Business Life cycle by Newton Buteraba You want to grow your business ⁉️💯

You need to know these 5 stages : Newton Buteraba/ House Of Wealth 5 Stages of businesses

1. development

2. Startup

3. Growth

4. Expansion

5. Maturity

Development Stage: Is where your business is still in your head ( Idea) Startup: You have started a business but everything is on your head. Your business is inextricable with you. If your are inextricably linked with your business, it can’t grow even if you are making money 💰… You are perfectionist

Growth stage: this is stage when your business is generating consistent source of income Growing and becoming rich you need to let go “perfectionism”

Characteristics showing your business is growing

– Generating consistent source of income

– Regularly taking on new customers

– Improved cash flows

– Profits improves steadily

Mistakes done when business is on growth stage:

– Opening up a new branch

– Buying expensive cars

– Buying expensive land and build house

Challenges with business on growth stage

– Managing increased levels of money is a challenge : it’s time to buy a safe because money is flowing and you are thinking of Using it on your dream demands and other related problem

– Attending to customers. This is because you are tapestry with your business. The more the number goes up, the more difficult it becomes to manage them. It’s time to add a new staff to attend to new customers. Remember they came to be cared to,

– Dealing with competition.

– Accommodating expanding work force: the more it grows, you start employing more staff to manage your business. Conflicts between clients start to arise

Things must be followed to manage growth stage business:

– Hire smart people with complementary skill sets, Example good marketer. This helps them to coordinate between each other

– Decide qualified team to take over the business. People with experience who are coordinating to each other. Cohesion

– Build System to Automate your business To be continued…