Five tips to grow your business on a shoestring budget in the new financial year
Despite the challenges Australia’s startups, small businesses and entrepreneurs have faced over the last two years, the enduring themes are resilience, adaptability and innovation. Today offers more stability than at any stage since the pandemic began, allowing businesses to once again think about long-term success rather than short-term survival.
However, challenges remain. In the new financial year, many startups and local businesses will face a tax bill at a time when they’re also eager to grow post-pandemic. Paying off a tax bill doesn’t have to come at the expense of growing your business, though. At previously Google and now Podium, I’ve had the privilege of working with thousands of local businesses, watching first hand as they’ve turned small budgets into successful, growing and sustainable businesses.
Here are a few cost-effective, scalable ways to grow your business without breaking the bank in the new financial year.
How to grow your business in the new financial year
Set your budget
However you plan to grow, it’s imperative to understand how much capital you have at your disposal. According to the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) four in 10 small businesses fail, while the University of Technology Sydney found that financial mismanagement is a primary cause. Don’t fall victim through failure to budget.