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1. Research and plan

Understand your market and make a clear plan for sustainable growth. This helps reduce risk, keep you on track and measure your progress.

Check where you’re at

Before you can plan for growth, you need to understand how your business is currently performing.

A SWOT analysis identifies your business’s current strengths, weaknesses, opportunities and threats. This information can help you choose areas to focus on when growing your business.

It’s also important to have a clear picture of your financial situation. Do a full financial health check to understand your potential for growth and make informed business decisions.

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Checklist

  • Analyse your strengths, weaknesses, opportunities and threats
  • Review your main financial documents
  • Compare your performance with similar businesses in your industry
  • Use this information to identify opportunities for growth

Research your market

Market research helps you better understand your industry, customers and competitors.

It might involve:

  • looking at statistics about your industry and local area
  • analysing your competitors’ strengths and weaknesses
  • asking current and potential customers what they need.

Use this information to identify opportunities, focus your planning and make better decisions.

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Checklist

  • Understand your industry and local area
  • Work out what customers need from your business
  • Identify your main competitors and their strengths and weaknesses
  • Use this information to identify opportunities for growth

Set goals for growth

Well-defined goals help you take control of your business growth by giving you clear targets to work towards.

Set goals that are SMART: specific, measurable, achievable, relevant and time-bound.

You should also think about the actions, people and resources you need to achieve your growth goals.

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Checklist

  • Choose specific, realistic goals that directly contribute to business growth
  • Set a timeframe for each goal
  • Set measurable targets you can use to track your progress
  • Consider the individual actions, people and resources you’ll need to achieve each goal

Revisit your business plan

It’s important to update your business plan as your business grows.

This will help you:

  • have a plan to achieve your goals
  • manage change in your business
  • consider your changing needs for things like risk management, finance, marketing, intellectual property and insurance
  • get finance from lenders and investors.

Learn more

Checklist

  • Update your business plan with any new goals, business needs and financial information

Review your marketing plan

Marketing and promotion can be an important step in growing your business and customer base.

Update or create your marketing plan to help:

  • attract new customers
  • set clear goals and timeframes for marketing activities
  • plan and evaluate your marketing activities.

If you‘re making big changes to your business, you might also need to update marketing materials such as logos, signs and your website.

Learn more

Checklist

  • Identify your target market
  • Develop a marketing plan to reach these customers
  • Update your marketing materials if needed

Develop your digital strategy

For most businesses, embracing digital tools and platforms is an essential part of growth.

Digital tools can speed up or automate many business tasks, from sending invoices to holding meetings. And digital marketing channels (such as email and social media) are a low-cost way to promote yourself to customers.

But it’s important to plan how you’re going to use digital technologies to support growth. Having a digital strategy helps you:

  • establish digital goals and a direction for your online presence
  • plan and manage digital tools and platforms
  • allocate resources and responsibilities.

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Checklist

  • Set your digital goals
  • Choose channels and tools
  • Decide how you’ll measure success
  • Allocate budget and resources
  • Create an action plan to achieve your goals

2. Get advice and support

Before you make any major changes to your business, get some expert advice. You might also need extra funding to support your growth.

Talk to an expert

If you’re thinking about growing your business, it’s a good idea to talk to a business adviser, mentor or coach. They can help you:

  • solve business problems
  • better understand your business processes and how to improve them
  • set realistic goals
  • develop the skills you need
  • grow your industry networks
  • find funding opportunities.

Use our adviser finder to connect with an expert near you or online.

Learn more

Checklist

  • Talk to a business adviser or other expert about your plans for growth

Learn from others

Events and training can give you skills and connections to help you grow your business.

Attend networking events to:

  • learn from businesses that are further along their growth journey
  • stay up to date with changes in your industry
  • promote your business.

Sign up for workshops, seminars and other training events to get the skills you need to grow your business. For example:

  • planning
  • financial management
  • innovation
  • employing and managing staff
  • exporting.

Use our events finder to sign up for opportunities in your area or online.

Learn more

Checklist

  • Explore and attend training opportunities to support business growth

Get finance to help you grow

You might need some extra finance to fund your growth. The 2 main types are debt finance and equity finance.

