Once your small business is humming along, the next step may be expanding it.
It’s a dynamic time to be in business or looking to start one in South Australia.
Why pursue growth in your business?
- Keep your profits growing
- Reinvigorate your business and your passion for it
- Develop innovative new products or services which help your customers
- Claim a greater share of the market, making your business more competitive
- Become a leader in your industry or sector
- Create more jobs and employ more South Australians
- Attract and retain talented employees
- Support employees to develop and reach their potential
- Create wealth for yourself, your employees and South Australia.
How do you know if your business is ready to grow?
- Your business has a stable cash flow – steady profits and a growing customer base
- Your industry or sector is poised for growth, e.g., space, defence, health tech, renewable energy
- Your customers' demand for your products and services consistently exceeds your supply and they’re also requesting other products or services.
Ways to grow your business
There are many different strategies for growth. The right ones for you, depend on your business.
Digital economy and expanding online
Harnessing digital technology to improve your business and find new customers by establishing an online presence - website, online shop, social media.
Research and development
Developing new products or services shaped by research into the market and your customers’ needs.
Innovation and diversifying your product or service offering
Creating new ways to do things that save you time and money – including processes, or new products and services.
Exporting and importing goods
Expanding into new international markets by exporting your products/services. Diversifying your offering by importing from overseas.
Implementing sustainable practices in your business which can save you money and boost your ‘green’ credentials, attracting customers motivated by environmental concerns.
Learn more about how to grow your business below.