Go Legal Yourself!, 2nd Edition

CHAPTER 7How Does My Business Stay Competitive?

A business goes through stages of development similar to the human cycle of life. Parenting strategies that work for your toddler cannot be applied to your teenager. The same goes for your business, which will face different cycles throughout its life. What you focus on today will change and require different approaches to maintain success. This brings us to the Established phase of your business. Let's first define what established is in the business world.

What Is Established?

There are many ways to define an established business, but the one that really resonates is when your business has matured into a thriving company with a place in the market and loyal customers. An established business is one that has obtained a reputation for a specific product, service, process, or platform. Most established companies will aim to continue to grow and develop their customer base within their particular industry.

In the Established phase, sales growth is not explosive but manageable, and business life has become more routine. An established business will be focused on improvement and productivity. To compete in an established market, you will need better business practices along with automation and outsourcing to improve productivity.

I have found that when business owners reach this phase, the planning is about making decisions today based on your assessment of likely future events. It is also about trying to minimize risks. The number ...