Finding the problems and growth patterns was a tedious task, even though this analysis can be of great use to the entrepreneurs. Small businesses can be of different sizes and capacities, and their actions also will differ according to the strategies of their management and the pattern of their organization. Yet, small businesses will confront some common challenges in various stages of their development. Understanding these factors will help small businesses to find the characteristics, nature, and solutions to the problems they face at different stages. Here are the five stages that play important roles in the growth of small businesses.
- Existence
In the initial stage, the small business owners try to find the target audience for whom they can offer their products and services. The main concern of these businesses during this stage will be if they can get the attention of their target audience and will they be able to provide the best products and services to become a feasible business. They will also worry if they can change to become a scalable business from their beta stage and will they be able to cover all the financial requirements needed to start their business. Several businesses consider crypto trading to generate funds to meet various expenses for their existence. The availability of bitcoin robots are also helpful to improve trading and to make profits. Visit https://kryptoszene.de/bitcoin-robot/oil-profit/ to learn about oil profit, which is a leading automated platform for both crypto and oil trading. Those businesses who succeed in the existence stage will go to the second stage – survival.
- Survival
At this stage, the businesses have survived their planning stage and have come to a real operation stage. One of the main issues at this stage is to build a smooth track between the revenue and the expenses. The owners will study whether the financial return they get is enough to maintain their equipment and assets, is the revenue bringing in cash flow to the company, is the revenue sufficient to expand your business to achieve increased economic growth, etc.
- Success
This is an important stage for the owners as the business will have already reached a stable economic stage. At this stage, the owners will decide whether they want to make use of their company as a platform for their growth or they can use their business as a support for them as they will be planning to detach themselves from the company. There are two stages in this phase, one is the Success-Growth substage, where the owner risks all the available resources to achieve financial growth. The owners who choose this stage want their business to remain profitable while the company is looking forward to a new strategic plan and implementation phase.
The second stage is the Success-Disengagement phase, where the company maintains its growth despite the changes in the outside environment. Managers will be in charge of the duties of the owner and the main goal will be to keep up with the current situation. The owners will be taking advantage of the cash flow or will be planning for merging or sale of the business.
- Take off
In this stage, the businesses will be concerned about the ways they can expand their growth and the financial support they need for this mission. Along with strategic plans, managers will have to take huge responsibilities. The organizational issues, as well as financial debts, are a matter of concern for the owners at this stage.
- Resource maturity
The businesses at this stage are well equipped with financial support and employees to execute strategic and operational planning. The owner will be separated from the business and both will have adequate financial and operational support for their growth.