There are usually three phases of a business’s growth – Infancy, Adolescence and Maturity. Understanding each phase, and what goes on in the business owner’s mind during these phases is critical in discovering that – why businesses don’t thrive & what can be done to ensure they do.
Every phase has its own kind of challenges & they should be addressed accordingly. In Infancy or Startup phase, a business faces challenges like getting the right talent, identifying the target audience, issues in #production or #service delivery whereas in #Adolescences it could be #Financial Performance , #Growth of the #business & #sustaining existing client base and in #Maturity phase it could be #Product Innovation, #External #Environment & #Controls might be creating #challenges.
Like every human, every business is also different & faces different issues/challenges. Even if one function is not working well, it can impact the performance of the overall business. Businesses will need to assess the performance & effectiveness of each of the functions to decide upon the changes/upgrades or support required for a specific function. Resources would be limited & every business will have to make the best utilisation of existing resources.
At #BizzVitals, we have developed a tool called Business Wellness Index which can be used to measure the overall health of the business & the business functions. We help to identify the strongest & weakest areas & provide an option of matching with relevant experts to get the desired support. #Change #SME’s #Startups #People #Owners #Health #Support #Consulting #Experts #