Business growth stages, different methods and why you should understand which stage your business is on
Businesses typically go through a number of stages throughout their existences, from startup through a “surviving” phase, a bit of a plateau, or even a decline, then, with some effort, the business might reach a point where it is “sustaining,” where things are pretty much under control and the owner can begin to consider options.Typically, the next steps of the business could involve purchasing other companies, being purchased by other companies or simply maintaining the business until the leadership simply doesn’t want to run it any longer.
Like the growth of a child, each phase is unique; each one has its own set of challenges and opportunities. Many businesses get stuck in that “struggling to survive” mode. Others may move rapidly forward, only to slide backward or even go out of businesses as a result of changes in economy, market, industry, competitors, technology or public policy.