Posted On 10 May 2023
Marama Carmichael

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.<