Understanding and benefiting from the business lifecycle

Franchises, just like any other business structure, move through cycles of establishment, growth, maturity and in some cases decline or renewal. 

As the owner/manager of a CENTURY 21 franchise it is can be helpful to fully understand and utilise the benefits possible at each stage of this natural business cycle.

What is the business lifecycle and how does it affect the management of your franchise?
The business lifecycle refers to the various stages of development that many businesses will go through.  Each of the different stages of development – establishment, growth, maturity and decline/renewal – present an assortment of opportunities and challenges for businesses. 

The good news for owners of franchises, including CENTURY 21 franchisees, is that you have an established organisation and brand behind you providing you with expertise, additional resources, systems and management guidelines to assist your franchise achieve long term success and longevity in the marketplace.   

It is up to you to take advantage of this support and use it to ensure the survival of your business. 

How can I avoid or protect myself from the decline stage in my business lifecycle?
The majority of businesses find themselves in a state of decline for a variety of reasons, including having too much debt, the presence of inadequate leadership and poor planning. 

This does not have to be the case for you.  The success of your franchise will be largely dependent on your abilities to manage and run the business, including the hiring of agents with a high level of local knowledge and expertise and upholding a strong standard of ethics. 

Having access to the CENTURY 21 business model and operating system will also help you to protect your franchise from suffering decline, and the company is able to offer support during times which may prove to be difficult. 
 
How do I benefit from my business lifecycle?
One of the best ways to ensure that your franchise moves successfully through cycles is to be aware of how your business is performing and to proactively implement any changes that need to be made. 

As long as you have the resources necessary to deal with burgeoning clients and revenues in the growth phase, seek new business when things peter out in maturity, and make changes to rejuvenate your company when necessary, you should be able to progress through the business lifecycle achieving success.  

 

Posted by George Tarbey on 15/03/2011 at 11:37 AM | Categories:

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