Blog Layout

Next level growth planning

Editorial Team • Feb 25, 2018

Today’s economy is a turbulent one, so the task of guiding your organisation to and through its next level of growth phase can be a daunting one.

Before we delve into potential avenues for growth, it is important you have a well thought out business model and plan. A business plan aims to not only minimise risk but help guide decisions that will have a positive impact on your business. A business plan will also help monitor expenses, define your strategy and benchmark your progress.


With that in mind, here are some tips on how you can successfully guide your business into its next growth phase.

Explore new ways to sell your product or service

Exploring new sales channels for your offering can help diversify your brand and attract new customers. Just like a high-street retailer could consider selling its products online, your business should explore other avenues too. Could you sell more via social media? Have you considered affiliate, targeted or influencer marketing? If done right, expanding your sales channels will no doubt increase your bottom line.

Think tech

Take into consideration the quality of the technology – equipment, machinery, or computer software – in your business. Efficient technology can streamline your processes, run operations more efficiently and save on your long-term costs.
Automating administrative and non-customer facing processes can also save time and money and allow for scalability in a growth phase.   

Where possible, add value

Can you add value to your product or service? Can you offer a limited edition product that can entice customers? Consider the exclusivity route by rewarding customers with a loyalty program or offering them a first chance to buy a product or service before it is made available to the public.

Make your customers a priority

Taking your business to new heights isn’t just about acquiring customers. It’s about keeping them too. The difference between successful businesses and underperforming ones often lies with their customer service. The top performing organisations – measured by their growth, profitability and customer satisfaction – understand that customer focus is key.

Focus on marketing

A solid marketing plan that encompasses social media, content marketing and SEO is an absolute must. A staggering 71% of consumers who have had a good social media service experience with a brand are likely to recommend it to others. Meanwhile, customers are 6x more likely to purchase a product if the page includes pictures from social media. In short, a brand doesn’t really exist online if you’re not represented online and across social media channels.

Employ and delegate

Last but not least, a huge part of next level growth planning is having the skills to back you up. This means hiring the right people, in particular, senior members who can take your business forward.

The act of delegating cannot be overlooked. By delegating tasks to key staff, you can focus on other key areas of your business’s development.
The term “Next Level” represents a position at which your business has never been before. Ensuring you have a solid business plan that encompasses the above-mentioned elements, will allow you to grow with as few headaches as possible.

BDH Leaders have a team of experts with the right advice to help your organisation grow to the next level .

The post Next level growth planning appeared first on BDH Leaders.

ATO take “Gloves off” on overseas income

By Editorial Team • 06 Sep, 2019
How you are taxed and what you are taxed on depends on your residency status for tax purposes. As tax residency can be different to your general residency status it’s important to seek clarification. The residency tests don’t necessarily work on ‘common sense.’ For tax purposes: Australian resident – taxed on worldwide income including money earned overseas (such as employment […] The post ATO take “Gloves off” on overseas income appeared first on BDH Leaders.

Tax Time: Are you in the ATO’s sights?

By Editorial Team • 16 Jun, 2019
What’s new Live reporting through Single touch payroll Single touch payroll (STP) reporting has changed the way businesses report salary and wages, PAYG withholding and superannuation contribution information to the ATO. For the 2018-19 financial year, only businesses with 20 or more employees were required to use STP. From 1 July 2019, all businesses will need to use STP although […] The post Tax Time: Are you in the ATO’s sights? appeared first on BDH Leaders.

What you can expect after the Election

By Editorial Team • 03 May, 2019
Budget 2019-20: The pre-election announcements that are now law The Federal Budget announced a series of measures, some of which were legislated before the election was called. Extension and increase to the instant asset write-off The popular instant asset write-off for small business has been extended and increased. The new laws: increase the threshold below which small business entities can […] The post What you can expect after the Election appeared first on BDH Leaders.

Borrowing in the post Banking Royal Commission era

By Editorial Team • 17 Dec, 2018
The fallout from the Banking Royal Commission is reverberating across the economy. Banks are simplifying their business models, cutting costs and tightening their lending practices. Boards are streamlining their product offerings in the wake of some pretty astounding findings by the Commission. The impact of the Banking Royal Commission is not only being felt by banks. The property markets continue […] The post Borrowing in the post Banking Royal Commission era appeared first on BDH Leaders.

Is a Limited Recourse Borrowing Arrangement right for my SMSF?

By Editorial Team • 17 Dec, 2018
We borrow all the time to acquire assets; you may borrow to purchase a home or investment property which usually involves a mortgage, you may borrow from a finance company for a car which uses the car as collateral, you may take out a margin loan to purchase equities. These are just some examples but there is another: Limited Recourse […] The post Is a Limited Recourse Borrowing Arrangement right for my SMSF? appeared first on BDH Leaders.

Building wealth with stocks, bonds and funds

By Editorial Team • 21 Aug, 2018
Investing in revenue-producing assets can be confusing. There is a lot of financial jargon to wade through and it’s often not easy to decide which asset best suits your needs and financial goals. In this article we will simplify stocks, bonds and funds. Stocks Stock (equity) is when you purchase shares in a company. The price of a share, purchased […] The post Building wealth with stocks, bonds and funds appeared first on BDH Leaders.

The rise and rise of investing ethically

By Editorial Team • 21 Aug, 2018
Making an investment decision is not always based on the possible return you may receive from that investment. An increasing number of people are basing their choice of fund, or company, on issues around social responsibility, sustainability and corporate governance. In Australia, ethical investing started in earnest in 1986 with the launch of Australian Ethical, followed in 1994 by Hunter […] The post The rise and rise of investing ethically appeared first on BDH Leaders.

Let me be Frank

By Editorial Team • 21 Aug, 2018
What is a Franking Credit? You have probably seen this phrase on tax statements provided to you by a company you invest in but what does it actually mean? Franking Credits are the means whereby Australian companies can give credit for tax paid at the company level to their shareholders, which can then be used by the shareholder to avoid […] The post Let me be Frank appeared first on BDH Leaders.

IPOs vs ICOs – what’s right for you?

By Editorial Team • 21 Aug, 2018
There are significant differences between an initial public offering (IPO) and an initial coin offering (ICO) and before you invest in either option, it is important to understand those differences and the risks associated with each. What is an IPO An IPO is the first sale of a company’s stock issued to the public via a stock exchange, usually to […] The post IPOs vs ICOs – what’s right for you? appeared first on BDH Leaders.

Is your business about to have a growth spurt (and are you ready)?

By Editorial Team • 21 Aug, 2018
Besides the launch phase, growth spurts are the second riskiest time for many businesses. An unexpectedly successful marketing campaign, a sudden change in consumer needs, a ‘hot’ market for a particular type of product or service – any of these things can cause challenges for your business. The question is – will your business cope?   Consider the following points […] The post Is your business about to have a growth spurt (and are you ready)? appeared first on BDH Leaders.
More Posts
Share by: