Business life cycle

The business life-cycle represents the different phases that a business goes through as it changes and evolves over time. The most critical stages are establishment, growth, expansion and maturity. At different points the business may pass through these different stages of the life-cycle, with certain stages overlapping at different times.

The basics of the different stages in the business life-cycle are as follows:

Establishment - the point at which the business is starting out and beginning its 'life'. This is when the basis of the business is put in place and the idea or concept around which the business is built becomes a reality.

Growth - the stage during which the business begins to develop its' customer base and moves from a negative into a positive turnover.

Expansion - this stage in the business life-cycle is when the business moves from simply turning over a profit to building the business. This can include increasing the number of products or services the business offers, taking on new staff and geographic expansion of the target market.

Maturity - this is the later stage when the business has established itself in the marketplace and been competitive in that marketplace for some time. At this stage, the business may express signs of being in both the expansion and maturity stages.

To maximise on the benefits of change, your business requires a plan for every stage of the business life-cycle. With careful planning and strategies in place to adapt at each stage in the business life-cycle, you will be able to sustain and grow your business, while embracing new possibilities and opportunities as they emerge.

If you are seeking assistance to implement strategies to advance your business from its' present stage to the next level in the business life-cycle, then I can provide you with the business support and strategies you need to empower you to take steps forward.

To find out more about how I can help you, please arrange a consultation to discuss your business support and accountancy needs.