4 Steps of Business Development
20 May 2016
Businesses have four stages of development. Each is a critical building block and a time of great change. It is where the entrepreneur must take complete control and lead his team. This is make or break time. Win and the prize is yours. Falter and be consigned to the scrap heap of start-ups.
At the heart of every successful business is a solid commercial idea. Then you need to plan your launch. Launch is all about survival. Survival is all about sales, anything else is window dressing.
Either at launch or not long after, most start-ups requires funding. You need to understand what funds you need and how to deploy them. You need to secure the funds on terms that allow you the freedom to grow through the inevitable twists and turns that your business will take.
Once through survival you need to grow and grow fast. But as you grow you also need to ensure profits grow. This is a critical time. A time to build customer loyalty, sure up repeat sales, sign long term contracts and finalise joint venture opportunities. Establish a powerful brand.
Now the prize that surprisingly few start-ups achieve: a sale. Follow the rules to prepare yourself for sale then manage a sales process that leads to a biding war for your business. Then negotiate a deal that maximises your payout and freedom.