Business 100
Name
Institution
The Four Stages of a Business
It is unfortunate that for most company leaders, they navigate the growth of their business through trial and error method instead of anticipating and preparing for them. Therefore, leaders should develop a framework that will present the growth challenges of a company and strategies, skills and capabilities that are required to manage the growth. In order to build a successful organization, leaders should recognize the four stages of growth of a business which are: start-up stage, growth stage, expansion stage and the maturity stage (Cichelli, 2010).
Start-up Stage
When starting a business organization, one should decide the legal form of the business. Additionally, the business requires business permits and licenses, office, accounting system, the cost of the product or service, insurance, capital, and the market source. There are several tasks a person should undertake such as evaluating personal reasons for starting a business, conducting market research and making a business plan. For example, when starting a coffee hotel business, the business leaders should find target customers; invite them for lunch at the hotel to get customers’ feedback. The leaders should find new marketing channels such as blogs, sales calls, conferences in orders to attract as many customers as possible (Cichelli, 2010).
Growth Stage
Once the organization’s infrastructure has been laid out, there is a need for business development. Although the business may have some sales, many business units fail at this stage since they get customers but do not know how to retain them. At this stage, the business leaders should do the following: identifying business partners, branding the company, forecasting sales, networking to increase the customer base. Moreover, the organization should also start recruiting the right employees, refine the market niche and revisit the business plan. For example, in a hotel industry, the company should recruit qualified receptionists, chefs, security guards and the waiters. There should also be an attractive hotel brand, inject more capital to increase sales and create business cards and websites for marketing of the hotel (Bak
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