The Business Enviroment Essay

543 words - 3 pages

The Business Environment It is true that the start up phase of the business lifecycle is the hardest one for a business to survive. Getting a business established will involve translating the business concept into reality. This does not, however, guarantee success in the other stages.The start up phase of a business has many challenges. To successfully pass this stage you will need to overcome these challenges. Businesses are faced with high costs associated with establishment this is the first rocky path. Next is making sure you promote your product if not, poor customer awareness leaves you with poor cash flow ending in low profit levels. E.g. if you were to start a business selling furniture, in a location not ...view middle of the document...

Some businesses may tend to fail in growth, when expanding. E.g. Sizzlers expanded to many locations during growth and failed because it lost control of each outlet.The "maturity" stage comes when growth tends to flatten out. More competitors tend to enter the market and market share tends to reduce. Business will need to have efficient use of resources to maintain their profit levels. Communication and management structures will need to be well defined. E.g. Before smoke mart came in strong there was a small but known privately owned company called smoke busters. Smoke busters had three chains and as soon as smoke mart came in they failed. Smoke mart was a lot bigger and a well-known franchise.Depending on how well the business adjusts to change, especially in the external business environment is how well they will succeed in the stage "post maturity". Most businesses tend to fail during post maturity because competition gets tough and another business will produce the same product, but using better technology. E.g. John Martins have failed during post maturity due to a lack of new products; customers could drive half the distance and buy the same product, plus get better service.It can be seen that the start up phase is the first and most difficult stage for a business to pass. But passing the start up phase doesn't mean you will successfully pass every other stage to the business life cycle. Every stage to establishing and producing a stable business takes time, money and dedication. Factors to take into account include; qualified staff, good advertising, location and control.

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