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Mar 11, 2016

Your Business Plan: Heightened & Enlightened

Maybe you review your business plan annually. Maybe it's a document you created during infancy and haven't taken a look at it since. Or perhaps your association is mandated to have a strategic plan. Whatever the case, your plan SHOULD take into consideration at which stage your business is in, and what the next stage will look like. Almost all organizations have a predictable sequence of developmental stages, rather a "life cycle".

While some might believe that comparing a business model to a living organism is a bit far fetched, a closer examination of this metaphor would prove that it's a very viable theory. Each has a regular pattern of development: birth (start-up), growth, maturity, decline, and death. Depending on the type of organization (corporate, not for profit, etc.) the stages can vary slightly.

Once the company has accepted this model, their chances of success are that much greater. Those that are oblivious, might for example, stop pursuing funding once experiencing expansion, and not be able to or know how to act on new opportunities when they arise. Additionally, if mature companies fail to implement steps to renew their growth, such as acquiring other companies or products, the model suggests that they will inevitably face the decline stage.

The Kelowna Chamber of Commerce has partnered with TEC Canada to bring International Speaker, Ian MacDougall to Kelowna to speak more on this topic. To learn more about the Organizational Life Cycle and how to transition from one stage to the next without jeopardizing success, register for our next installment of our Leader Skills Series, taking place this Wednesday, March 16th.