Fresh challenges require smart strategies for business growth

ACCESS to finance and currency fears are among the key concerns for businesses as they seek to drive growth and position for an economic upturn.

The Australian Industry/Deloitte Private survey Growth Strategies for Business found improving market share, forming alliances and taking part in mergers are the leading strategies businesses are implementing for growth.

Strategic planning, people management and process improvement are the priority areas for those seeking outside help to build their business. 

The report surveyed nearly 400 companies across 25 industries. The findings were aggregated into the three key sectors of manufacturing, construction and services, and found the services sector is the most optimistic about profit expectations in the year ahead. Three-quarters of all businesses expect to add additional staff over the next couple of years.

But confidence is tempered by a fresh wave of economic challenges. Cash flow restraints, weak consumer sentiment, the strong Australian dollar and labour constraints are the main factors identified as barriers growth.

So how do businesses secure a competitive edge in the current commerical climate?

“Winning companies will be those who focus on innovative ways to develop and retain their best people, focus on their profitable clients and increase their market share by merger opportunities or organic growth,” David Murray, National Leader Deloitte Private said.

“Looking offshore to develop growth plans also needs to be included in the mix and we are fortunate to have close proximity to Asia which is currently experiencing strong growth,” he said.

Mr Murray recommends businesses focus on the quality of their products and services so they can differentiate themselves in the market place.

“It will be those businesses which focus on innovative product development that will have a higher chance of actually obtaining the finance to help their future growth,” Mr Murray said.

Full report: Growth Strategies for Business