In today’s fast paced economy growth means survival in the world of business. Whatever the size of your business, from small startup to multinational company, the ability to move into new markets and increase revenue is critical to longevity. 

Business growth encompasses overall expansion and improvement in various aspects of a company’s operations, revenue, and profitability. It is a broader term that includes increasing sales, expanding market share, entering new markets, developing new products or services, and improving operational efficiency. Key indicators of business growth may include revenue growth rate, profit margins, customer acquisition, and market penetration.

Strategies for business growth often involve a combination of initiatives aimed at increasing market presence, generating more revenue, and enhancing the overall value proposition of the company. These initiatives may include investments in marketing and sales, research and development, strategic partnerships, mergers and acquisitions, and international expansion.

The Australian Bureau of Statistics (ABS) released data of the highest earning industries for the 2021/2022 financial year, with the Mining, Rental, hiring and real estate services, Wholesale trade industry and Manufacturing industries clocking the greatest growth from the previous financial year.

Mining industry earnings grew $54.3b (32.7%), while the rental, hiring and real estate services industry jumped by $8.5b (13.5%). Wholesale trade industry earnings grew $8.0b (30.2%) and the manufacturing industry earnings grew $7.6b (17.8%).

ABS data showcased that after a slump over 2020 due to the pandemic, many industries bounced back in 2021 – 22, with businesses of all sizes recording an increase in most key data items, with medium sized businesses displaying the strongest signs of growth in Employment (161,000 people, 5.7%), Sales and service income (13.8%, $124.0b) and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) (30.7%, $25.5b).

Small businesses (those with 5-19 employees) were the only business size to report an overall 3.1% (-$2.3b) decline in earnings, with this decline was driven by decreases in earnings for Manufacturing (-30.0%, -$1.6b) and Transport, postal and warehousing (-33.6%, -$1.5b).

Looking to the future, a number of organisations have outlined the fastest growing industries in the country, with RMIT proposing:

• Software & Analytics

• Robotics

• E-commerce

• Construction

• Virtual Reality

• Healthcare

Market research has a vital role to play in business growth, providing businesses with valuable insights to make informed decisions about their products, marketing strategies, and overall business direction. Key components of market research used for business growth include:

• Consumer Research: Understanding consumer preferences, behaviours, and buying patterns through surveys, interviews, and focus groups.
• Competitive Analysis: Assessing competitors’ strengths, weaknesses, and market positioning to identify opportunities and threats.
• Industry Analysis: Examining broader industry trends, technological advancements, regulatory changes, and other factors that may impact the market.
• Market Segmentation: Dividing the market into distinct groups based on demographic, psychographic, or behavioural characteristics to tailor marketing strategies accordingly.

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