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Business development is a systematic process that is based on different stages. To develop in-depth understanding of business development, stages will be discussed. Along with this, examples of organizations that fit into business development stages will be also covered. Our assignment help experts assure you that you will get best original assignment help of business development assignment help or management assignment help.
Stages of Business Development
Business development occurs through four stages that have different features and characteristics as per their dimensions. Following are stages of business development:
Seed Stage: This stage is considered as the first stage of business development that is initial level of any business whether it is small or large business. Size of firms in this stage is very small as compared to other stages of business development. In this stage, finance is limited and there are no earnings for the firms. Organizations in this stage have to rely on limited sources of capital to generate earnings. Information is also limited in this stage of business development. Along with this, there are very few assets available to the firms in seed stage. It is also known as pre growth stage. Level of risk and uncertainty is high in seed stage of business development.
In addition, seed stage firms are characterized by 1 to 3 year experience. From the analysis of all characteristics of seed stage, it can be argued that all aspects are at small level in this stage. These aspects have to be considered cautiously by individuals looking to start their business. Entrepreneurs should make sure proper sources of finance like venture capitalist etc to outsource necessary resources needed for starting a business. It will help them to avoid any obstacle in future regarding the business start up.
Organizational Example: Biomedical firms of USA are in the seed stage of business development. These firms have established research capabilities and but do not have access to healthcare facilities and services.
Start up Stage: This is the second stage of business development model. In this stage, size of the firms is small. Start up stage firms are characterized by 1 to 5 year experience. Growth level of startup stage varies from slow to moderate, as the business gets more awareness and experience than previous stage. Furthermore, financial needs in startup stage are also increased due to enhanced business size and expectations as compared to seed stage. Assets are few in startup stage of business development. In addition, earnings in this stage are unpredictable.
Individuals who want to become entrepreneurs to drive business growth in particular industry should evaluate the key features and necessities of startup stage. They should estimate the financial requirements, capabilities required to operate the business in this stage, business attractiveness etc before entering into this stage. It will help them to avoid any risk or uncertainty that otherwise may turn out due to improper analysis.
Organizational Example: Healthcare firms of California and Massachusetts are in the startup stage of business development.
Growth Stage: Next to startup stage, business enters into the growth stage that is characterized by 1 to 10 year experience. In this stage, business generates sales and profits to assure investors that they have grown up in terms of cash flow, value and business skills. In other words, cash flow and business value are more predictable. These cash flows offer asset security to the lenders. This stage experiences rapid growth. Size of the firms is medium in growth stage of business development. Furthermore, it is also true that capital needs are more in this stage to support the business activities.
Firms have more access to capital sources and can have finance both from equity and debt sides. They can use more debts in growth stage of business development. Assets are sizeable in growth stage. Earnings are also predictable in this stage. Entrepreneurs who are willing to start their business should also evaluate the key characteristics of this stage of business development. They should develop a comprehensive understanding of financial needs, sources of finance, market size, trends and customer groups to ensure proper operations in this stage. These practices will assist the individuals to speed up the growth and leverage the sales and profits generated in this stage of business development to introduce innovative products or services.
Organizational Example: There are various firms that are currently enjoying growth stage of business development. Out of these firms, Face Book is the organization that belongs or fits into growth stage.
Maturity Stage: Maturity stage firms reach to the experience of 10+. They are characterized by largest size as compared to previous stages of business development. The firms grow in terms of profits. Firms have greater access to debts as compared to growth stage firms. Cash flows are predictable and assets are substantial in maturity stage of business development. Along with this, there are some firms that experience financial issues due to the decline in market or entry of new firms in terms of competition that may decrease the sales or profit level of firms. Such kinds of firms depend on owner financing, government, informal investors etc for fulfilling their financial needs of business.
Earnings in this stage are predictable. Financial needs are renewal in this stage of business development. In maturity stage of business, firms are required to invest in new products or services, modernize their production processes to generate new growth. Due to poor business prospects, the firms in this stage have low chances to get finance from banks or other financial institutions. So, it can be argued that without having strong market or growth prospect, firms in maturity stage are unattractive for investors. So, firms should be well prepared for this stage of business development, as it is certain at some time period of growth that cannot be avoided.
From the analysis of all features of Maturity stage, it can be argued that this stage is different from other stages and have major challenges that need to be handled with careful investigation. Moreover, entrepreneurs willing to start business must assess the risks and uncertainties of this stage and formulate several proactive strategies to handle the challenges that are generally faced in maturity stage. All these practices will provide assistance to the individuals to avoid risks and maintain their business attractiveness. Hence, it can be argued that effective preparation for this stage is vital for entrepreneurs to sustain the business prospects for investors and future of the business.
Organizational Example: There are various organizations operating in different industries or sectors that are experiencing maturity stage of business development. Out of these firms, Cad-bury is in the maturity stage that is a British Confectionery firm. Along with this, Coca Cola a beverage firm is also in its maturity stage of business development . Nestle is also in its maturity stage, where it has to introduce innovative products and services to maintain the attractiveness of its business for investors. Some brands of Apple Inc are also in their maturity stage like iPod. So, it can be argued that Apple Inc belongs to maturity stage of business development. It is so, as most of the brands of these firms are in their maturity stage that needs innovation.
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