The business lifecycle can be defined as the phases that a business goes through since its conception. It is important that when opening your own business, you understand the phases of the business life cycle to better understand the business and develop strategies to help the business succeed.
1. Birth:
It is the stage where the business is created. In this phase, the company's facilities must be organized, strategic planning, hiring employees, buying stocks and publicizing the inauguration.
2. Youth:
At this stage, the business is becoming known in the market and is starting to generate positive financial results. It is a phase where the focus must be on customer loyalty and on the balance between expenses and income.
3. Middle age:
It is the phase where the business already has a clientele and has already conquered its market share, in this phase the quest is to ensure greater positioning and market leadership.
4. Maturity:
The company has already conquered a loyal clientele and supports itself, in this phase that can last for decades, the business is already consolidated and positioned. The focus therefore must be on maintaining market leadership and differentiation from competitors.
Therefore, the business lifecycle will help the entrepreneur to better manage and control market situations that directly impact the business.
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