Let’s get one thing clear. Small businesses in Australia have demonstrated more resilience than any other sector in the last few years.
According to the Australian Financial Review, despite facing several obstacles, small businesses are projected to add $60 billion per year and support about one million jobs by 2031. And that’s just the tip of the iceberg.
The report further indicates that the number of jobs created could easily surpass the 4 million mark under a high-growth scenario. That’d be great, right? But there’s a catch.
Small business owners need to think bigger. Why?
Successful entrepreneurs admit that thinking big:
- Gives the much-needed motivation and drive
- Attracts the right opportunities
- Attracts the right people and talent
- Creates a competitive edge
- Boosts confidence and expands business’ capacity to invite, accept and face challenges
As you can see, thinking big is the surest way for Australian small businesses to grow fast in the highly competitive business environment we find ourselves in today. If you’re wondering how to do so, read on.
Convert Challenges into Stepping Stones
Small businesses in Australia face numerous challenges, ranging from cash flow issues to difficulty in attracting and retaining talented staff. These challenges have forced many entrepreneurs to close shop. You shouldn’t be next. Why?
You can change how you view these challenges by focusing on the big picture. Successful small business owners admit they thought bigger and viewed every challenge as an opportunity.
These challenges inspired them to unleash creativity to find solutions. So, learn from them. Turn every hurdle into a stepping stone.
Be Bold and Methodical-Experiment with New Products
Coming up with solutions to a challenge is just one part of the puzzle. For small businesses, the secret is finding the right solution amid other viable alternatives without spending thousands of dollars and many hours.
Experimentation is the most effective for small businesses to find the needle in a haystack. It allows you to test new products or solutions with pilot participants before going full board.
Work With Others
Many entrepreneurs think that customers are the only people who can support their ventures. In so doing, many lose valuable collaboration opportunities.
Small business owners can support each other in many ways, either directly or indirectly. Business leaders and academics who study entrepreneurship say the ability to collaborate with others is an important skill and mindset.
Such collaborations can give you a new perspective, particularly when sailing through a rough storm. Some of the most successful small business-to-business collaborations to consider include:
- Launching joint marketing initiatives
- Hosting pop-up events
- Sharing joint business incubator spaces
- Sharing business spaces
Find Mentors and Sources of Inspiration
As a small business owner, chances are you have entrepreneurs or businesses you look up to for inspiration. This probably gives you a sense of what you would like your business to look like in the next 10 years.
While this is a great initiative, it’s wise to keep in mind that these mentors started small, just like you. They’re not superheroes.
So, dig deep into their history. Discover their early days, the challenges faced, how they overcame and how they grew their businesses and management styles. This will help you learn from your mistakes and remove the pressure to be successful overnight.
Take Time To Reflect
With day-to-day operations and never-ending tasks, it’s extremely easy for small business owners to lose sight of their long-term goals and aspirations. This can be a costly mistake.
Seasoned entrepreneurs know that if you lose focus on the big picture, you can easily lose your business. So, make it a habit to take time to monitor your progress against your short-term and long-term goals.
While at it, remember that thinking big doesn’t mean you won’t make mistakes. Don’t beat yourself if you fall short once in a while.
Final Thoughts
Clearly, growing a small business needs more than just time and resources. It requires a change in mindset and for you to think bigger. Here at the Oracle Tree, we love to see small businesses grow. For more insights and professional marketing services, contact us.
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