One of the most important things you have to learn from business is to learn about the stages of business growth. According to Jim Canfield, there are 4 stages of business growth that a company should through to get its best career. Each stage has a different challenge that should be done by the business company who through it. Want to get a deeper understanding of it? Check the following information!
4 Stages Of Business Growth And Its Challenge
As already stated before, the different stage will have a different challenge in order to make sure whether the business can through the next phase or not. Therefore, to understand each stage in the growth of the business, please check the following points!
This phase is the beginning where you start your business. Here, you will introduce your concept and launched it to the market. Besides that, you also have to make sure that you can get enough support even in the pre-launch so that you can be easier to prove the concept that you have. Before you enter the real market, you have to strengthen your concept and also the marketing plan you have.
At this stage, you will grow bigger as you already through the first phase. You will already need to maintain good relations with some amount of customers and you need to keep their trust. Some businesses are failed in this phase because they cannot manage good personnel and other management quite well.
As you already get enough support as the base from the previous stage, you will get different challenge here. In this stage, you need to broaden your products and try different markets to gain new clients or customers for your business. It will make your business grows well and wider, yet you cannot forget about your old markets. You have to make sure to manage your old and new markets to stick their interest to your product.
In this phase, you already reach wider attention and even called as a national brand. After you reach this point, you can start to offer discounts. As you already in the top point, you might lose some of your entrepreneurial spirits. To make sure that you can keep that spirit, of course, you have to remember about your old struggle.
Besides that, do not think that you can be too easy to handle the management, as you still need to keep it in balance. Yes, even though the business is already big, you cannot forget how important management is. You also have to work as diligent as your old days while still being a start-up company. With that spirit, you will be able to manage your business in a long time.
Those are 4 stages of business growth that you have to know. As each stage has its important side, it is good to always try the best in every step we take when we build a business. So, if you think you are ready to start a business, you have to be ready to through those 4 stages. Make sure that your business will be able to overcome any challenge and through it well.