Growth and innovation involve the right plans, resources and attitude, no matter what size or stage your business is at.
Dig into what it takes to grow and innovate. Plus use our quick self-assessment to check if you and your business are ready to expand.
Whether you develop new products, move into new markets or create innovative business models, strategic growth can lead to substantial financial and personal rewards.
It's important to be ready for any challenges you might face. Consider your strategy, market position and capabilities when you are weighing up whether you’re ready to grow your business.
Business owners and sole traders who strategically grow:
There are several government-supported programmes and funding opportunities to help you grow your business.
Hone in on what you are trying to achieve and why.
Set goals that are:
The next step is to identify the strategies and tactics you can use to achieve your goals.
Each has its own potential risks and rewards.
Work with advisors to choose which is the most appropriate for you — and continue to do so as you grow. A support network will help you achieve better results.
|Growth strategy||What it’s for|
|Product development||Creating new products and services for existing markets.|
|Market penetration||Selling more existing products and services to existing markets.|
|Market development||Selling existing products and services to new markets, eg another part of New Zealand or exporting.|
|Diversification||Developing new products and services for new markets, eg another part of New Zealand or exporting.|
When you take your business to places it’s never been before, challenges will crop up.
Common realities of a growth spurt include:
Liken growth to going up a steep hill in a manual car. The hard work you put in upfront will have few immediate results. But if you keep on course, you’ll build up momentum and speed over time.