March 13, 2008
Stages of the Business Life Cycle
Business Planning is formulating the strategic and tactical plans that will be used as the basis for your business. It is a blueprint of the structure of the business. A business model is a narrowly defined subset of the business plan that shows how the business will make money.
- Business Planning
- Business Deployment
- Business Development
- Business Maturation
Typically there must be research and development period to flesh out the core business models and plan. This may involve legal issues such as digital rights management, copyright, trademark, or patent law. Activities may also include test marketing products.
Business Deployment is launching the business or a new component of the business. At this point eveything outlined in the business plan has been done and the " Go Live" switch is turned on. By this time your accounting and tax systems should fully operational. For many, this is the most exciting part of the entire procedure. For some, this will be the last phase of their business venture.
Business Development is enriching existing systems and products or adding new products and systems. It may be a part of the business plan to phase in two new products contingent on the sales of product x in the first quarter of business.
Business Maturation is the process by which a business ascends to a well established state. It may have occurred by adhering to "tried and true" methodology or employing bleeding edge technology or radical human resources. Depending on the goals of the business, maturation may be measured in Profit, market share, the CEO's compensation package, etc. Whatever units are used to measure maturation, successess are frequent, recurring and profitable.
At any stage of the business life cycle, ITEK PROS can assist you with internet solutions to help you obtain your goals.