Welcome to our business life cycle assessor. Here, you will be able to identify the stage your business is operating at and find services that best suites you.
The business life cycle is a cyclical representation of the stages an average business goes through from seeding to decline and renewal.
Thank you for that information, now let’s proceed >
A great idea is like a seed about to be planted in fertile soil. You’re at the Seed Stage! This is where you need to make an estimate of whether the idea is worth developing into an actual business.
Great! Your business is now operational. You have now planted your seed.
Please only select one of the options
Seek Financial Support: Financial support at this stage is crucial, so try to find organizations that may be interested in providing monetary assistance. A lot of market and economic research will be necessary to establish the project feasibility.
Create a business plan: It is important to analyze and properly establish the strengths, weaknesses, opportunities and threats your business may encounter in the market you intend to enter. The quality of your launch will largely impact the success of your business, so try to plan that as much possible.
Seek expert advice: Experienced industry professionals and established entrepreneurs, and other associates who are competent in this regard, can provide valuable insight and opinions on the potential of your business idea. Ask about their main takeaways from the seed funding stage of their own projects and the biggest obstacles they had to overcome.
Consider the market and your role in it: Ask yourself if the market is ready to accept your business and if your idea can fill an existing gap in the market. How can your idea soothe the pain points of your prospective customers and clients?
Congratulations! You have made it pass the 2 years mark.
That’s alright. You may be researching and validating your idea, still.
Great job!
Registering your business is an important part of becoming a legally recognized business.
Learn more about registering here: Company Office of Jamaica
Yes, indeed! You are doing great.
Your seedling is developing beautifully. Increasing revenue and customers indicates good progress in your operations
Excellent! You are in the Maturity stage.
At this stage you are likely to have tenured employees and are looking to expand by adding branches or subsidiaries to your current operation; annual profits are stable and there is a sense of security in your operation.
At this stage it is important to take decision by analyzing the benefits and drawbacks of each course of action.
You are in the growth stage. Your business will stability the more you take advantage of opportunities and manage well, the daily challenges faced in this stage.
Expanding the business: Before deciding on this step, ask yourself if the business can sustain more growth. What are the market opportunities, if any, for another expansion? Can you cover the possible failure financially? Are you, as a leader, fit to navigate challenges that new expansion would bring?
Finding an exit strategy: This step will require a great deal of internal and external company position analysis. You, along with the management team, must communicate the right information at the right time, to the right people. You can perform this exit through a partial or full sale of the business. How the sale process will turn out will depend on the type of business you have and the decisions you make about moving forward.
You have done exceptionally well. Congratulations! You have stabilized your customer base and your profits. You have grown in the market in which you operate, but your profits are falling. You need to decide whether to expand beyond your existing market or exit.
Congratulations on growing your way to this point. You have reached the pinnacle of the market that you are serving. This is common amongst mature businesses.
Your goal should be to reinvent your business by innovating and reinvesting or to cash out.
You are still in the maturity stage of your business life cycle. We are cheering you on! Reaching this stage is a huge milestone. You’re a well-established business. Increased business competition is likely to cause fluctuations in your profits and your customers.
You should prepare to expand into other markets or exit.
The decision you take will be up to you and your team but here are some pointers:
Assemble a team of people who are experts on mergers and acquisitions: This should include accountants, lawyers, investment bankers and other relevant parties who can see to it that the merger process checks all legal and financial boxes.
Talk with sales and marketing about reinvesting: They can help figure out how to meet emerging changes in the market and whether there is capacity within the company to meet these changes. This might include modifying current offerings or inventing a completely new business model, which is both time- consuming and costly
It can be a daunting process to take decisions here, primarily, which direction should you take your business in…
Does Innovation check your box?
If you need expert support here for this process, we can help.
Speak with one of our experts and they will help you find which stage you are in
