It is never an easy task to develop one’s business, especially if the startup is a small one. But Steven Rindner feels nothing is impossible to achieve if there is a willingness to excel and the right kind of strategies applied. The development methods play a key role in this respect and this is what enterprise development is all about.
Enterprise development by definition would mean the enhancement of the business strategies to avail greater revenue and the ability to create a niche in the corporate market. In some places of the world business and enterprise are used synonymously. However, by whichever name it is called it refers to the planned growth of a company and increase of its value to the consumers.
There are primarily five stages in enterprise development. They are the pre-venture, startup, growth, maturity, and revitalization stages respectively. The stage in which the business is thriving currently is the determinant for the selection of resources.
The first stage, that is the pre-venture stage, is one wherein an opportunity to improve the business is identified but the product or service that needs to be delivered in this regard is not yet ready. The idea is mostly underdeveloped at this stage and therefore, experts such as Steven Rindner suggest that this stage should involve a lot of research and planning. Looking for funds and setting up a proper business plan is what one should do during this time.
Closely following this is the startup stage, which is when the business is launched. The setup of an organizational system, hiring of employees for the very first time, and building a customer base is the activities that take place in this stage of business. The unique thing about this stage is that this could last for several years. It basically depends on the time till the business can properly establish itself in the market. Marketing and promotional activities, mentorship, and pilot projects are the activities during this stage.
Once the break-even point is broken and the business seems to be moving forward towards expansion, comes the next stage the ‘growth stage’. Both the number of clients and well as the volume of business are on an upsurge at this time. In fact, since the business now seems to be more stable, this is also a good time to add a number of new products. Strategic planning, in which Steven Rindner is an expert is the best thing to do at this point in business development.
Next comes the maturity stage. This is the moment of truth for all entrepreneurs as they see their business at the peak of its success. Examining new markets and improving the quality of things should be the primary activities here as the business has already carved a niche for itself in the market.
The final stage comes with the Revitalisation stage where there is a major change owing to proactive decisions internally and some external decisions as well. Usually, this happens when there is an upcoming competitor in the market. However, since the business has matured itself it will figure out ways and means to stay afloat by revising its strategies.
