Where are You in the Business Cycle?
Updated: Jul 24, 2020
Many businesses fail to take the time to think about the next step in their evolution as a company. It might be counterintuitive to think about this topic when your business or product is 'on top' and doing well, but don't fall in to that trap! Take some time to review your strategy in order to avoid a decline in the business or your product offerings. So, where are you in the business/product life cycle?
Some greats articles published by the Harvard Business Review called, "Break Free from the Product Life Cycle" and "Exploit the Product Life Cycle", might provide some insight.
**Note that this diagram is generally used to demonstrate product life cycles. I, however, believe a similar cycle applies to a business as a whole. A business goes through the same ups and downs as products do, and you will be well-served to keep in mind the big picture, as well as specific products and services, when you think about the health of your business.