Once a business opens and sees some success, it’s not time to sit back, relax and wait for the profits.
Too many businesses do this and they end up declining and failing. Every business owner needs to understand the importance of continued growth. It is the only way to keep your business successful for years to come.
When thinking about the life cycle of a business, owners should think of the concept of the Sigmoid Curve, also known as the S curve. It is the idea that all living organisms go through a cycle of growth and then eventual decline.
Interestingly enough, organizations and businesses resemble that same S curve lifecycle. If they are not able to innovate and come up with new ideas and accept change as it comes towards them, then eventually those businesses will go into decline.
As businesses go through that growth period, owners oftentimes become complacent. If they can resist that complacency and look towards new opportunity just as change and innovation is coming towards them, those businesses can continue to grow well into the future.
How does a business do that? They build upon the lifecycle of one S curve with a second S curve, taking off towards the growth period of the first, and then over again a third time, and a fourth time. They repeat this cycle over and over to keep up with progress and innovation in the marketplace, allowing the business to stay in the game for the long term.
If owners are able to do that, the organization that they work in, thrive in, providing jobs and opportunities for all their employees and benefits to society at large, will continue to thrive and grow.