6 ways to help grow your business

Wondering how to grow your business? Even the most successful business owner can be forgiven for wondering how much bigger and better their enterprise could be. If expansion is on your mind, here are 6 ways that could help you achieve it. 

 

What we’ll cover

1. Government support and grants
2. Expanding your products and services
3. Seeking new markets
4. Investing in expansion
5. Optimising your marketing efforts
6. Broadening your social presence

 

1. Get government support and grants

Government-funded grants are available in a wide range of industries, specifically to fulfil obligations to support growing businesses. The research and application process may be complex and time consuming, though as you’ll be investing that time in securing the grant, but it’s generally well worth the effort.

 

To find out what’s available, start by searching ‘<Your state or territory> business grants’. Or use the Australian Government grants and programs finder tool.

2. Expand your products and services

However successful your business is, market forces could change without notice, so it’s best not to get complacent. It’s a good option to invest time in staying ahead of the curve. Whether it’s a variant or an improvement on an existing product or service, or a new area of operations, innovative thinking could help you grow your business and give you opportunities for PR and promotion.

 

• Brainstorm ideas for expansion with trusted team members as well as customers
• Research the market and make sure you’re matching or bettering what competitors are offering
• Search overseas markets for sources of inspiration
• Study customer feedback to identify ways to expand and improve
• Hold research sessions or catch-ups with customers to fully understand and respond to their needs.

3. Seek new markets

Stepping up production to satisfy new customers, or training more staff to offer services in more areas, are two ways that could help grow your business. So how best to expand your market? Ask yourself:

 

• Do you have a business model that could be operated in a different state?
• Is your business suitable for franchising to entrepreneurs in other geographic areas who want their own business?
• Would an improvement or variation of an existing product or service open up new markets to get more customers?
• Could a different price point – premium versus economy – open up new opportunities?
• Is it time to invest in identifying and advertising to specific target markets?
• Are you fully utilising your existing customer base by cross-selling products or offering incentives based on larger orders?

4. Invest in expansion

If it’s infrastructure and equipment capacity that could limit how your business grows, explore the cost of upscaling either through purchase or leasing. It could be a good idea to sit down with a business banker to discuss what finance options might suit your needs and growth aspirations. Examples include:

 

• A business loan provided for a specific purpose, which is secured by an asset you own such as a property.
• An unsecured business loan that doesn’t require asset security but a directors guarantee may be required.
• Specialist vehicle and equipment finance, which could be in the form of a lump sum loan, a lease (where you use a vehicle for an agreed period, after which it goes back to the lender), or hire purchase (where you’re ‘renting’ a vehicle or equipment until it’s paid off and becomes yours).
• A business overdraft or ‘line of credit’, simply providing access to extra funds to support your cash flow as you grow your business.

5. Optimise your marketing efforts

Marketing guru John Wanamaker once said, “Half my advertising spend is wasted. The trouble is, I don’t know which half.”1. It’s a common problem for many small businesses, though the answer generally lies in experimentation, research and analysis.

 

• Explore ways to measure the success of your marketing, even if it’s as simple as ‘where did you hear about us?’ surveys
• Be clear about your target market, which may inspire niche ways to appeal to customers
• How do you want your brand to be perceived in the market? Consider the personality and tone of voice
• Think carefully about what’s unique or special about your product or service, to differentiate it from others
• Experiment with different mediums and messages, gauging responses to each
• Talk to customers to get a deeper understanding of their needs, then address those needs in your marketing messages
• At the same time, ask for customer testimonials you can use in advertising and on social media
• Develop a customer loyalty program and consider other customer relationship management (CRM) strategies that will lock customers into your product or service 
• Organise industry-related networking events with other business owners that benefit both you and your customers
• Optimise your website for search engines (SEO) using words and phrases in headlines and body copy that are likely to be searched for by potential customers
• Regularly revisit and review your marketing plan and digital marketing strategy.

6. Broaden your social presence

Make sure you’re visible to your customers in the social media they use for news and entertainment, whether it’s Instagram, Facebook, TikTok or specialist business platforms such as LinkedIn.

 

• Create news-sharing channels that demonstrate your authority in your business sector 
• Incentivise people to follow your business by offering industry insights, new product information and exclusive deals
• Post case studies and testimonials to keep your business top of mind and demonstrate the great customer service you offer
• Share videos that support the positioning and personality of your business and staff
• Consider ways to share any aspects of your business that demonstrate how you practice corporate social responsibility.

To sum up

Guiding a business through a growth phase is an exciting challenge for any business owner, though you’ll need to ensure that your expansion plans are affordable and manageable. Use this guide for thought starters and check out more articles on business growth strategies in the Growing your business section of our website.