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.
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.
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.
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:
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:
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.
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.
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.
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The information in this article is general in nature and does not take your objectives, financial situation or needs into account. Consider its appropriateness to these factors; and we recommend you seek independent professional advice about your specific circumstances before making any decisions.