Most businesses experience a life cycle that spans from inception to eventual decline. The five stages of the business life cycle illustrate this progression. The 5 Stages of a Business Life Cycle Extending a business's vitality requires strong leadership—people capable of rejuvenating the organization. This includes introducing fresh ideas, embracing new perspectives, applying sound financial judgment, and making strategic, evidence-based decisions.
The study referenced below reinforces the idea that CEO performance—and likely might be expanded to the performance of other executives—directly impacts organizational success. Sometimes, maintaining or improving firm performance may require leadership changes. It is ultimately the responsibility of the board and organizational leadership to assess capabilities and make decisions that ensure the highest quality individuals are in place.
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