The Five Phases of Business Growth
There are five business development stages. These include establishment, growth, and expansion. Each phase focuses on a specific strategy that assists a business in achieving its objectives. Some strategies are more effective than others for small businesses . Business development is a crucial aspect of the life cycle of a startup. Long-standing businesses may have a customer database and established business relationships, but startups lack these resources. Additionally, their structures are still under construction. While established businesses can rely on in-depth market studies and surveys, startups must make quick decisions with limited resources and personnel. Before pursuing expansion, a business developer's priority is to ensure that a startup has a solid foundation. This includes the identification of potential markets and products. It also includes the development of long-term value via new products and services, targeting new customers and markets, and marketing efforts...