Friday 25 September 2009

What STAGE of Development is YOUR business at?

I learned an invaluable lesson this week, one that pulled me off the edge of the precipice! These are tough times and this economy is tightening further. Therefore the speed of reaction is more important than ever. Guess that's why they rate adaptability so highly huh?!

Then I read this excellent article; http://www.dceb.ie/news/susan-spences’s-ten-tips which brought the reality surrounding my own business into sharp focus. I didn't realise what STAGE of development my own business was at. Apparently there are 3 stages;

1. Survival (This can generally take 3 years) Do you have recurring revenues, can you predict income?

2. Sustainable (A key objective has to be the ability to generate recurring revenues, pay per use, book deals, repeat orders/contracts) You may need multiple income streams to achieve this.

3. Expansion (then back to sustainable) This may mean you have to Internationalise to break into bigger markets. Irish people are gregarious and have good interpersonal skills. This gives us a competitive advantage.

Susan Spence- Group Director of Softco offers Ten Top Tips they are included in the link above.

When something resonates the second you read it you know it's true and great advice. I've taken it....how about you...?

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