10 ways to grow your business in 2024

When you start your business, your goal is to establish your business and start growing. Growing your business takes time, dedication and patience. Check out our 10 top tips to help you find growth opportunities and reach your business goals.

10 tips to grow your business

1. Talk to a business adviser

Connecting with a business adviser or mentor can help you:

  • solve business problems
  • connect you to funding
  • grow your industry networks
  • find opportunities for growth.

Search Adviser finder to find a business adviser near you or online.

2. Sign up for business events and workshops

Business workshops can help you develop your business knowledge and skills or networking events is an opportunities to learn from other businesses and keep up-to-date on your industry. Start searching Events finder to find events, training and networking opportunities near you and online.

3. Apply for a grant or program

Applying for a government grant or program can offer support or funding to help you research, expand or find new ways to improve or grow your business. Check out Grant finder to find grants, loans and support programs from across government.

4. Consider changing your business structure

As your business evolves, consider whether you might want to change your business structure. Restructuring can help you to be more profitable, improve processes and adapt to the changing needs of your business.

The most common business structure changes are:

  • sole trader to a company
  • sole trader to a partnership
  • partnership to a company.

5. Research your market

Market research helps you to learn about your customers and their needs, and it can be a great way to expand your business. It can be as simple as reviewing your existing data you have on hand, like your website traffic or customer loyalty program information.

6. Review your financial position

Healthy finances are important for business growth. Cash flow can be unpredictable for business owners, so it’s important to check in with your income and expenses regularly and make small adjustments when needed.

If you need to improve your financial situation, here’s some ways to review and improve your cash flow:

  • review your current expenses
  • review your current inventory or stock
  • consider if your prices still cover the cost of the product or service
  • look for opportunities to increase your sales.

7. Find new tenders and contract opportunities

Finding new tenders and contracts is a great way to grow your business. There are databases, tools and support networks available to help businesses find, apply for and secure tenders and contracts, particularly when it comes to government opportunities.

8. Expand your online presence

The online world is always changing and evolving, so your business should be too. Expanding your online presence is a great way to connect with your existing customers and reach new customers. Take a look at your current digital presence and make sure you’re doing everything you can to reach your customers. Maybe you need to add a new section on your website or create a profile on a new social media platform – what worked a few years ago might not be right for today’s digital landscape.

9. Review your policies and procedures

Improving your policies and processes can make a big impact on your business. Make sure you’re running as efficiently as possible by reviewing your policies and processes – on everything from risk management to recruitment.

10. Hire the right people

As your business grows, you may need some extra help to keep up with demand. Hiring staff can help with your business’ productivity and performance. Use the Hiring employee checklist to help you meet Australian laws when hiring an employee and tips to help you through the hiring process.

Want more?

Check out: Growing your business checklist.