It is said that all businesses go through different phase of developments. Well, passion alone will not take you anywhere; it is the grit and hard work, which is going to help you reach your goals. Analyzing and researching businesses over the years, there are stages wherein you can see growth in your business.
This is budding phase of business, wherein your business concepts are launched. You must get through pre-launch by managing enough funds to prove your business concept. Once, the pre-launch is done you must build, design, test your product. Last but not the least marketing force must be very aggressive in reaching out people and educating them on the products. The basic concept of a Start-up is to prove your concept and achieve better cash flow without running out of funds
Now, that you have gone through rough patch and beaten the odds. You must explore and identify few large customers so that your business will keep going long enough to overcome the challenges of cash flow management and distribution management. Since, your business is expanded you would have started giving credit to your customers. If incase you don’t get payment in time, you cannot execute other orders. In such circumstances it is better to discontinue the agreement with the customers.
Now, that your business is almost an enterprise; you expand your branded products in other markets. This will reduce your dependency on any single buyer. In this phase of business Sales force must brainstorm things and conquer the market. A Manager should make marketing strategies and help his team understand current scenario in the market. Accordingly he should help his team in positioning their products in the market and win the orders by providing aggressive pricing to their end customers.
At last an Enterprise, you have achieved a brand. You start getting more enquires as you have brand recognition. Next challenge is manpower planning. It is also called Human Resource planning. It involves putting right kind of people, right number of people at the right place, at the right time.
Many companies like Apple, Amazon started off from a Garage. Now they are a trillion dollar company. Yes, they have gone through ups and downs but they never gave up. I would conclude saying business is just like swimming; you either swim against the tide or drown.