5 tips to grow your small business in the new financial year

Summary

Ready to zoom ahead in the new financial year? This guide features actionable strategies to grow your small business, including: 

• social media marketing to grow your customer base, 

• upscaling your business with resourcing and mentors, 

• continuous education to stay ahead of innovation, 

• effective networking to form valuable partnerships; and 

• remaining true to your business values to build trust.

Boost your business this FY

As the new financial year rolls in, it’s the perfect time to revisit your business strategies and set your sights on growth. If the idea of scaling up your small business feels overwhelming, you’re not alone. We asked five small business owners how they prioritise growth to keep their business flourishing in the new financial year. 

1. Embrace the power of social media

Why should I do it? In today’s digital age, social media is one of the most powerful tools for connecting with your target market and building a community around your brand. It’s where your customers spend a good chunk of their time, plus – it’s mostly free!

Small biz tip: Paige Montgomery started Poppin Picnics, a pop-up picnic event business across Sydney, and uses social media content to connect with her audience in meaningful, consistent ways. “Engaging content like Instagram Reels paired with trending or viral audio has significantly boosted my reach and built brand awareness, turning everyday followers into customers,” she says. 

Get started: Dedicate an hour each week to focus on creating authentic and engaging content. Share stories, behind-the-scenes footage and engage with your audience through comments and messages. Ensure your posts reflect your brand’s values, make sure you’re spending time and energy creating for the right platform and consider a paid approach to target new followers.

2. When upscaling, don’t be afraid to ask for help

Why should I do it? In order to reach more customers, you need your business to grow, but as your business grows, so does the workload. Having the right team in place is essential to maintaining quality and meeting increased demand. Not sure where to start? Consider a mentorship, which can be invaluable during this growth phase. A mentor can provide guidance, share their experiences and help you navigate the challenges of scaling up.

Small biz tip: Abby Locke runs The Tiny Studio, a kids’ craft workshop business based in Tamworth. “I have so many moving parts, I can’t rely on memory to keep it all going. This year is all about upscaling and expanding... and I’m hiring staff so we can offer more services and support more people,” she says. “I feel like I am finally able to concentrate on the jobs that can bring money into the studio while giving the daily chores to a staff member.”

Get started: Start by assessing which areas of your business will require additional support in order for you to grow, from administrative tasks to customer service or marketing. Once you have the right team in place, delegate and trust them to handle their responsibilities. Seeking a mentor? Look out for Government-funded small business support, for example Service NSW offers eight hours of free business mentorship to eligible NSW business owners via Business Connect.

3. Never stop learning

Why should I do it? Whether it’s technology like AI, social media or more specific learnings about your industry, things are always changing, and what worked yesterday might not work tomorrow. By staying informed, you equip yourself with the latest strategies and tools necessary to navigate challenges and seize opportunities. 

Small biz tip: Ben Campbell, co-owner of Sydney bar Chuck Trailer’s, relies on constant learning to help grow his business. “You can never do too much research, and there are no stupid questions, other than the ones that you never ask. Knowledge is power, and therefore success.”

Get started: Set aside regular time for skill development, whether it’s dedicating an hour a week to reading industry-related articles or enrolling in an online course. Attend workshops, webinars or industry conferences to expand your network and learn from experts.

4.  Network like a pro

Why should I do it? Building a network can open doors to new opportunities and insights. Engage with other business owners, attend industry events and participate in online forums. Collaborations can lead to growth, so seek partnerships that align with your goals.

Small biz tip: Michelle Brindle from baby sensory brand Young Wonderer uses baby expos to introduce her brand to new potential customers. "Baby expos have been great for brand exposure, introducing our products and our brand to new people. It’s also been great to network with other baby businesses, and I've actually had retail stores approach me to stock our products in their stores.”

How to do it: Identify potential partners within your industry or community that align with your brand values. Propose mutually beneficial projects or events, and actively participate in local business groups or forums to expand your network. 

5. Stay true to your values

Why should I do it? Passion is one of the most important ingredients in growing your business, because when you're spending so much time and energy on your work, you need to like what you do. And if you don’t? Your customers will feel it, whether it’s via your customer service or the quality of your product, and the reviews will show.

Small biz tip: Rob Shennan owns R&C Electrical, doing electrical work in the Macarthur region as a side hustle to his job working in the mines, and says that building a strong reputation through reliability is key to gaining trust and repeat business. “I find the thing people want most from tradies like myself is someone who is reliable and turns up when they say they will, and that’s something I pride myself on,” he says. 

How to do it: Use the new financial year to revisit your core values and ensure they are reflected in every aspect of your operations, from marketing to customer service. Engage with your audience in a genuine manner, sharing stories and experiences that reflect your brand’s personality.

With these five tips in your toolkit, you're well-equipped to navigate the new financial year with confidence. Happy new financial year!