business growth

Business Growth

What is Business growth?

Business growth can come in many different forms. Basically a growing business is one that is expanding in one or more ways, such as;

  • revenue
  • profits
  • number of employees
  • number of customers
  • company value

The importance of Business growth

Growth is crucial to the long term survival of a business. It drives business performance and profit. It also make it easier to attract and retain talent and to fund investments and asset acquisitions. Business growth can also;

  • lower costs from potential economies of scale
  • deter or reduce the threat of competition
  • greater bargaining and buying power
  • survive market downturns and fluctuations

How to grow your Business

There is no one way to grow your business, it all depends on your ambition, your reasons for growth and the opportunities and resources available. Examples include;

  • strategic partnerships
  • acquisitions
  • improving efficiency in your business 

Key takeaways

You might not want your business to grow. It could be possible that you are content with the current position of your business. You may have a small permanent business, it is important to remember;

  • your competition will always grow
  • you might get left behind in your industry/market
  • your earnings will stay flat
  • you wont be able to pay your staff more
  • you wont be able to pay the business owners more
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Useful Links

Business.gov.au  – Connecting you to information, grants, registrations and support to help your business succeed in Australia.

business.gov.au