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?