Each stage of the business ownership life cycle brings unique challenges that require planning and a shift in focus by the business owner. IBA’s team of experienced staff can work with you to determine what training, skills and resources you may need to transition through this cycle.
The table below illustrates how IBA may be able to help across different stages of the business life cycle.
|Preparation||Genesis of business idea.
Skills development needs.
Market research and testing.
|Idea||Minimal research, little overall experience, idea needs development.|
|Potential||Clear vision and concept; have done some research; minimal business experience.|
|Ready to act||Well-developed proposal; have realistic expectations on challenges of business.|
|Start up||Low sales volume and customers at start.Little awareness by market.
Can be little or no profits.
Can need extra cash.
High risk period.
Prone to mistakes.
Tweaking of product or service offering.
|Start up||Business has started trading; monitoring forecasts and cash flow.||
|Stabilisation||Refining and readjusting business strategies; establishing market presence.||
|Growth||Growing market presence, customer base and increasing sales.Operator is either exploring or implementing a growth strategy.||Ready to grow||Well-developed business capability; retention or sound reinvestment of profits; good understanding of industry.||
|Maturity||Established brand and market presence.Increased competition.
Highest point of sales reached/achievable under existing business model.
Slowing or levelling of growth.
|Mature||Successful business; realistic strategic vision; record profit retention.||
|Transition||Mature business exploring/implementing strategies for business sustainability, regrowth or reposition.||Regrowth, transition or reposition||Identified need to develop strategy to change and explore opportunities.||
|Exit||Sales falling.Business being sold and/or business exit plans are being developed or are in place.||Decline or Exit||Business exiting and developing departure strategy.|