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March 17, 2017

Opportunities for business growth

You might be looking to create new products, find new business processes, or just be motivated to keep going. Whatever you decide, considering ways you can grow your business and adding them to your business plan, will help you towards your business goals and find new ways to achieve success.

Business.gov.au have included a number of ideas to gather inspiration and find new opportunities for your business growth. You could try:

  • learning a new skill that can be used to improve your business
  • updating your knowledge by attending business or industry related workshops and events
  • networking with other business owners or people in your industry to share ideas
  • reviewing your business goals and plans to identify opportunities for improvement
  • researching other businesses to see what has worked for them

Growing your business checklist
Use our Growing your business checklist to guide you through options to grow your business.

Ways to grow your business

If you are wondering how to grow your business, we’ve also included some ideas and opportunities for business growth below:

Attend business events
Small business workshops and seminars are run regularly in most areas of Australia, and deal with issues such as planning, financial management, innovation, employing staff and exporting.
You may also find it useful to attend networking events to help increase your business. By developing networks, you can keep up-to-date on industry and local information, promote your business through new contacts and learn key skills from other businesses.

There are a number of government services available to help you expand or improve your business. These services can provide general advice, workshops, seminars and networking events, and can even match you with a mentor or business coach.
Browse our Events for networking events or workshops in your area.

Take on a mentor or business coach
Participating in mentoring or coaching programs can help you develop a greater understanding of business processes and practices, and equip you with the skills you need to grow and improve your business. Find mentoring services for business in your state or territory.

Collect information and conduct market research
Collecting information from businesses, government bodies, trade publications, customers, industry associations and market reports. This information can assist you in revising your business and marketing plans, provide information on the activities of your competitors and help you identify new areas to grow.
Benchmarking against other businesses may include researching speaking to businesses in your industry to learn different or improved ways to run your business. Establishing a network with these businesses will also ensure you regularly share skills and keep up-to-date on industry and local information.

Review your business plan and marketing strategy
Your business plan got you this far, but frequent planning is crucial to the ongoing growth of your business. As your business expands, you should regularly review and update your plans accordingly.
Once you have a clearer understanding of market trends you are then able to implement practices to help your business grow. Ensure that your revised marketing strategy reflects your research and implements the associated results.
Check out our free templates and tools to help you get started in developing your business plan or marketing strategy.

Review your financial performance and procedures
Reviewing the financial performance of your business and your financial procedures can help you assess the areas in which you may improve on. Read finance and accounting to better understand how to analyse and improve your business finances and performance.

Seek out tenders and contracts
Expanding your business may mean you can access greater opportunities to do business with government. There are a number of government tender opportunities available across Australia.
You may also want to consider whether collective bargaining is an option for you. Collective bargaining is an arrangement under which two or more competitors in an industry come together to negotiate terms and conditions (which can include price) with a supplier or a customer.

Implement an innovative business culture
Implementing a business culture of innovation can assist you in generating new ideas and improve the way you run your business. An innovative business culture will assist you in staying on top of market trends and adapting to external factors to help your business not just survive, but thrive!
Read Research and Innovation for ideas on how to implement an innovative business culture in your business.

Consider importing or exporting your goods or services
Being aware of the import permits, quarantine permits, restrictions and treatments on your goods before you import can save you a lot of time and money.
Before you import goods, you should find out whether they are subject to mandatory safety or information standards.
Some goods may carry special restrictions or may even be prohibited from being imported. If your goods contain industrial chemicals like cosmetics, solvents, adhesives, plastics, inks, printing and photocopying chemicals, paints, household cleaning products and toiletries, they will require additional registration.

Customs will also need to clear your goods on import. You will need to know what permits, duties and import regulations apply.
If your goods also fall under quarantine regulations, the Department of Agriculture will need to inspect and possibly treat them.

Expand your business online
Expanding your business online can help you gain access to more customers and expand your customer base. In can also assist in building awareness of your business and what it offers as well as making it easier for people to search for you.
Read online business to better understand the steps towards setting up an online presence for your business.

 


Visit this link to find out more www.business.gov.au/Info/Run/Research-and-innovation/Opportunities-for-business-growth
Business.gov.au has a wealth of information for small business owners
© Commonwealth of Australia 2016 – Department of Industry, Innovation and Science





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