Debt finance is money you borrow from a lender, such as a bank. You pay the money back over time (with interest) but retain full ownership of your business.

Equity finance is when someone gives you money in exchange for part ownership in your business. For example, you could sell shares to private investors or take money from a venture capital firm. You won’t have any debt repayments but need to share your profits with investors.

You might also be able to access government grants or other incentives. Use our grants and programs finder to see what you could be eligible for.

Learn more

Checklist

  • Work out if you need external funding
  • Understand different sources of finance and decide which one is best for your business
  • Apply for funding if you need it

3. Review your business foundations

Take a look at the basics of your business, including your structure, processes, relationships and premises.

Reassess your business structure

Changing your business structure can be a part of growing your business.

For example:

  • You bring in one or more business partners. So you change your business structure from a sole trader to a partnership.
  • You want to protect your personal liability when you hire employees, make an investment or buy assets. So you change from a sole trader or partnership to a company structure.

Changing your business structure can have legal and tax implications. So it’s a good idea to get help from an expert first.

Learn more

Checklist

  • Research the pros and cons of changing your business structure
  • Get advice from a business adviser or other expert

Update your policies, procedures and processes

As your business grows and employs more staff, it’s important that everyone has the same understanding and expectations.

Clear policies, procedures and processes help you:

  • clarify who is responsible for things in your business
  • make consistent decisions
  • perform tasks the right way
  • meet your legal and regulatory requirements
  • reduce the risk of something going wrong.

Learn more

Checklist

  • Review your existing policies, procedures and processes to make sure they meet your growth goals
  • Identify any new policies, procedures or processes you need to support growth
  • Consult your staff before introducing or updating policies, procedures or processes
  • Make sure staff can understand and access them easily

Take a look at your business premises

Growing your business often means finding a new location. For example, you might have outgrown your existing premises or want to open additional shopfronts.

Don’t rush into anything. It’s important to define your needs, do your research and find the space that works best for your business. That includes deciding whether you’re going to lease your new premises or buy them.

Also consider any equipment you’ll need to buy or lease, such as tools, machinery, computers and furniture.

Learn more

Checklist

  • Work out what you need from your business premises and equipment
  • Decide whether to lease, buy or stay in your existing space
  • Choose a location
  • Get legal advice before signing a contract

Review your suppliers

Your priorities can change as your business grows. That may mean you need to change suppliers or update contracts with your existing suppliers. For example, you might need more stock or materials than your current supplier can provide.

Research and compare suppliers to find the ones that best meet your changed business needs. Negotiate a contract that works for both of you and put in the effort to build a productive long-term relationship.

Learn more

Checklist

  • Research new suppliers and compare them to your current suppliers
  • Choose a supplier that meets the needs of your growing business
  • Negotiate a contract you’re both happy with
  • Communicate regularly with your suppliers

4. Get more customers

Growing your business often means attracting more customers. Decide how to expand your customer base to increase revenue.

Start selling online

Selling your products or services online is a great way to reach more customers, including people in other parts of the country (or world). It opens new options for promotion and lets customers buy from you at any time of day.

The main options for selling online are through:

  • your website
  • social media
  • online marketplaces such as eBay, Amazon or Etsy.

Whatever option you choose, make sure you’re protecting your customers’ personal information and payment details.

Learn more

Checklist

  • Research the best channels for selling your product or service
  • Decide which payment methods you’ll use
  • Know how to protect customer information
  • Set up your online store

Expand your social media presence

Social media is a low-cost way to promote your business and attract new customers.

Like all types of marketing, it’s important to understand your target audience for social media. Think about who you’re trying to reach, the social media platforms they use and the type of content they like.

Plan your posts in advance and post regularly. A social media management system can help you schedule posts and measure how effective they are.

Learn more

Checklist

  • Understand how your target customers use social media
  • Decide which social media platforms to use
  • Create a content calendar and plan posts in advance
  • Decide who will monitor your channels and respond to messages

Start exporting

Exporting your goods or services can expand your business into new overseas markets. Exporting also has risks and drawbacks, so it’s important to understand what you’re doing.

