What can be done?
Two key areas of opportunity for growing medium-sized businesses I’m passionate about are succession planning and accessing new markets - both online and through exports.
As many medium-sized businesses are successful family owned and operated businesses, having a succession plan is vital to growing the business and enhancing the capacity of employees.
Involving or sharing a succession plan with investors and lenders is also important as it helps mitigate financial and operational risk.
Meanwhile accessing new customers for products or services, either through online sales - both domestic or international - or by on-the-ground sales in new export markets, is a significant growth opportunity for agile and resourced medium-sized businesses.
At the Melbourne event we heard from Sealite CEO Chris Procter about how his focus on people capability and culture, along with constant reinvestment in product development and innovation, helped the company grow from manufacturing marine navigation aids in his father’s shed in Mentone to employing 130 staff and exporting marine, aviation and lighthouse products into the US, UK and Singapore.
Australia has a strong reputation in Asia, which is why businesses should look to leverage the free-trade agreements with China, Japan and South Korea.
There are export grants available, seminars offered by AusTrade and Department of Foreign Affairs and Trade, and at ANZ we offer a Be Trade Ready digital tool.