Launch and learn: the start-up stage.

 This is a tricky stage even when things start slow. But some businesses need to grow straight away.

Challenges you faced

Most startups are trying to get established in the market, work out supply chain wrinkles, and stay within their budget.

Strategies that helped

  • Keeping a close eye on your cash flow
  • Focusing on your immediate goals
  • Adapting to feedback from your customers.

Sure and steady: the early growth stage.

Established businesses ideally start to see consistent customer and revenue growth.

 Challenges you’ll face

 Now is when you need to meet the demands of increasing sales and customer numbers. Dividing your time between day-to-day jobs and big-picture growth can be a tough challenge.

Strategies to help

  • Formulate a business growth plan
  • Nail down your processes and make them more efficient
  • Set up effective management and reporting systems
  • Hire people who can free you up to lead the business strategy.

Bigger and better: the expansion stage

 Once your business is humming along – with solid cash flow and good processes – you can pursue more opportunities. The trick is in choosing the right ones.

 Challenges you’ll face

 Getting more customers, expanding into new markets, and developing new revenue streams will be the main challenges at this stage of business growth. Plus you’ll probably have people to manage.

 Strategies to help

  • Plan carefully so you identify a strategy that gives good return on investment
  • Be realistic about what you can achieve with the resources you have
  • Focus on areas that complement your existing strengths rather than areas with increased risk.

Things you should know.

The opinions expressed on this page are not necessarily those of Westpac and Westpac does not endorse or approve any goods or services to which reference is made. Westpac makes no representation as to the accuracy or currency of the materials, which are provided without taking your personal financial situation or goals into account. Westpac accepts no responsibility for the availability or content of any third party material to which this page may refer.

 Any tax information provided in this webpage is general in nature and for illustrative purposes only; it does not constitute tax advice and should not be relied on for tax purposes. You should seek professional advice on the tax implications of your investments based on your particular circumstances. Westpac accepts no responsibility for the tax consequences of investments to you or any third parties.

Originally published by Xero. Find out more about Xero's accounting software for your small business.