What Are the 5 Stages of Growth in Your Business?
Identifying the five stages of growth in your business can help you develop a strategic plan for growth. You should consider the Start-up stage, the Survival stage, the Drive to maturity stage, the Renewal/decline stage, and the Transformation stage. You can then use your plan to achieve your goals.
Using a little tl;ton of free time, it’s no secret that I’m a sucker for a good business plan and even better customer service. With that in mind, I’m always on the lookout for a new employer, and a good deal of time to boot. Aside from the obvious reasons, I’m also a big fan of the odd hours. The best part of all of this is the fact that I get to scoot around a bit more, not to mention the perks that go along with them. Besides the aforementioned, I’m also in a better frame of mind, and am not glued to my cubicle.
Drive to maturity
Having reached the take-off stage of economic development, the economy is in the transition to the drive to maturity. This period is an extended period of national economy growth. During this period, new industries develop rapidly, using new techniques of production. As the economy matures, the overall capital per head increases. The country develops its transport network, telecommunication facilities, and world class infrastructure.
As the economy matures, the working force becomes more technologically skilled. Real income per head increases to a point where many people can command consumption beyond basic necessities. In this stage, workers organize themselves to enjoy greater economic security.
The structure of the working force changes, and the proportion of the urban population increases. The economy becomes less reliant on industries and more dependent on domestic demand.
The economy moves from a small complex of industries to a larger, more complex one. The basic structure of the economy changes in a decade. During this period, the working force becomes more technologically skilled, and the economy’s basic structures are altered to increase the proportion of urban population.
Oftentimes, business owners fail to understand their business’ growth. This can cause their growth to stagnate. There are several key points to take into account when determining if your business is in a growth or decline stage.
The first stage is the existence stage, in which your business is in its infancy. During this time, you are in the process of building your business and establishing yourself in the market. If your business is successful, you may move on to growth stage two. If your business fails, it will be in the decline stage.
Businesses in the growth stage must ensure profitability. They will also need to make investments in new people and technology. They may also want to invest in new marketing strategies to promote their business. During this time, they will also need to stay abreast of industry trends. Business owners in the renewal stage will need to make changes in order to promote their business. They may wish to introduce new products or services. They may also decide to sell off some of their shares or assets.