Smes’ Growth Stage Model: A Literature Review and Development Model

Abstract

Growth Stage Model (GSM) is essential especially for Small and Medium Enterprises (SMEs) in order to know their position in the industry, setting their growth strategy to forecasting their future movement. The development of GSM evolves over time with a modest 4 (four) stages to the current 6 (six) stages. The measurement, variable used and indication of each model also develop. This article is a literature study article which will compare, summarize and synthesize the literatures about GSM. Finally, this article find a challenging moment created by industrial revolution 4.0 that effected business especially SMEs in their growth stage. Hence, this article provides the proposed model of modern GSM as an answer of industrial revolution 4.0 challenge to business world.

Resilience as Bottom-Line Strategy Towards Business Sustainability: a Review

“…However, international research has led to the use of growth stage models in company finance schemes with strong accounting literacy [29], knowledge development [30], trust level to e-government [31]. With the development of various models and their implementation, GSM can assist entrepreneurship/management in the process of determining business strategies according to the stages of their business growth [32]. This is because each stage of the business has different approaches, needs, and challenges that necessitate different strategies.…”

Embracing Crisis: What Change in Business Resilience and Growth Strategy After Pandemic

“…Recent literatures explored the relationship between purchasing risk and consumer attitudes in growth stage of product life cycle (Horvat & Ozretić Došen, 2013). Other stated how digitalization, industry revolution and dynamic shorten business growth stages from 6 stages to 3 stages (Bachtiar & Amin, 2019) where rapid change and competitors become main reasons behind this phenomenon. Apart from that, growth stage model is essential to choose a right time for diversification strategies where this model provides suggestion and show possibilities to do so (Bachtiar, 2020).…”

“…GSM model developed overtime. However, there is always similar pattern in each model which are strategies to overcome each stage, curve in showing business growth and business development over time (Bachtiar & Amin, 2019;Churchill;& Lewis, 1983;Greiner, 1972;Steinmetz, 1969;Storey & Greene, 2010).…”

Tips Membangun Usaha di Masa Pandemi

“…Langkahlangkah tersebut dilengkapi dengan strategi praktis sehingga para pembaca dapat mengimplementasikannya dalam membangun usaha mereka sendiri. Tahapan yang diusulkan ini disusun berdasarkan pengalaman penulis dan merujuk pada beberapa tulisan ahli (Bachtiar & Al Amin, 2019), (Bachtiar N. K., 2020), (Osterwalder & Pigneur, 2010), (Osterwalder, Pigneur, Bernarda, Smith, & Papadakos, 2014).…”

“…Siklus hidup produk dituangkan dalam model pertumbuhan usaha atau Growth Stage Model (GSM) yang mengalami perkembangan berkali-kali sejak disusun pada tahun 1969 (Steinmetz, 1969). Perkembangan terakhir dari model ini dapat ditemukan pada model the 4.0 GSM (Bachtiar & Al Amin, 2019) yang akan dipakai sebagai landasan dalam menyusun tips praktis dalam technical notes ini, sebagaimana disajikan pada Gambar 2.…”