In this article we are gonna discuss the Phases of Business Development, Every new and growing business can be likened to a child and a child started as an infant and requires a lot of care and nurturing, so does every business.
Like a baby Every new and growing business needs care and nurturing to grow from a startup to maturity, every business will flourish under the right amount and kind of care, but you have to understand what stage and phase that business is in other to the proper care.
The benefits of understanding the phases of business are fascinating and cannot be overemphasis, it places you full control of every area of your business and can help you avoid all and any need it challenges that may arise at a present of future time.
We have taken the liberty of letting you in on some of the benefits of the phases of business
- Helps you plan ahead: you are inclined to know the business in and out and you know the needs of the business and you can plan better in that scenario, and you can strategies better.
- Create a better budget: understanding your business gives you a better edge of your business financial needs and you can create a budget to handle any and all outcomes.
- Future view in mind: knowing the position of your business gives you a front-row seat of where your business is heading and that gives you a mental image in mind at all times.
- Decision making: your decisions concerning your business are more aline with its goes when you have your business phase in mind, decisions ranging from;
- When to hire
- When to upgrade equipment
- When to get a building
- when to start branching out e.t.c.
THE PHASES OF BUSINESS
PHASE CONCEPTION STAGE
Every idea of a business is first conceived in the mind, having a mental image of the structure, theme of the business the building block of your service or product you intend to render, mental planning is the root of some of the greatest businesses of our time.
NOTE: only a sound mind can produce great ideas and the only way to develop a sound mind to study material of other success stories and learn from individuals who have created the success story you want to attain.
PHASE STARTUP OR (SPROUT)
This is the phase that ranges from the concept stage to the stage of execution. At this phase you start laying down plans and developing a strategy for your business, you might have different plans on how certain areas of your business should be run, this is the phase to analyze those plans and pick the best ones that best suit your business agenda.
At this phase, the Business also requires a certain extent of financial care.
NOTE: it is advisable to seek ideas from others, close, honest individuals that have succeeded in starting up their own business, it will help eliminate some of your unsure plans.
At this phase of business growth you have to start considering some innovative thinking, idea occur every moment also new businesses born every moment, you have to start letting people know about your Business and your services at this point, advertising is one way to do that.
There are tons of means of advertising it all depends on your business, ranging from distribution of flyers, radio commercials, TV shows, etc but the best and surprisingly the cheapest are social media advertising because they draw in tons of audiences.
An online presence will build integrity in your business that why you need a well-optimized website to capture clients Data. This phase of your business requires lots of time, your focus and dedication goes into growing and sustaining the business to maintain a profit margin when the business starts generating revenue.
NOTE: in this phase, it is important to separate your loyal customer data from your actual customer list.
PHASE Adolescent stage
Now this is a stage to maintain a steady course of the operation and this will take a ton of financial power both from the business revenue and also from your finances too, but there are other means;
- Business loans
At this phase you have to avoid any form of inconsistency in your delivery because your business integrity is now at stake ( risk in business), your client’s satisfaction is key to business growth. Add value to your service and your business reputation will grow enormously.
PHASE  Maturity
Every business owner wants to achieve this stage in business but it doesn’t just happen overnight, it’s a journey and the above phases are proved of that, just as every parent would be proud a child success also every business owner will be greatly impressed in their ability to av achieved Business success.
At this phase, your Business ought to have achieved some level of self-sufficiency, and can now great both revenue to run itself and profit for the owner of the business, and it requires less of an effort to manage because staff must have been hired and trained in certain departments.
In cases of big corporations, a periodic analysis is required in other to keep track of transactions, inventory, annual cost, and services or product performance, in other to determine how to improve on product and service these variables need to be analyzed and acted upon.
Just like a new shoot out of very tree stock, there are cases new business branches have to be opened across different locations and in some cases other countries, this phase will take a lot and analysis and can be a really tedious task. Steps include;
- Establishing and training of management body to run new branches.
- on new branches site and how the audience in that location responds to your products or services.
- and construction.
- A clear channel of communication between branches and headquarters.
Branching out in business is a very important phase of any business, revenue can if done properly, create job opportunities in different locations, reduces crime and drugs and create a solid reputation for that business and its associates.
PHASE New goals
Most business owners don’t understand this in business, but it is just as important and any of the other six (6) phases .and great businessmen and CEO have accomplished that height ranging from Richard Branson CEO of Virgin airlines to Elon musk CEO of Tesla motor to name a few, achieving success in one product or a service doesn’t have to be the height of that business.
A business owner is an innovative thinker and should be able to achieve success in multiple areas of both life and business, pursuing another goal after only expands an entrepreneurs field of knowledge, Richard Branson of Virgin has succeeded in creating a chain of companies that offering various services and has proven that business success in multiple filed is possible.
It doesn’t matter what business you are into there are phases to be followed to achieve the business success which is the dream of every business owner. To leave your mark in the world of business you have to understand these phases of business and you will be able to scale through the difficult time and live in luxury as your business achieves maturity.
We hope this article has been of great help, be sure to leave your comment, we would very much like to see them, and you can contact us if you need anything clarified.
GO AND BE GREAT…