According to studies, business growth has five stages: existence, survival, success, take-off and resource maturity. Let’s look at small businesses. These are simple organizations wherein the owner does everything – supervises subordinates, performs all important tasks, and supplies the energy, direction and capital. Basically, the owner is the business. &nbsp;The business must grow and survive all the stages, or it could die in the attempt. Several factors, which change in importance as the business grows and develops, are prominent in determining the ultimate success or failure of a business: a) Financial resources, cash, and borrowing power; b) Personnel resources, depth, and quality of people; c) Systems resources, information and control systems; d) Business resources, customer relations and market share; e) Owner’s goals for himself and for the business; f) Owner’s operational abilities; g) Owner’s managerial abilities; h) Owner’s strategical abilities. During the first stages of a small business, it's all about the owner’s abilities because as previously stated, the owner is the business. But as the business moves from one stage to another, other factors play in. As the company grows, the owner must spend less time doing and more time managing. He or she must increase the amount of work done through other people. This shift is crucial to many business owners. If you want to succeed, know this – you are not the business alone. The best business owners know when to give up control and when to take control.&nbsp; You take care of your business; we’ll take care of your books! <a href="https://outsource-accounting.com/f/evolution-of-small-businesses" target="" rel="">https://outsource-accounting.com/f/evolution-of-small-businesses</a>

Evolution of Small Businesses

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