All businesses need Growth Theme Profitability Growth 5 Min Read. Topi

All businesses need Growth
Theme Profitability Growth

5 Min Read.
Topic
Business Growth Stages

Outsourcing as a way forward.



At a glance, one might think that due to their different products, services, people, ideas, and industries all small businesses are too different to arrange into any particular categories.

Key Takeaways

1- Existence In this initial phase, its easy to fail because there are so many reasons why brands or businesses do not survive past the startup phase.
2- Survival Your business is tested by determining, first, whether you are able to break even and, second, whether you are able to generate profits sufficient for reinvesting and growing the business.
3- Success The challenge of a business owner with a successful company is deciding what they want to do with their success. Business owners basically have two options...

However, this quick assessment couldnt be further from the truth because the truth is that all businesses go through stages of development as they progress from startup to maturity, according to Neil C. Churchill and Virginia L. Lewis who developed the concept of business growth stages.

In this sense, businesses can be compared to people who are all unique in their own ways, but who all go through the same growth stages as they mature from infancy to adulthood.

While you might not be able to categorize their unique attributes, you can categorize businesses by their stage of growth. In doing so, you can also determine the challenges that the business is most likely to face and the business growth strategies that offer the greatest likelihood of success, according to your business growth stage.

As a result, knowing your businesss growth stage can help you execute all of your companys strategic processes from expanding into new markets and exploring new products or services to perfectly timing new hires and training your existing employees at the right time to level up in order to avoid costly employee turnover.

To determine your small businesss current growth stage and to better recognize how to prepare your business for the future and the next stage of development, take a look at the following five stages of business growth.

A growing business needs a scalable back office.
Most leaders havent considered outsourcing until theyve seen the benefits...

The 5 Stages of Business Growth
Presentation .. 5 Min Read.

1. Existence
2. Survival
3. Success
4. Take off
5. Resource maturity

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