Understanding the 4 stages of Business development strategies

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Understanding the 4 stages of Business
development strategies

• You will agree with me that starting a business
  and steering it into profitability is not for the
  faint hearted. There are many wantrepreneurs out
  there who never transform into entrepreneurs
  because they never act on or execute their ideas.
  Business development strategies herein refer to
  the effective measure through which an
  entrepreneur can grow and develop their business
  model over time. Lets take a look at the 4
  stages of business development strategies while
  shedding light at the opportunities, challenges
  and problems experienced in each stage

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Starting out

• This is the point in which you have taken the
  leap of faith and turned your idea into a fully
  fledged business capable of generating income for
  you. The main problem at this stage is that you
  have no idea of how things will turn out and you
  might also be clueless on what you are exactly
  doing. Conversely, the main opportunity at this
  stage is the possibility of amassing a great
  number of customers while the main challenge is
  in making your very first profitable sale.

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Growth stage

• This is the stage where you take your business
  from say a 2 million dollar to say a 4 million
  dollar in revenues a year. Main challenge is
  creating additional inventory while main problem
  is breaking even. The main opportunity is
  becoming cost effective, increasing your cash
  flow and becoming profitable.

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Adolescent stage

• This is the stage where you take your business to
  another level and double your revenues. You have
  grown your profits to over 10 million a year and
  you are pretty much doing very well. The main
  opportunity is that you learn procedures, how to
  manage processes while establishing useful
  protocols. The biggest challenge is turning
  business chaos into order while the main problem
  is that your business systems become strained and
  your customers might be beginning to take notice.

5
Maturity stage

• Your business is full blown and you are getting
  revenues of over 100 million a year. The main
  opportunity at this stage is that your business
  can run itself while the main challenge is
  struggling to become entrepreneurial again.
  Problem is that you might experience a stall in
  sales.

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Understanding the 4 stages of Business
development strategies