Are you are thinking about expanding your business?
To capitalise on the initial momentum of a new business and in turn establish a profitable long term business, business owners need to understand and implement different practices to achieve this growth.
Here are some suggestions that could help you grow your business.
1. Collect information
Consider collecting information from businesses, government bodies, trade publications, customers, industry associations and market reports. This information can help you to revise your business and marketing plans, analyse your competitor’s activities and help you identify new growth areas.
2. Review your marketing strategy and business plan
A marketing plan provides direction and ensures a clear approach to promoting your business. By increasing your efforts in marketing and promotion you can expand your business and customer base. If you have made significant changes to your business, remember to also update your marketing materials, such as business cards, signage and logos.
By regularly updating your business plan, you can better adapt to internal and external changes to your business. As your business expands, you will need to reconsider how to best deal with issues such as risk management, finances, marketing, intellectual property, insurance and your business structure.
3. Benchmark against other businesses
Benchmarking is when you speak with businesses in your industry and learn different or improved ways to run your own business. Establishing a network with these businesses will also make sure you regularly share skills and keep up-to-date on industry and local information.
4. Adhere to standards and codes of practice
Businesses should already adhere to mandatory standards under the Competition and Consumer Act 2010, such as product and consumer safety. By adhering to voluntary standards, you can give your customers more confidence in the quality of your products and services.
5. Improve your financial situation
Managing your business cash flow is vital to the success of your business. There are several ways you can improve your financial situation, such as seeking professional advice, introducing financial systems or obtaining financial training for yourself or your employees.
6. Grow your workplace
As your business grows you may need additional staff with different skills or even employ staff for the first time. Making the right choice and meeting employee obligations can make sure your business continues to succeed. Continually upgrading your own and your employee’s skills is also an important step in growing your business. Attending training on new technologies, industry topics or refining your internal processes, such as financial management, can help increase your profits, productivity, staff motivation and customer satisfaction.
As your business grows, the size of your operations, staff or even the quantity of your stock may mean you need to move to larger premises. Before you move, you should carefully assess the right amount of space for your requirements, research area demographics and economic characteristics to see if they are suitable for your type of business. Choosing to buy or lease is a very important decision, as each option will have different financial implications for your business.
7. Expand your business online
An online business or simply selling your products or services online can help you reach a much wider customer base. An online shopfront can also help you tie your online presence with your sales system.
8. Franchise your business
Once you establish a successful business, you could consider expanding your operations by franchising. Franchising is a way of selling to others the right to run a style of business and sell a product or service for a period of time.
9. Investigate funding options
Grants and other funding programs are available from Australian, state and territory governments and in some cases, from local councils. There are grants and other forms of financial assistance available for a range of business activities such as expanding your business, research and development, innovation and exporting. Find available grants through the Grants and Assistance Finder.
10. Export and import
Growth through expanding your market overseas can mean bigger profits and bigger risks. Successful exporting doesn’t happen by accident — it needs careful planning and commitment. Before you import goods, you should find out whether they are subject to safety or information standards.
