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Business life cycle

The Transition Stage

The Transition Stage of the Business Life Cycle is when you have gotten your people, procedures, systems, and placement in place. At this point, your main focus is on activities you can pursue that fall between market need, your passion, and what you can do in the long run. During the Transition Stage you must decide whether to grow your business into new regions or close it down and cash out.

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The Expected Challenges & Focus

You’ve reached a point in your business experience and positioning where the only option to improve is to focus on the long game plan or create an exit strategy.

Improvement

If you plan to expand your business into new areas of the market, you’ll have to innovate like an Ideation Stage business while still advancing like a Growth Stage business. Moving into unrelated business areas may be devastating for any established company. Consider partnering with companies that complement your existing business experience and capabilities. Regardless of your next moves, you may need to analyze your team and assess their capacity to be as agile as you require to keep growing.

Exit Strategy

If your business sales are rapidly decreasing and you are trying to prevent business closure you must first determine how long the business can sustain a negative cash flow and what activities are required to accomplish a business turnaround. If business closure is your only option, you will be facing severe financial concerns that could lead to negative publicity, unhealthy corporate culture and increased stress if not done correctly.

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The Area of Focus & Plain Truth

A company in the Transition Stage has a wealth of resources at its disposal that may be utilized to steer the company in a completely different direction. Keep in mind that a business might stall, decline, or fail at any time. Before you can create any plans for your business, you must first determine what phase it is in and get familiar with the issues that occur. Examine your business honestly and frequently to determine if you should expand, sell or close

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The Next Step

Whatever you do with your current business should not prevent you from pursuing other business opportunities. Return to the Idea Stage to begin your new business endeavour if you want to build something new. The best aspect is that you can complete it efficiently and efficiently.

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