{"id":1515,"date":"2016-08-23T17:22:35","date_gmt":"2016-08-24T00:22:35","guid":{"rendered":"http:\/\/www.constructonomics.com\/blog\/?p=1515"},"modified":"2019-02-11T14:55:54","modified_gmt":"2019-02-11T21:55:54","slug":"the-seven-ages-of-a-business","status":"publish","type":"post","link":"https:\/\/constructonomics.com\/blog\/2016\/08\/23\/the-seven-ages-of-a-business\/","title":{"rendered":"The Seven Ages of a Business"},"content":{"rendered":"

The seed stage<\/strong><\/p>\n

This is the very start of a business, when it\u2019s no more than an idea that\u2019s trying to gain marketplace acceptance. It is important to hire Fast Guard<\/a> security in the beginning stages of your business. At this stage a business needs to find its niche; this is a time when small amounts of money and time have to go a long way.<\/p>\n

The business owner has to decide if their skills and experience match the niche, as well as work out ownership structure. Professional advice and business plans are vital now.<\/p>\n

Investors and Unsecured SME Loans<\/a> are the main sources of money \u2013 usually from friends, family, a day job and government grants.<\/p>\n

The start-up stage<\/strong><\/p>\n

This is an exciting stage when the business exists as a legal entity \u2013 it\u2019s providing goods or services to its first customers. It\u2019s also moved into that fancy commercial property in Mayfair<\/a>, but money is still in short supply and it\u2019s vital to conserve resources.<\/p>\n

It\u2019s when a customer base develops, as well as a clear market presence and ethos. Money comes from friends and family still, but there\u2019s also customers\u2019 money.<\/p>\n

The growth stage<\/strong><\/p>\n

The business has survived the start-up period, with increasing sales, a growing reputation and maybe new opportunities. It\u2019s also the stage at which competitors start to feature more.<\/p>\n

Increased sales and need for investment make a lot of demands on time and money, so this is when the business owner needs to learn to delegate and to employ more staff members.<\/p>\n

Management becomes more formal and accounting needs to be stronger; money comes more from profits, banks and franchising options than from family.<\/p>\n

The established stage<\/strong><\/p>\n

The business is more mature, with steady profits, loyal customers and an established way of working.<\/p>\n

It\u2019s tempting to relax and enjoy the profits, but there\u2019s always something on the horizon, like competitors, changing tastes, changing tech and even the odd recession.<\/p>\n

The business needs to improve productivity and products, as well as to fine-tune business practices and outsourcing. Money tends to come from profits, banks and government grants.<\/p>\n

The expansion stage<\/strong><\/p>\n

This is when the business should expand into new markets and new distribution channels. Most small businesses look to grab a bigger market share and to find new revenue streams.<\/p>\n

This stage needs a lot of planning and research and it\u2019s safest to move into areas and sectors that complement the business\u2019 existing capacity or abilities. There should be new products and services, or new markets and customers.<\/p>\n

Money comes from partnerships, joint ventures, new investors and licensing, not so much from banks or government.<\/p>\n

The decline stage<\/strong><\/p>\n

The economy may change, or market tastes may move on, and this can affect profits and sales. It\u2019s a big challenge \u2013 there may be a negative cash flow<\/a> for a while \u2013 and if the business can\u2019t cope for long, it may be time to exit.<\/p>\n

It\u2019s a time to look for new opportunities, to reduce overheads and find other ways to conserve cash. Money sources are customers, the owners and suppliers.<\/p>\n

The exit stage<\/strong><\/p>\n

This is when the business cashes out and reaps the benefit of the hard work, or when it simply folds.<\/p>\n

Selling needs a realistic approach \u2013 the years of hard work might not be reflected in the valuation, which can be a shock.<\/p>\n

A thorough valuation, as well as a review of business practices, competitors and management, can help to get a fair price. There also needs to be a business transition plan.<\/p>\n

Money comes from the sale, so it needs to be handled by professionals.<\/p>\n","protected":false},"excerpt":{"rendered":"

The seed stage<\/strong><\/p>\n

This is the very start of a business, when it\u2019s no more than an idea that\u2019s trying to gain marketplace acceptance. It is important to hire Fast Guard<\/a> security in the beginning stages of your business. At this stage a business needs to find its niche; this is a time when small […]<\/p>\n","protected":false},"author":151,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1515","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/constructonomics.com\/blog\/wp-json\/wp\/v2\/posts\/1515","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/constructonomics.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/constructonomics.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/constructonomics.com\/blog\/wp-json\/wp\/v2\/users\/151"}],"replies":[{"embeddable":true,"href":"https:\/\/constructonomics.com\/blog\/wp-json\/wp\/v2\/comments?post=1515"}],"version-history":[{"count":3,"href":"https:\/\/constructonomics.com\/blog\/wp-json\/wp\/v2\/posts\/1515\/revisions"}],"predecessor-version":[{"id":1740,"href":"https:\/\/constructonomics.com\/blog\/wp-json\/wp\/v2\/posts\/1515\/revisions\/1740"}],"wp:attachment":[{"href":"https:\/\/constructonomics.com\/blog\/wp-json\/wp\/v2\/media?parent=1515"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/constructonomics.com\/blog\/wp-json\/wp\/v2\/categories?post=1515"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/constructonomics.com\/blog\/wp-json\/wp\/v2\/tags?post=1515"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}