3 Stages of the Business Cycle
How to successfully get through them
Every business goes through phases and emotions. Although some vary from businesses to business, there are 3 distinct stages that every business will face at one time or another.
Some of these phases are good, and the others aren’t so good. However, the above video explains that the key to getting through each of the stages is the same. Businesses simply need to stay positive and always look into the future.
The first phase is failure. Although never welcomed, failure can, in many cases, actually help the business in the long run. Multiple experts recall past failures that made their business stronger and more effective.
If business owners and managers dwell on the fact that a product or service failed, they will get stuck in the failure phase and possibly, even experience more failures. On the other hand, if they keep their head up and learn from it, they will grow and be able to put the failure phase behind.
The second phase is success, which is the phase that every business would like to stay. To stay successful, businesses need to, again, think ahead. Instead of sitting back and enjoying the success, businesses should be working on new ideas and strategies that would sustain their success.
Take Google, for example. Everyone can agree that the search and advertising giant is successful, but they have had some failures. But they continue to have success because they are constantly innovating and developing new products and services, even if some of them fail.
The third phase that all businesses experience is neglect for faithful customers. It seems that most businesses are so focused on drawing new customers that they forget about their loyal ones. While experts always say it is easier to keep customers than it is to obtain new ones, many businesses fail to follow this principle.
Businesses should continuously be thinking of ways to improve the customer experience. In the long term, this will not only reach the loyal customers, but it will also reach the new ones.
Ultimately, businesses need to remember that the future is the key to the present. Until they come to this point, they will prevent their business from growing and having continuing success.