Experts have described six specific stages most of the successful companies experienced when aiming for company growth, where each stage is faced by a set of challenges. The firm will need to constantly monitor the changes it is going through as it moves from one stage to another.
Most importantly managerial changes need to be observed in between stage changes. The six stages to be focused on are:
1) conception/existence
2) survival
3) stabilization
4) growth
5) take-off
6) maturity
The early stages of the firm’s survival are dependent on the founder’s abilities and commitment, which is of utmost importance. As the company develops and aims to grow further, specialist skills in the managerial sector of the business are necessary are required. It is crucial that management spends adequate hours developing their skills and working as a team.
