Do you know what you need to plan for growth?

Victoria is a growing state, not just in status but by population too. Recent figures from the Australian Bureau of Statistics show that the state is now home to a much larger contingent of inter-state migrants.

But do local business know what they need to do to be ready for increased demand and thus growth? Could a business development plan help deliver structured growth?

Increasing population great for business

Victoria is the fastest growing state in Australia, with a growth rate of 1.7 per cent, which is 0.4 per cent higher than the national average. ABS Director of Demography, Beidar Cho said that Victoria and Queensland were the only states to see a net increase due to intestate migration last year.

"Victoria gained 11,200 people from interstate migration which is up from 8,500 people in the previous year and Queensland gained 6,900 people, which is up from 5,900 people in the previous year," Ms Cho said.

But with the increasing volume of consumers arriving in the state, businesses need to be sure they are ready for anything.

A 2015 report from the Business Development Bank of Canada found that business leaders were agreed on the winning strategies for growth. They ranked them in this order:

1. Ensure you are client-centric
2. Develop a talent pool
3. Beat the curve through innovation
4. Invest in growth

To ensure you tick all these boxes and focus proportionately on each of these categories, it is essential to have in place a stringent and holistic business development plan.

While you could create one of these yourself, it pays to have insightful advice from experts in SME growth. Seeking out accounting expertise can not only ensure your business is on the right track but also signal your intent to your employees and investors you are ready to grow.

If you would like to know more about business growth or any other aspect of the SME lifecycle, talk to the experts at WMC Accounting today.