Business Maturity

Definition: The business maturity step is that period during which the enterprise secures market position, optimizes investment opportunities, and explores product and market diversification.

Objective: The objective of the business maturity step is to optimize profit potential of the enterprise.

Product: The product of this activity is a business enterprise that is generating increasing profits through multiple revenue streams.

Business Activities: Activities common to business maturity are related to investment options and business decisions that ensure enhanced competitiveness.

During the business maturity phase, the following activities must be completed:

• Implement a company diagnostic process

• Provide continuing education and training programs

• Explore alternate management technologies

• Invest profits

• Monitor life cycles of product in enterprise portfolio

• Regularly convene board of director meetings

• Monitor industrial business trends and practices

• Identify opportunities and threats to enterprise profits

• Conduct strategic and tactical planning for the enterprise

Business Information: The business maturity step usually will result in knowledge of potential exit strategies, opportunities for business diversification, emerging industry changes, new market demands and expectations.

Assessment:

Are you optimizing the company's profit potential?
Have you implemented an internal company diagnostic process?
Do you provide continuing education and training opportunities?
Do you explore alternate management technologies?
Do you reinvest profits?
Do you monitor product life cycles in the enterprise portfolio?
Do you monitor opportunities and treats to enterprise profits?
Can you identify opportunities and threats to enterprise profits?
Do you conduct strategic and tactical planning for the enterprise?

Return to The Goldsmith Commercialization Model

The Arkansas Small Business Development Center is funded in part through a cooperative agreement with the U.S. Small Business Administration through a partnership with the University of Arkansas at Little Rock College of Business and other institutions of higher education. All opinions, conclusions or recommendations expressed are those of the author(s) and do not necessarily reflect the views of the SBA. It is the goal of UALR to eliminate discriminatory harassment and to promote equal opportunity regardless of race, gender, color, national origin, sexual orientation, age, religion, veteran’s status, or disability.