Mature businesses
You don’t see the need to make any significant changes to the business; it’s doing fine.
Common signs:
- You are comfortable with what you’ve achieved
- The business is running smoothly
- Sales are good enough although sales are starting to stagnate
- Profits are steady
- The business is becoming more efficient
- The market is becoming saturated with competitors
This is often a dangerous time for businesses. You’re coasting along and are no longer looking out for threats, while your eyes slide over your weaknesses because ‘We’re doing OK.’
It is during this phase that many businesses miss a trick – they don’t notice that the market is changing or disappearing, and haven’t planned for changes in legislation or technology which can change the business scene overnight.
A stagnant business is ultimately a dead business. You now have two choices:
- Exit the business
- Develop the business
Where now?
The time has come to take your business to the next stage. These programmes will help you: