Every business from inception until disintegration will go through different stages. In fact, the process of business route include 7 stages. Understanding 7 stages and know how to plan for their arrangement are the key to achieve success in business. Below are 3 first step of business process.
STAGE 1: Seeding
This is the stage where the business exists only in thought. In other words, it is just the idea or business intentions. This phase is also called the period of “birth” of new enterprise.
Most companies in this stage will have to overcome challenges: accepting market and pursue appropriate opportunities. During this period, all businesses should be careful. It is not necessary to let the financial resources too thin.
The central issue of this stage how to choose business opportunities matching with skills, experience and passion to start. And do not forget the other important key points: deciding on the ownership structure of the business, seeking professional advisor, and making business plan. At this stage, companies will have to find markets and customers for themselves. They can rely on the funds borrowed from the owner, friends, family, or individual investors.
PHASE 2: GETTING STARTED
In this phase, the business has just founded and existed in a legal way. The products and services have been put into production and having first customers.
In this stage of the business, the demands of capital and time to search market are highly appreciated.
Business owners must learn to survey “realistic” from the demand of customers which can bring profits and make sure the business is on track.
PHASE 3: DEVELOPPING
In phase 3, the business has gone through “the toddler years” and now turn into a real “child”. Turnovers and customers are growing. New opportunities and new challenges are appeared. Profit growth also leads to increased competitiveness.
The most severe challenge in this period is that the company has to seize the opportunity and financial resources. To do this, employers have effective managing method and can plan new business. Learning to train staff as well as art of managing and delegating are the key to succeed of this phase.
The enterprise need to adopt better management systems, methods of calculation and operation. At the same time, enterprises also need to search and recruit staff who are capable of dealing with problems arisen well in business process. Capital can now take advantage of this stage is borrowing from banks, from profit, partnership, assistance and rental options.