growing your business

What does your business need to grow? Work out what you need to get there

What’s next? 6 steps to plan your business growth

Launching a new business is exciting – but you can really have some fun once your business is established. The key to growing your business is to plan ahead and be clear about what you’d like to achieve.

Here are 6 steps to help you create a plan and find opportunities for business growth:

1. Take a look at your business

Assess where you are now and where you would like your business to be in one, three and five years. What would you like your business to look like? How will your role in the business change over that time?

2. Review your business plan

Spend a few hours or even a whole day updating your original business plan with new goals and objectives. This will inspire you to find new solutions and is essential if you’re looking for funding or investment to grow. Download our business plan template as a guide to update your original plan.

3. Do a SWOT analysis

Identify your Strengths, Weaknesses, Opportunities and Threats to highlight areas for growth and expansion and those you can improve on.

Once you have everything down in writing, you can brainstorm ideas to make the most of your strengths and opportunities and find areas to address your weaknesses and threats.

4. Increase your visibility

There are limitless ways to get your business seen online and offline, so it’s worth creating a marketing plan to be visible in front of the people who matter to your business.

Get involved in community events, explore some different methods of advertising, use social media pages or speak to a marketing consultant for some fresh ideas on how to get your business seen.

5. Consider new partnerships or investment opportunities

Going into partnership, merging or buying an existing business can all be ways to grow your existing business. You can also invest your profits in growth assets such as shares and property to diversify your risk and further your income. A self-managed super fund is another alternative. Each of these options have pros and cons which need to be considered carefully.

6. Ask the experts

When it comes to getting advice and information, there are plenty of small business mentors and advisors, industry experts, market research companies and marketing professionals you can choose from. You may even have friends or family with business experience and some fresh thinking.

Sustaining growth means you can enjoy what you do and make the most of being in business - if you’d like to speak to someone about how to grow your business, contact one of our Small Business Specialists today.

Bankwest SWIFT code: BKWAAU6P | Find your BSB by logging into Online Banking.

© 2016 Copyright Bankwest, a division of Commonwealth Bank of Australia (Bankwest) ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.