Growing your business can unlock more potential
If you have a solid business foundation and are looking for ways to increase your market share, free up your time as a business owner or generate more revenue and profit, it might be a good time to grow your business.
Growth can look like a lot of different things, including streamlining operations or developing new products.
Knowing if you are ready to grow
Once your business is established, has good cash flow and operations are running well, it may be the right time to consider expanding. This decision is individual and will be based on your business goals and opportunities.
Some reasons to consider growing your business:
- Increase your market share
- Keep your business fresh and relevant
- Increase revenue and profits
- Attract more staff
- Make your business more competitive
- Keep your interest and passion for your business.
Often, growing your business will require investment. Having a plan can keep you on track and make the right decisions.
Growing your business Checklist
Explore your options and find what’s right for you and your business
Consider the options you have to grow your business. Focusing on the strategy that will be the most effective is important to give you the best chance of success.
As legislation and requirements are often changing, we aim to point you in the right direction and to the right information. It is always important to check that the information provided is right for you and your business, as every business is different and unique.
Transitioning to digital tools can look like implementing:
- Financial management tools
- Automated marketing tools across platforms
- CRM and date management
- Project management
- Use of AI
Using digital tools can free up time and resources as well as building in strategic activities to help grow your business.
Helpful Tip:
Australian small businesses can access subsidised advisory services to find and implement the right digital tools.
Resources:
Adapting is about being flexible and responsive, allowing your business to remain relevant and effective.
It is the ability to adjust your strategies, operations, or products in response to changing markets, customer preferences, technology changes, or more competition.
It’s not about changing everything. Even small adjustments can be effective in triggering change and growth.
Key aspects of adapting in business include:
Continuous Learning: Staying up to date about industry trends and customer needs.
Flexibility: Being willing to change the way your business completes tasks or business focus based on new information.
Innovation: Developing new products or services to meet emerging demands. Lean on your staff and team, they may have great ideas to innovate!
Customer Feedback: Actively seeking and using customer feedback to improve services and products.
Crisis Management: Quickly responding to challenges or interruptions, such as economic changes or supply chain issues.
Helpful Tip:
Collaborating with other businesses or research bodies can help you understand new market trends or products. Read more about collaboration opportunities.
Resources:
Pivoting is a strategic shift in your business’s direction.
This could be to align with customer expectations, or changes in the market.
Consider pivoting if:
You find yourself with an idea to branch out into a complimentary business line or
Your business might not be meeting the market needs.
Any move to pivot should be based on insights and research gathered.
Some examples of pivoting:
- Changing business premises
- Moving to a digital service offering
- Adding new products or services to your business
- Changing the way you manufacture
- Exporting or importing goods
Helpful Tip:
If you want to explore if you need to pivot, consider the matched funding grant; Business Growth Program to work with an advisor to develop a strategy.
If you have an idea to create a new product or service, having a product development plan can help you see your idea come to life while avoiding wasting money and time.
Steps:
1. Research your idea
2. Make a prototype
3. Have a plan to market your new product
4. Be strategic when launching your product
5. Keep reviewing
6. Think about protecting your idea or IP
Find more in-depth information and set your new product up for success:
Business innovation is about developing new ideas that will have a positive impact on your business and industry.
It is about re-thinking about how things are done to solve problems.
Innovation can focus on:
- Products
- Process
- Business model
- Markets
- Social innovation
The NT Government is committed to and excited about innovation:
Learn more about Innovation in the Northern Territory
Resources:
Funding and Supports to consider
Business Growth Program
Matched funding up to $10,000 to engage a business advisor who can help improve your business performance, sustainability and profitability
BECNT Digital Solutions
Free workshops to understand digital technology solutions.
Reduced cost support from a digital advisor to develop a tailored action plan for your business.
Business Innovation Program
Funding of up to $30,000 to help progress and commercialise your innovation concept.
Territory Workforce Program
Access funding to develop and implement workforce initiatives in the NT.