For many entrepreneurs, the stages of business growth are full of challenges and uncertainties.
Many times doubts arise about what the next steps should be to achieve success.
The good news is that you can learn from the experts what to do in each of the phases of a company's growth.
Indeed, a study by Neil C. Churchill and Virginia L. Lewis , published in Harvard Business Review (the most influential management magazine in the world since 1922), explains each of these steps in detail.
In this guide, you will find a simple whatsapp korean number and friendly explanation of the concepts discussed there. Keep reading!
Summary
There are four types of business growth: organic (based on maximizing revenue with own resources); strategic (focusing on long-term development); internal (related to scalability); and growth resulting from association, merger or acquisition of other companies.
The three initial stages of business growth are: existence, which involves the challenge of acquiring customers and delivering the promised product or service; survival, where the challenge is to make customer relationships more profitable; and success, the moment of deciding whether to expand or maintain equilibrium.
The final two stages are takeoff, which involves figuring out how to grow quickly and finance that growth; and resource maturity, where financial gains must be consolidated and controlled, while maintaining a consistent organizational culture.