Whether you’re a sole trader, in a partnership or run a company, growth and innovation takes the right plans, resources and attitude to succeed. Here’s where you’ll find a guide to what’s involved, and a self-assessment to test if you and your business are ripe to expand.
Whether you develop new products, move into new markets or create innovative business models, strategic growth can lead to substantial financial and personal rewards.
But you need to be ready for any challenges you might face. Consider your strategy, position and capabilities when you are weighing up whether you’re ready to grow your business.
Successful business owners continuously improve and expand their products and services.
Business owners and sole traders who strategically grow:
There are several government-supported programmes and funding opportunities to help you grow your business.
Hone in on what you are trying to achieve and why.
Set goals that are:
The next step is to identify the strategies and tactics you can use to achieve your goals.
Each has its own potential risks and rewards.
Work with advisors to choose which is the most appropriate for you — and continue to do so as you grow. Surrounding yourself with an extensive support network will help you achieve better results.
|Growth strategy||What it’s for|
|Product development||Creating new products and services for existing markets.|
|Market penetration||Selling more existing products and services to existing markets.|
|Market development||Selling existing products and services to new markets, eg another part of New Zealand.|
|Diversification||Developing new products and services for new markets, eg exporting.|
When you take your business to places it’s never been before, challenges will crop up.
Common realities of a growth spurt include:
Liken growth to going up a steep hill in a manual car. The hard work you put in upfront will have few immediate results. But if you keep on course, you’ll build up momentum and speed over time.