Step Up To The Next Level

It’s been a tough year but this seven-point plan can help your SME recover and prosper in 2021

- Anthony O’Brien

For small to medium enterprise owners struggling to grow their businesses, there is some light at the end of the tunnel.

In October, research from Australia Post showed that while revenue fell up to 67% for some industries at the height of the pandemic, the shift to additional online activity saw non-store revenue for the average small business increase by between $105,000 and $708,000. This news followed hot on the heels of the federal government’s decision to extend the $150,000 instant asset write-off until June 30, 2022, which was mostly well-received by the SME community.

Notwithstanding these green shoots of positivity, 2020 has been a challenging year for many SMEs, which took significant revenue hits as the economy went into meltdown. However, as many have discovered, if you knuckle down, clear your mind and be open to new opportunities, it’s still possible to grow.

Here are some strategies that will help take your business to the next level in the year ahead:

1 Revise the business plan

To give your growth ambitions a chance, be sure to have a plan. Although the idea may sound overwhelming, it doesn’t need to be the length of War and Peace – a few pages will do the job nicely. A business plan is a roadmap that outlines your goals for your SME and how you intend to make them happen.

As part of the process, identify your target markets and include them in your plan. If you can understand everything about your target market and what its needs are, it will make it a lot easier to grow your business fast.