Building a small business can feel akin to pushing a boulder up a mountain. For small business owners, the daily minutiae of business management takes a lot of time away from development strategising, which means it’s all too easy to find yourself treading water rather than moving in any real direction.
This is the trap that millions of Aussie entrepreneurs fall into – and we’re not exaggerating when we say millions. The great majority of Australia’s business landscape is small businesses and sole traders, so the silver lining is you aren’t alone in your business management woes. As an entrepreneur existing in a vibrant landscape with many passionate peers, there are ways that you can build your business and scale your enterprises sustainably.
Here are some of the tried and tested strategies that SMBs across Australia are using to scale up to greater heights.
Invest in strategic outsourcing
Agility is the name of the game when it comes to scaling sustainably, and the best way to keep your business agile is naturally to keep your overheads low. This means investing in strategic consultancies, like a dedicated outsourced CPA for bookkeeping and taxation, as well as management consultants, financial advisors, marketing consultants, tech and transformation consultants, and all these other tasks that may be easier and more cost-effective to outsource rather than to hire in-house.
Of course, consultancy invoices for businesses are like subscriptions eating up your personal bank account every month, so it pays to invest strategically here. Think about what your business goals are and what kinds of consultants will get you where you need to go. Need ISO Certification within a fixed timeframe to apply for bids and tenders? Then speak to your local ISO consultants in Sydney. Need support with a graphic design project for a marketing campaign? Then partner with design and marketing consultants to get the work sorted.
Commit to continuous improvements
On the topic of ISO Certification, one of the reasons why these accreditations are so sought after is simply because they’re an investment in the operational health and longevity of your business. With strong, systems-based processes and procedures, your business can operate with reduced risks of incidents, financial losses, and customer losses.
Having strong systems also helps small businesses take better ownership over their own growth and development planning. Your systems need to evolve as your business does, so with ISO frameworks in play, your team can enjoy a more linear, easily accessible approach to continuous improvements.
This in a nutshell, is also why high-value partners look at ISO accreditation, industry awards, and other reputable and recognisable trust signals when assessing prospective partnerships. If your business looks like a trusted entity, you’re more likely to accrue organic collaborations, which means more projects and commercial opportunities.
Secure relevant business directory listings
They say the best way to get noticed is by adding your business to the Yellow Pages. Well, maybe that was the case twenty years ago. But now, everyone is flocking to the world wide web to find service providers – so where should you be listing your business?
Thankfully, there are a wide variety of business directories for you to add your company details to, including our own local Parramatta business directory that you can find here on our website. Alongside local business directories, there are also industry directories, and even private network directories (i.e. school alumni directories, union directories, real estate agency directories, etc.), where you may be able to advertise your business year-round and for free.
It’s all about putting as many feelers out there as possible, and giving your prospective customers and clients plenty of channels where they may be able to find you.
Build strong relationships and partnerships
Customer acquisition is one part of the equation for sure. After all, every business wants to maintain a large, consistent revenue stream. But if you’re looking to scale your SMB, then growing your professional network is just as important.
The key to doing this? Becoming an active contributor to your wider industry and professional landscape. Attending networking and industry events can help you advocate for your business and accrue more high-profile partnerships, which will in turn, help grow your portfolio to include a dynamic variety of projects. And the more experience your business has servicing these dynamic client types, the more high-profile inquiries you’re likely to receive in turn.
A strong business network can also help you gain access to opportunities that otherwise wouldn’t have been available to you – even if you have contacts in the same industry as you and with the exact same client base. If, for instance, your partners experience an influx of leads, they may opt to send referrals your way. Those are leads coming to you totally independently of your own formal lead pipelines. How good is that?
Take advantage of development and accelerator programs
Finally, as Australian small business owners essentially make up the fabric of our national economy, our local, state, and Federal government entities are constantly developing initiatives to support small businesses across the country. There are a wide variety of rebate schemes and even business accelerator programs for budding entrepreneurs to take advantage of.
Here in Parramatta, for instance, we’re seeing the City of Parramatta’s Small Business Program return for the year, offering opportunities for local business owners and industry leaders to attend free workshops and connect with like-minded entrepreneurs. Through Council’s website, local business owners can also access the City’s Guide for New Businesses, packed full of resources for helping aspiring business owners set up shop sustainably in Parramatta.
If you’re involved in any industry bodies and union groups, you’ll likely also have a good amount of development programs and initiatives available to you there as well. And again, we have to mention the power of alumni communities as well. Look to your academic, professional, local, and public sector support networks to find all the development opportunities that are available to you.
Chart your business development strategy with confidence
Scaling your small business doesn’t need to be a task you take up alone. Whether you’re working with a staff of just one person or a staff of twenty, there are resources out there to help you roll out a plan of action that aligns with your business growth and development goals.
The best thing you can do when starting out is to simply ask yourself: where do I want to be in a year’s time? Where do I want to be in five years’ time? And work towards that reality.
The above article is paid content, and any information presented should be independently verified before making any decisions as a result of the content. This article does not constitute advice of any kind, nor does it represent the opinions of the website publisher.