As an entrepreneur, your ambition is to see your business grow and diversify. Achieving this can be challenging, especially if you’re unsure how to scale up efficiently, leverage your team’s strengths, or tap into new opportunities. Learning from successful business practices across various industries can provide valuable insights. Here, we explore essential lessons to help businesses in Australia thrive in competitive markets.

1. Ideate Big to Make it Big

“To make your business big, you need to think big.”

One of the first steps in growing your business is expanding your mindset. Many entrepreneurs get trapped in the idea of wanting 100% control over a small business rather than being part of something bigger with a smaller shareholding. However, thriving in business often means reframing your approach to ownership and scale.

For example, consider a business valued at AUD 100,000. While owning 100% of such a venture might feel satisfying, imagine owning 10% of a business worth AUD 1 million. This approach provides greater financial returns while being part of a larger, more profitable enterprise.

• Example: Australia’s technology sector features startups like Atlassian, which embraced external investments and equity sharing. This strategy allowed them to grow into billion-dollar companies by scaling effectively through partnerships and resources.

Lesson: Think beyond small ownership and aim for a stake in something much larger.

2. Involve People in Your Business

“Start involving people in your business.”

Building a dedicated and emotionally invested team is crucial for scaling up. By involving employees deeply, treating them as key contributors, and fostering trust, you create an environment where people work not just as employees but as co-owners of the business.

How to Build Involvement:

• Develop trust through transparency about business goals.
• Inspire your team with a clear mission.
• Motivate with opportunities for career growth.
• Upskill employees to maintain a competitive edge.
• Example: Australian company Cochlear involves its engineers and medical experts in research and development. By treating employees as key contributors, the company continuously innovates and maintains a market-leading position.

Lesson: The more people feel emotionally invested, the more dedicated they will be to the business.

3. Think Differently

“Don’t listen to the crowd; find your own way.”

In business, following conventional paths rarely leads to extraordinary results. To stand out, focus on what sets your business apart and develop innovative strategies.

• Example: Australian design platform Canva disrupted the graphic design market by simplifying professional design tools, making them accessible to everyone. This unique approach transformed Canva into a billion-dollar enterprise.

Lesson: Challenge the status quo and carve out a unique space for your business.

4. Don’t Fall in Love with Your Business

“A business idea is just a way of earning money; don’t get attached.”

Emotional attachment can cloud judgement. Recognise that your business is a vehicle to achieve goals, and sometimes, it’s necessary to pivot or close ventures that aren’t delivering results.

• Example: During the COVID-19 pandemic, many Australian restaurants successfully pivoted to takeaway and delivery models, increasing profits and surviving market disruptions.

Lesson: Stay flexible and prioritise profitability over attachment.

5. Perform a SWOT Analysis

Understanding where your business stands is critical to long-term success. A SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) helps evaluate internal and external factors influencing your business.

• Example: A solar panel installation business in Queensland might find its strength in sustainable solutions, weakness in material costs, opportunity in growing renewable energy demand, and threat from cheaper international suppliers.

Lesson: A SWOT analysis can identify areas to focus efforts and improve strategic planning.

6. Bring in Professional Talent

Hiring individuals with specialised expertise adds value and elevates business operations. Professionals bring fresh ideas, and offering them a stake in the company ensures they have a vested interest in its success.

• Example: Australian wine companies like Penfolds expanded globally by hiring professional talent to manage marketing and logistics, moving beyond family-only management structures.

Lesson: Hiring professionals enables effective scaling and innovation.

7. Turn Employees into Stakeholders

Offering incentives beyond salaries, such as profit-sharing or shares, motivates employees to perform better. When employees feel their efforts directly impact their success, they are more invested in achieving business goals.

• Example: An accounting firm in Melbourne implemented a profit-sharing scheme, reducing staff turnover and increasing productivity.

Lesson: Sharing ownership fosters loyalty and commitment among employees.

8. Find the Gap in the Market

Identifying unmet customer needs is essential before scaling up. Develop strategies to fill these gaps and position your business uniquely.

• Example: In Australia’s e-commerce sector, Afterpay addressed a gap with its “buy now, pay later” model, achieving massive success by meeting consumer demands.

Lesson: Spot market gaps and address them to gain a competitive edge.

9. Build Efficiency in Your Team

A high-performing team is vital for executing a business’s vision. Efficiency reduces the need for micromanagement, enabling leaders to focus on strategic decisions.

• Example: An IT consulting firm in Sydney built a strong team through training, performance-based incentives, and decision-making delegation, allowing the CEO to focus on expansion.

Lesson: Trust and train your team to handle operations while you focus on growth.

Conclusion

By implementing these lessons, Australian entrepreneurs can grow and diversify their businesses effectively. Whether it’s thinking big, involving your team, or identifying market gaps, the path to success lies in continuous evolution and strategic adaptation. Embrace these practices to achieve sustainable growth and remain competitive in the dynamic Australian market.