Business Life Cycle
Where is your business?
How far are you along the entrepreneurial road from startup to maturity? Each leg of the journey puts distinct new demands on small business owners.

Knowing where you are helps you seize current opportunities and anticipate future challenges. Experts differ on the exact number of stages in what they call the business life cycle. But the map generally includes these milestones:

Startup
This stage occurs between hatching a business idea anda finding customers for the product or service you envision.

Concentrate now: "Enthusiasm is great, but it is no substitute for cold, careful analysis," says small business expert Steve Strauss. Count on spending hours and hours researching your market, defining your unique value, and setting your goals. Don't let your idea fail by winging your startup without an informed plan.

Gain an edge: Follow these step-by-step guidelines for developing a solid business plan. Also download "Starting Your Own Business," a convenient printable workbook..

Look ahead: Imagine your handful of customers doubling one month and then doubling again the next. Will your business plan have prepared you to handle the surge in customer calls, orders, complaints?

Growth
From your garage or spare bedroom, your idea proves its merit by attracting real customers. Your new business is growing - gradually or suddenly.

Concentrate now: As you acquire clients and customers, you need to align resources to serve them - by hiring staff, locating work space, buying or leasing equipment, installing accounting and communications systems. Each month, new managerial demands crop up to test your entrepreneurial spirit. With employees and suppliers to page, cash flow becomes critical.

Gain an edge: Finance your growth phase so the ride continues as long as possible. Check out the valuable insights in "Ready to grow? Here's how to finance it." Also keep up your momentum with communications upgrades and new media such as YELLOWPAGES.COM.

Look ahead: During these heady days, stop to imagine the chaos someday giving way to stability. How will you manage a business no longer fueled by fast-paced growth?

Maturity
The hectic startup and growth phases are comfortably behind you. You enjoy a loyal customer base and financial stability. Time to switch it on autopilot, right? Wrong.

Concentrate now: Now's the time to run your firm at top efficiency, driving out costs and driving up productivity. Adopt best practices to streamline your processes. Recalibrate your marketing and customer service to appeal to your most profitable segments.

Gain an edge: Offer training opportunities to foster productivity and expand the intellectual capital of your employees and firm. Encourage your staff to take these free, self-paced online courses from AT&T on subjects ranging from new marketing tactics to software applications.

Looking ahead: Envision sales holding flat or dipping, with competing firms and products chipping away at your established business. What will reverse this stagnation?

Expansion
As things now stand, you can no longer nudge sales up or costs down. Maybe your products and services are reaching the end of their life cycle.

Concentrate now: Recall why you got into the business in the first place and what you've learned over the years. Return to your startup mentality. Develop plans to break out of your limitations - by entering another market, introducing another product line, or even acquiring another company.

Gain an edge: Expansion usually requires someone to relocate - to a larger facility or new city. Get hte scoop on making a smart move in "Don't let a move disrupt your business."

Looking ahead: Picture yourself taking this new venture through its own growth and maturity phases. Or imagine reinventing your business like this again. Even contemplate selling it or passing it on. How will you evnetually exit your business?

Advice at every stage
Get free, expert advice on issues arising throughout the business life cycle from SCORE^®, Counselors to America's Small Business. Sponsored by AT&T, these one-on-one mentors offer guidance on topics ranging from accounting systems to warehousing.