Before you start exporting, do your research and make a plan that includes:

  • target markets
  • customs requirements
  • international IP
  • other legal requirements
  • overseas marketing

Learn more

Checklist

  • Understand the benefits and risks of exporting
  • Research overseas markets
  • Know your legal requirements (in Australia and overseas)
  • Create an export plan
  • Build international partnerships and negotiate the contracts you need
  • Organise freight and logistics

Franchise your business

Franchising means licensing your brand and business systems to someone else. They run their own business using your systems and pay you fees or royalties.

Franchising can be a way to grow an already successful business. But both you and your franchisee need to meet strict legal requirements and obligations.

Learn more

Checklist

  • Understand the franchising system in Australia
  • Know the laws you need to follow when franchising
  • Make sure your business model is suitable for franchising
  • Get help from an accountant, lawyer and business adviser

Contract to government or large companies

Government agencies and large companies often buy products and services through tenders. They publicly advertise opportunities, businesses bid for them and the successful bidder gets the contract for the work.

Selling to government or big organisations can be a great way to grow your business and build long-term relationships. But it’s important to understand the tendering process and any contracts you enter into.

Learn more

Checklist

  • Look for tenders and contracts online
  • Know how to sell to government
  • Understand a contract before you sign it

5. Expand what you offer

Grow your business by expanding the range of products or services you offer customers.

Innovate

Innovation means coming up with new ways to do things. That includes changing processes and inventing new products or services.

As well as expanding your product offering, innovation can save you time and money, which gives you more resources for growth.

You may be eligible for financial support for innovation, including the Australian Government’s Research and Development Tax Incentive.

Learn more

Checklist

  • Identify innovation opportunities
  • Decide whether to partner with others
  • Start building a culture of innovation in your business
  • Update your business plan with your new ideas and processes

Create a new product

Developing a new product is an exciting way to expand what you offer customers. But it’s important to do it the right way. That includes:

  • understanding your customers and their expectations
  • researching, testing and refining your idea
  • organising production
  • planning your marketing and launch
  • reviewing and improving your product after launch.

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Checklist

  • Research your idea
  • Make and test a prototype
  • Organise supplies, manufacturing, packaging and other production
  • Plan your marketing
  • Launch your product

Start importing

Importing goods from overseas can help you reduce costs or sell products that aren’t available locally.

However, there are laws and costs to consider when importing, including:

  • customs clearance processes
  • rules for prohibited goods
  • product labelling requirements
  • duties, taxes and other fees
  • transport, storage and insurance costs.

It’s a good idea to get a licensed customs broker to help you understand your requirements and import your goods.

Learn more

Checklist

  • Check if you’re allowed to import your goods
  • Get a customs broker to help you import your goods and meet the law

Manage your IP

When you create a new product, service, process or idea, it’s considered your intellectual property (IP). To stop others from copying your idea, you need to protect your IP.

You must register some IP rights before you can claim ownership. This includes trade marks, patents and design rights.

Other types of IP are automatically protected, such as copyright and circuit layout rights.

Learn more

Checklist

  • Identify your IP assets
  • Apply for IP rights in Australia and overseas (where needed)
  • Monitor the market for anyone infringing your IP rights

6. Grow your workforce and capabilities

As your business grows, you’ll probably need more people and skills to do the extra work.

Hire new staff

Before hiring a new employee, think carefully about the skills your business needs. Also consider what type of employee you need – full-time, part-time, fixed-term or casual.

Once you’re clear on the job description, you can advertise, interview and recruit the right candidate. Make sure you understand the laws around equal opportunity and workplace rights.

Our guide to hiring employees can help you find the right person and follow the law when hiring staff.

Learn more

Checklist

  • Work out your staffing needs
  • Understand your obligations for pay, leave, superannuation and other entitlements
  • Recruit the employees you need
  • Create and sign an employment contract

Get help from contractors

Contractors can help with short-term projects or provide expertise as you grow your business.

You need to understand the difference between employees and contractors – it’s not as simple as whether they have an ABN or send you invoices. This will help you meet your legal obligations.

Negotiate a contract that works for both you and the contractor. This should include who owns the rights to any intellectual property.

Learn more

Checklist

  • Make sure the worker is a contractor, not an employee
  • Understand contractor rights and protections
  • Negotiate and sign a contract for the work

Add an apprentice or trainee

Hiring an apprentice or trainee is a great way to grow talent and develop a skilled workforce in your business.

