Here are The 15 Stages of Small Business Growth:
1. The Start-Up Stage:
This is the stage where the business is just getting off the ground. There are many things to do and often not enough resources to do them. At this stage, the business is trying to find its footing and establish itself in the market says Michael E Weintraub Esq.
2. The Survival Stage:
This stage is all about survival. The business has made it past the start-up phase and is now focusing on staying afloat. Revenues are low and expenses are high. This is a critical time for the business, as it can either make it or break it during this period.
3. The Break-Even Stage:
This is the stage where the business has finally reached a point where it is making more money than it is spending. This is a significant milestone for any business, as it means that the company is now self-sustaining.
4. The Growth Stage:
This is the stage where the business starts to see some real growth. Revenues begin to increase and the company starts to expand its operations. This is an exciting time for any business, as it indicates that the company is on the right track.
5. The Expansion Stage:
This is the stage where the business has reached a point of expansion. The company may be expanding its operations into new markets or opening new locations. This is a critical time for any business, as it can either continue to grow or start to decline during this period.
6. The Maturity Stage:
This is the stage where the business has reached a point of stability. The company has established itself in the market and is now focused on maintaining its position. This is a critical time for any business, as it can either continue to grow or start to decline during this period.
7. The Decline Stage:
This is the stage where the business has started to decline. Revenues have begun to decrease and the company is starting to contract its operations. This is a critical time for any business, as it can either be revived or fail during this period explains Michael E Weintraub Esq.
8. The Revival Stage:
This is the stage where the business has been revived and is starting to grow again. The company has made some changes to its operations and is now focused on expansion. This is an exciting time for any business, as it indicates that the company is on the right track.
9. The Succession Stage:
This is the stage where the business has been passed down to a new generation. The new owners may make some changes to the operations of the company, but the overall goal is to maintain the success of the business. This is a critical time for any business, as it can either continue to grow or start to decline during this period.
10. The Exit Stage:
This is the stage where the business is sold or liquidated. The owners may decide to retire or move on to other ventures. This is a critical time for any business, as it can either be successful or fail during this period.
11. The Failure Stage:
This is the stage where the business has failed. The company may have gone bankrupt or closed its doors permanently. This is a critical time for any business, as it can either be resurrected or forgotten during this period.
12. The Resurrection Stage:
This is the stage where the business has been resurrected and also is starting to grow again. The company has made some changes to its operations and is now focused on expansion. This is an exciting time for any business, as it indicates that the company is on the right track.
13. The Retirement Stage:
Michael E Weintraub Esq says this is the stage where the business has been passed down to a new generation. The new owners may make some changes to the operations of the company, but the overall goal is to maintain the success of the business. This is a critical time for any business, as it can either continue to grow or start to decline during this period.
14. The Liquidation Stage:
This is the stage where the business is sold or liquidate. The owners may decide to retire or move on to other ventures. This is a critical time for any business, as it can either be successful or fail during this period.
15. The Bankruptcy Stage:
This is the stage where the business has gone bankrupt. The company may have to close its doors permanently. This is a critical time for any business, as it can either be resurrect or forgotten during this period.
Conclusion:
The above stages are just a general overview of the different stages that a small business may go through during its lifetime explains Michael E Weintraub Esq. There are many factors that can affect the rate at which a business moves through these stages, such as the industry, the size of the company, and the management team.
