are both a part of the game.
The key is managing those challenges so they don't hold you back from the next
opportunity. I recommend, when faced with challenges, take a moment to ask
yourself these three questions: 1) What did I do wrong? 2) Why did it go wrong?
3) How can I make it right?