By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Small Business > The Benefits Of A Phased-Growth Strategy In Unpredictable Industries
Small Business

The Benefits Of A Phased-Growth Strategy In Unpredictable Industries

News Room
Last updated: 2023/07/19 at 11:23 AM
By News Room
Share
6 Min Read
SHARE

Currently the CEO of Synergy Life Science, Chris has 25 years of experience creating, distributing and supplying quality ingredients.

Contents
What is phased growth, and how can you implement it?What are the potential benefits of a phased growth strategy?

Employing strategies of phased growth can be immensely helpful when running and growing a business, whether you work in an unpredictable industry or are responding to volatile economic conditions.

In unstable industries, companies regularly have to respond to changes in legislation, best practices and consumer demand—often with very little turnaround time. With many years of experience working in the personal care and cannabis industries, both of which see rapid change, I have made gradual growth work for me and my businesses.

What is phased growth, and how can you implement it?

Phased growth refers to incrementally launching each stage of your business instead of setting everything into motion simultaneously. You can incorporate this strategy into your business plan in several different ways.

• Launch different branches of your company sequentially rather than simultaneously.

• Roll out your product line slowly.

• Allow for flexibility in your plan—or plans—of action.

• Keep a close eye on market trends and be ready to respond with your next growth phase.

• Build a strong brand identity that will allow you to pivot while remaining true to your mission.

What are the potential benefits of a phased growth strategy?

Based on my experience, here are five of the most significant benefits of deploying incremental growth strategies.

1. Keep your initial investment low.

Unpredictable industries can be highly profitable when everything lines up correctly, but starting a company in these industries can be risky. I have led successful businesses in the challenging pharmaceutical and cannabinoid ingredient industries, and my risks have panned out because I have prioritized gradual growth over a one-and-done approach to launching my businesses. Employing strategies of phased development can allow you to enter the market and begin making your mark on the industry with a lower upfront investment and, therefore, incur less financial risk.

Incremental growth allows you to fund different stages in your company’s growth at planned times. While you will need some start-up capital, you can begin attracting clients and customers at smaller initial investment rates. As your company grows, you can fund each successive stage one at a time, keeping costs low and adapting to changing regulations, market trends and situations with minimal capital loss.

2. Coadapt with an industry.

Phased growth also allows companies to adjust as necessary to adapt to changes in the industry. When growing incrementally, you can accelerate, decelerate or pivot as needed to stay current and compliant.

3. Stay afloat in fast-moving legal landscapes.

Slow-paced growth allows you to react quickly to changes in regulation, public perception and enforcement. For example, the recent news that THCo is not protected under the 2018 Farm Bill came relatively suddenly. I saw how companies in the cannabis industry with a multileveled phased growth model were able to respond more quickly to this news, halting their development of products and changing their approaches as necessary.

4. Respond quickly to consumer trends.

Gradual growth will also allow you to respond quickly to consumer and market trends, which are often incredibly impactful in uncertain industries. My company routinely waits to release products until we have ensured that the market is primed for our new technology through extensive planning and research. It may be tempting to premiere an exciting product the moment it’s done, but it’s best to wait to introduce the next phase of your business until all factors align.

5. Balance short- and long-term goals.

Finally, an ethos of more gradual development enables you to create short-term plans and adapt to an ever-changing industry while staying true to your long-term goals for the company.

Your ultimate goal might be to grow your company for the next decade or more, but you must break that down into smaller steps. The landscape will likely undergo multiple changes while you pursue your overarching goal, so making more short-term goals and being prepared to pivot between them if necessary is essential.

In closing, the benefits of gradual growth don’t only apply to companies in uncertain industries like cannabis and pharmaceuticals. Companies in any sector can employ principles of incremental growth in their business plans to run their organization more efficiently overall. Whether you choose to fully embrace an ethos of slow-and-steady growth and development or just keep these principles and benefits in mind while conducting business as usual, phased growth can be a game-changer for the stability and success of any company.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?

Read the full article here

News Room July 19, 2023 July 19, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Opec+ plans to boost oil output in bid to win back market share

Stay informed with free updatesSimply sign up to the Oil & Gas…

Dealmakers hit pause on M&A as caution rules the boardroom

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

All hail the equity vigilantes

Stay informed with free updatesSimply sign up to the Capital markets myFT…

Apple races to box office glory with Brad Pitt’s F1 blockbuster

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

EU to stockpile critical minerals due to war risk

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

- Advertisement -
Ad imageAd image

You Might Also Like

Small Business

Why Do We Stay In A Job When We Are Not Happy? Insights To Help You Get The Career You Deserve

By News Room
Small Business

Making A Large Language Model Transparent, Compliant And Reliable

By News Room
Small Business

The Important Initiative For Real Digital Marketing Results

By News Room
Small Business

The Future Of Real Estate

By News Room
Small Business

How AI Is Transforming Healthcare Risk Adjustment

By News Room
Small Business

How Do Hard Knocks Help? 5 Life-Changing Lessons Taught By Adversity

By News Room
Small Business

Lessons Learned From The World’s Most Successful Startups

By News Room
Small Business

Small Business Saturday Encourages Consumers To Shop Small And Local

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?