American actor, film producer, and environmentalist, Leonardo Dicaprio once said, “Every next level of your life will demand a different you”. The same can be said for your business. Every new phase of your business requires a different strategy to respond effectively to the stage of the business lifecycle. Simply put, as your business grows and develops, so too do your business aims, objectives, priorities and strategies– and that’s why an awareness of what stage of the business’ lifecycle your business is in can be helpful.
Understanding your position in the business lifecycle helps you stay a bit ahead of the game and defy the odds. This consideration allows you to anticipate potential challenges and obstacles, depending on what phase you are in or about to transition to. Not all businesses will experience every stage of the business lifecycle, and those that do may not necessarily experience them in chronological order.
Each new level of any business needs innovations. It needs something that will bring purpose into its life again. That is why before beginning any stage of your business’ lifecycle, an aligning strategy needs to be in place which is in line with the transitioning that is more effective and meaningful, one that will appeal to both your internal and external publics, maintaining the needed balance for your business’ ecosystem.
At Design@Bay, we are strategic brand innovators ─invested in offering solutions that will grow your business through research, strategy and creative execution, at every phase. From integrated marketing and communications to strategic branding and design, we are always ready to help you create a new you!