Apprentices and trainees get:

  • on-the-job training
  • a formal qualification from a registered training organisation (RTO)
  • lower pay rates than other employees
  • the same employment conditions as other employees.

Your business may qualify for financial support to hire an apprentice or trainee.

Learn more

Checklist

  • Decide if an apprentice or trainee is right for your business
  • Understand your obligations as an employer
  • Find an apprentice or trainee
  • Sign and register a formal learning agreement

Develop your staff capability

Training and professional development gives your staff the skills and capabilities they need to help grow your business. It also improves their job satisfaction.

Provide training for the skills you want to develop in your employees. But you should also work with each staff member to tailor a development plan that takes their career goals into account.

Learn more

Checklist

  • Identify the skills you need to develop in your business
  • Organise training for these skills
  • Work with each employee to make a development plan for their long-term goals

Use AI to improve efficiency

Your workforce may be able to use artificial intelligence (AI) to speed up or automate some tasks and processes. For example:

  • sales and marketing insights
  • research
  • writing and content generation
  • customer support
  • summarising meetings and documents.

Using AI effectively can make your business more productive and help you grow. But you need to have a plan for adopting AI. Make a list of the growth goals AI could help with and then trial some tools to find the right ones.

Get your staff involved in adopting AI. Explain that you’re not introducing AI to replace them – you’re using it to make their lives easier and enhance their existing skills. It’s also important to understand the risks of AI and how to use it safely and responsibly. 

Learn more

Checklist

  • Identify the business goals and problems AI can help with
  • Research and test AI tools
  • Get your staff involved in adopting AI
  • Understand how to use AI responsibly

7. Manage growth

Growth comes with risks that you’ll need to manage carefully. This includes looking after your staff, customers and the environment.

Know how to manage change

Growth will bring change for your business and employees.

To ensure your business grows smoothly, it’s important to:

  • know what’s changing and why
  • have a clear plan for managing these changes
  • communicate clearly with staff about the changes
  • encourage a culture of change in your growing business.

Learn more

Checklist

  • Create a change management plan
  • Communicate the plan to your staff and stakeholders

Understand your new obligations

Growing your business can trigger new tax and legal obligations.

For example:

  • If you’re expanding your products or services, you might need new licences and permits.
  • If your expected annual turnover grows past $75,000, you’ll need to register for goods and services tax (GST)
  • If the total wages you pay each month goes above a threshold, you may need to pay payroll tax. The threshold is different in each state and territory.
  • If you have more than 19 employees, you might have additional responsibilities under workplace law.
  • If your annual turnover is more than $3 million, you must comply with the Privacy Act when handling customer information.

Talk to a business or legal adviser to make sure you meet any new business obligations.

Learn more

Checklist

  • Talk to an expert to understand your changing obligations

Maintain customer relationships

It’s important not to let any customer service standards slip as your business expands.

Maintaining good customer relationships means your existing customers stay loyal. They are also more likely to promote your business to new customers.

Learn more

Checklist

  • Develop policies and procedures for customer service
  • Communicate with customers regularly
  • Use a customer relationship management (CRM) system to keep track of your growing customer base
  • Ask customers for feedback and use it to improve your business

Manage your environmental impact

As your business grows, so does its potential impact on the environment. You can minimise this impact through good environmental management.

As well as benefiting the planet, environmental management can:

  • help you follow environmental laws
  • reduce your costs by spending less on raw materials, energy, water and waste management
  • be good for your business reputation
  • improve workplace health and safety.

Learn more

Checklist

  • Understand which environmental laws apply to your business
  • Get an environmental audit
  • Set up an environmental management system
  • Monitor and report on your impacts

Protect your business

Now that your business is growing, it’s more important than ever to protect it from unexpected events.

This includes:

  • managing risks
  • getting the right insurance
  • being cyber secure
  • tracking your finances
  • protecting your brand and reputation
  • understanding and following the law
  • ensuring staff members' health and safety
  • preparing for natural disasters and emergencies.

Our guide to protecting your business outlines some ways to keep your growing business strong and resilient.

Learn more

Checklist

  • Read the guide to protecting your business