Iteration in a business is the concept of repeating a process, analyzing the outcomes each time, and modifying for ultimate efficiency in hopes to achieve a certain objective or outcome.
The process of iteration is used to achieve a long-term goal, by slowly and meticulously repeating a certain strategy that has proven to be successful. This process allows a company to repeat the process once, be better off than they were before, and then begin the process again from their new advantageous standpoint. The key of iteration is to examine the process each time, identify possible improvements, and apply those to the next round.
For example: If a company’s goal is to make $1,000.00 but they are only able to sell one of their products for $100 each week, then an iterative process will come into play. Week one they make $100, now they're only $900 away from their goal. They repeat the process until they can scale up. At that point, they have the resources to sell two of their products each week, allowing them to make $200/week and doubling their weekly revenue. They are still using the same process, but through iteration, they are able to perfect the process, save the resources to scale up, and grow at a faster rate. Iteration is essential for any business to ensure continual success and growth.