5 Stages of Small Business Development
According to the World Economic Forum and Forbes, 90% of the startups and small business fail within the first 5 years of their inception. Why? In a bird’s eye view, the reasons range from compromised marketing strategy, financial constraints, technical limitations and unavailing management techniques.
In the classic research on Small Businesses by Harvard Business Review, the authors identify 5 stages of small business growth. They identified that almost all startups face the same complications in their initial development phases.
The following paragraphs will aim at providing the readers with the information regarding how SugarCRM can help small businesses in every stage of business development.
Stage 1- Existence: Finding New Customers with the help of CRM
In this stage, the main source of concern and headaches for many emerging businesses is obtaining customers and delivering their products. Remember, Microsoft did not have 1.5 billion active users on the day that Bill Gates registered his company?
The process of finding new customers seems interminable to many. The primary endeavor of every new company should be to showcase the world that they ‘exist’.
Can SugarCRM help me in this stage? Yes, of course it can. Sugar will help you in finding new customers and engaging with them. The most productive path would be to integrate SugarCRM with social media. Everybody uses social media. Reaching out to potential customers can really provide a boost for your infant business. Once customers are found, BOOM, you’ve finally got someone to show your skills.
Stage 2- Survival: CRM helps Ward-off Competition
Congratulations! If you’re in stage 2, you’re a workable business with plenty of potential to metamorphose into a corporation. Now, the primary goal in this stage is to fight off those competitors. Remember, you’re not a monopoly. Other companies will be fighting to take away your contracts and offering similar services. Excelling in competition requires strategic planning.
Will a SugarCRM help overcome this stage? Yes it will. As your customers hold the key to your success, SugarCRM can provide valuable insights about the inclinations and preferences of your potential customer base. This will enable emerging ventures to have an operational and managerial edge in paramount functional areas of sales, marketing and support.
This would, of course, lead to a much more fortifying customer experience and eventually translate into