Four steps for business growth
1. Standardise processes and procedures
Standardising your business’s processes and procedures is the key to scalability. While it’s possible to get away with doing things on the fly when you start out, growth can be painful if you don’t have the right systems in place to begin with.
Think about how your business runs now. Do you have the tools and processes to ensure workflow is managed efficiently? If the answer’s anything less than a resounding ‘yes’, it might be an idea to review this side of your operation.
2. Prepare a business growth plan
Just as you will have needed a plan to get your business started, you’ll need one to help it grow. It’s important not simply to identify your aims and objectives, but also to set targets and completion dates.
If you’re in need of inspiration, here are the top 10 actions taken by Australian small businesses which exceeded their revenue targets in the last financial year:
- Expand to additional premises
- Merge with a competitor/ existing business
- Increase headcount
- Acquire a competitor/ existing company
- Move premises
- Increase investment in marketing
- Purchase any significant new assets/ equipment
- Enter into a new market
- Invest in new technology
- Launch new product(s) to market
3. Ensure you have the right people on board
Unless you want to remain a one-man or woman band forever, you’ll need staff to look after the day-to-day operation of your business while you focus on the bigger picture.
But hiring the right people isn’t an exact science. While experience is clearly valuable, it often comes at a price – be that a higher salary, a jaded attitude, or both. Sometimes it’s better to look for keen, ambitious team members who can grow along with your business.
Ultimately, if your employees aren’t as passionate and committed as you to seeing your business succeed, chances are it won’t.
As the founder and original CEO of Visa, Dee Hock, famously said, An organisation, no matter how well designed, is only as good as the people who live and work in it.
4. Review your business finances
Whether you’re planning on employing more people, investing in new technology, or some other form of growth, it’s crucial to ensure you’ve got the capital to fund it. This is where having a detailed cashflow forecast is essential.
Thanks to its integration with accounting software such as MYOB, a Business+ Account can help clarify your business’s financial position so that you’re able to make plans and move forward with confidence.
Of course, it’s possible that your plans will require more funding than the business is able to generate on its own. If this is this case, it may be time to consider growth finance, such as our Business+ Unsecured Loan, which can help you reach your goals.
Here are just a few reasons why it might be the solution you’re looking for:
- No security required for loans up to $50,000
- Competitive fixed interest rate so your repayments don’t change
- Apply in minutes online or through the Great Southern Bank Business+ app
Ready to apply?
To be eligible for a Great Southern Bank Business+ Unsecured Loan, you must:
- Be registered for GST and have at least $75,000 in turnover.
- Have at least one year’s trading history.
- Not be a tax resident of any country other than Australia.
- Provide guarantees from all directors if your business is a company.
- Have opened a Business+ Transaction Account.
If you meet all the above criteria and are ready to apply, get started online or simply download the Great Southern Bank Business+ app, to create your business profile, and away you go!
Unfortunately, will not be able to apply for a Business+ Unsecured Loan if your business is:
- A partnership.
- A trading trust.
- A company with more than four directors.
