Goldsmith Technology Commercialization Model
Step 18: Business Maturity
When the business finally reaches an effective and efficient operational level and is achieving all the milestones envisioned, it is time to rethink the business plan. Recognizing that the environment is continuously changing, so should the business.
The objective is to maximize the return on investment. Management should explore every opportunity to grow revenues and maximize the business value. At some point in time, one way or another, an exit strategy will occur.
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.
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
Funding Sources: Venture Capital (mid/late stage rounds)
Business Information: The business maturity step will usually result in knowledge of potential exit strategies, opportunities for business diversification, emerging industry changes, new market demands and expectations.
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?