Practical Strategies for Business Growth

Growth for any business is more than just a goal - it’s a vital component for thriving in a competitive industry.

After all, in a 2024 study, 53% of Australian SMEs anticipated revenue growth over the next six months, with an average projected increase of 8.8%, the highest in a decade.

Businesses and companies in Perth are constantly on the lookout for innovative strategies to expand their operations, boost profitability and stay ahead of the competition - however, the path to growth can often feel overwhelming.

This is where the expertise of a business consultant becomes invaluable.

Greg Wheeler, owner of Greg Wheeler Consulting and a business consultant and coach in Perth, highlights, “Growth is not merely about increasing numbers but also about creating sustainable, long-term value."

"It's understanding the steps to achieve these desired outcomes that can really be the driver that transforms your business trajectory and growth.”

Collaborating with a consultant can be an pivotal decision - and in this article, we explore the potential avenues for growth in 2025 and beyond, as well as the benefits a business consultant can bring in fostering these opportunities.

Key considerations for business growth include:

• Identify challenges that may be holding back your business.
• Focus on creating a clear strategy with actionable goals.
• Invest in improving team skills and operational efficiency.
• Adapt to market changes and use external expertise when needed.

Understanding business challenges

Every business encounters obstacles that can impede growth, and identifying these challenges is one of the first steps toward overcoming them.

Common business challenges might include:

• ‍Fierce Market Competition: Establishing a distinct identity is essential in a crowded and competitive market.‍
• Resource Management: Mismanagement of time, money, or assets can limit growth opportunities.‍
• Adapting to Change: Evolving customer expectations and industry shifts require flexibility.‍
• Customer Engagement: Maintaining strong relationships is vital but challenging in a digital-first world.

These challenges can differ widely depending on the industry, market conditions, and internal dynamics; thus, grasping the specific issues your business faces is essential for crafting effective strategies to tackle them.

As Greg points out, "One of the ways a business can achieve growth, especially with 2025 now in full swing, is about recognising where you stand and what you need to do to move forward effectively, especially with the help of a business consultant in Perth."

“Understanding the unique challenges your business faces, and a strategy to overcome them, is an important step to unlocking its potential."

Evaluating opportunities for incremental gains

Growth doesn’t always require sweeping changes however...

Often, small, incremental improvements across key areas can have a significant impact on the overall performance of a business.

By focusing on these gains, businesses can compound their growth over time and achieve sustainable progress without overwhelming resources.

Examples include capturing small percentage increases in profit margins or streamlining operations to reduce costs. For instance, improving net profit by just 1% on a $1 million turnover adds $10,000 to the bottom line.

Similarly, a marketing spend of $50,000 that achieves a 4x return can generate $200,000 in revenue.

These gains may seem minor, but when implemented consistently, they add up to remarkable outcomes.

As Greg notes, “Incremental gains often make the biggest difference because they’re realistic and achievable. It’s about identifying opportunities that align with your strengths and executing them effectively.”

Greg's tip is also regularly reviewing operational efficiencies and reinvesting in high-performing areas, whereby businesses can create steady momentum toward their goals.

The key to maximising these opportunities lies in identifying where small changes will have the greatest impact; and business owners should focus on actionable insights and measurable results - ensuring every effort contributes to their long-term objectives.

Balancing risks and strategic investment

It's likely no surprise that achieving growth often involves taking risks, but balancing these risks with strategic investments is critical.

Whether it’s seeking external financing, reinvesting profits, or exploring new opportunities, businesses must evaluate the potential returns carefully to ensure sustainable success.

For many businesses, financing growth through bank loans or equity investors can unlock new opportunities but also comes with inherent risks.

For example, attaching a home loan to a business carries significant personal financial stakes. Equity investors, on the other hand, may prioritise returns over long-term business goals.

This makes it essential to weigh the benefits and potential trade-offs of these decisions.

“Understanding the trade-offs between risks and opportunities is vital,” says Greg.

“Many business owners underestimate the impact of these choices on their long-term strategy, so ensuring your business is well-positioned for growth may also involve reassessing your valuation."

"Often, businesses believe they’re worth more than the market might indicate, a reality that can reshape plans dramatically when pursuing external investment or considering a sale."

By carefully balancing risks and investments, businesses can ensure their growth strategies align with their financial goals and broader vision.

Strategic planning and a clear understanding of your business’s potential are essential for navigating these decisions successfully.

Preparing your business for growth

With the above considered, you may be wondering what are some things you can do to setup or prepare for business growth?

To set the stage for growth, businesses must take proactive measures.

Developing a solid growth strategy is essential and this should clearly define your goals as well as a roadmap to achieve them.

While there are elements a business owner can take themself, Greg recommends engaging with a business consultant early in the process as they can provide valuable insights and strategies tailored to your unique needs.

This collaboration can help you uncover potential pitfalls and opportunities that may not be immediately visible.

Investing in training and development for your team is also important, as highlighted in our business coaching services.

Equipping your employees with the skills necessary to drive growth initiatives can significantly impact your success.

Furthermore, enhancing operational efficiency by streamlining processes and leveraging technology can lead to improved productivity and cost savings.

As Greg advises, “Preparation is key - the more you invest in understanding your business and its environment, the better positioned you will be for growth - and again, this is where a business consultant really comes in to play.”

‍The role of a business consultant

A business consultant in Perth provides the required clarity and direction, helping businesses overcome challenges and focus on what truly matters.

Their expertise often begins with a comprehensive assessment of operations, including financials, market analysis, and viability, to identify strengths, weaknesses, opportunities and threats.

This analysis forms the foundation for crafting customised strategies aligned with business objectives, setting realistic goals, and defining actionable steps to achieve them.

Greg explains, “A consultant is not just a problem-solver; they are (and should be) a partner in your growth journey. Their fresh insights and experience can really help navigate the complexities you're facing as a business owner and ultimately drive success.”

When to Engage a Business Consultant?

Knowing when to seek expert advice is also important.

Common signs include:

• ‍Plateaued growth: If your business has stalled and you’re unsure of the next steps.‍
• Specialised expertise gaps: When your team lacks the skills needed to address key challenges.‍
• Expansion or operational challenges: If entering new markets or streamlining processes feels overwhelming.
  

“A consultant can ask the critical questions and provide guidance to help you see beyond immediate challenges, as well as focus on long-term success," Greg shares.

Conclusion

Growth is a journey, and navigating its challenges requires clear strategies, thoughtful planning, and the willingness to adapt.

While every business knows its own strengths and aspirations best, sometimes an external perspective can make all the difference.

Whether it’s fine-tuning your systems, identifying incremental gains, or balancing risks with opportunities, these steps can set the stage for meaningful progress.

As Greg puts it, “growth isn’t just about where you want to be—it’s about taking the right steps to get there.”

With the right focus and support, your business can create sustainable value and achieve its goals - so if you’re ready to explore new opportunities and map out the path forward, now might be the time to seek the guidance of a trusted partner.