So business is good, you have a steady flow of new and regular customers, great staff working for you and your business name is getting out there.  Now what? business.gov.au's Growing your Business Checklist can show you what you can do to grow or improve your business.  

Whether you are seeking larger premises for your business, want to branch out into a franchise, or are simply looking to take on new staff, you will need to manage these changes successfully.

Recently launched, the checklist covers the fundamental issues you may need to consider when you grow and improve your business. It contains compliance and regulatory issues, ideas for new business opportunities, and contact details for agencies that can give you advice along the way.

Updating your structure and business plan

Your business structure is often the first thing to change when your business grows, particularly if you start out on your own and then want to take on a partner or even register your business as a company.

Your existing business plan may have got you this far, but with considerable changes frequent planning is crucial to the ongoing growth of your business. As your business expands, you should regularly review and update your business plan.

The checklist provides you with a number of contacts and tools you can use to update your business structure and business plan.

Financial management and legal considerations

Good financial management is essential for the expansion of your business. Getting your finances in order means your business can work more efficiently and puts you in a better position when seeking funding for growth.

As with finance, your legal obligations will change as your business grows. On the plus side, your annual turnover will be higher, but it could mean you need to register for GST. If you expand into different areas, such as providing new products and services in your business, you may need to gain additional licences and permits.

Grants and financial assistance to expand your business

Did you know that you can access grants and other funding from federal, state and territory governments, and in some cases from local councils?

You can gain financial assistance for a range of business activities such as expanding your business, research and development, innovation and exporting. Check out the Growing your business checklist for more information.

Employing people and training

As you enter this growth phase, you may hire your first apprentice or employee or hiring people in greater numbers than before. If you plan on employing new staff then you will need to know about your ongoing obligations such as employee entitlements, occupational health and safety obligations and workers compensation insurance obligations.

You may also like to upgrade your skills and those of your staff. Attending training on new technologies and topics relevant to your business sector can help increase your profits, productivity, staff motivation and customer satisfaction.

The checklist details numerous contacts for support and information to help you work out the exact entitlements of your employees along with a list of training opportunities in your area.

Save the planet

Your business growth does not have to mean the environment suffers. By introducing good environmental management practices you will not only reduce your overall impact on the planet, but your business can profit from cost savings through efficiency or productivity gains.

You can learn how to implement an environmental management plan and minimise your impact simply by checking out the Growing your business checklist.

Promote your business

You may think marketing and advertising is the answer to successfully promoting your growing business, but without regularly assessing who your target audience and competitors are you may miss the mark. Making the right people aware of your business as it changes and grows is the key to success.

If you have made significant changes to your business, you need to remember to also update your marketing plan and update your advertising material, such as business cards, signage and logos.

Getting support and advice

Not sure where to start? The checklist provides a list of government services available to help you grow or improve your business. These services can provide general advice, workshops, seminars and networking events, and can even match you with a mentor or business coach.

The Growing your business checklist brings together a range of information from all levels of government in Australia to help you grow or improve your businesses.

If you haven’t got a copy of the Growing your business checklist yet, download your free copy from www.business.gov.au/checklist today.

Source:  business.gov.au

Article provided by: DSBN Pty Ltd