Importance of business growth

Growth supports long-term survival of a business. It helps you build assets, attract talent and fund investments while boosting performance and profit.

Why business growth matters

Growth brings clear benefits for small and medium-sized businesses. It lets you:

• take advantage of new opportunities
• expand your products or services
• attract more customers
• increase sales
• employ more staff

Growth can also help you meet market demand, increase your market share and capitalise on your growing brand. It drives innovation, helping you stand out in the market and stave off competition.

Growth can also boost your business credibility, allow you to broaden your supply base and increase stability and profits. However, to be successful and sustainable, make sure growth is strategic and suits your business - check if your business is ready to achieve and sustain growth.

Reasons to grow your business

Most businesses grow to increase sales or market share. Other drivers include:

• building market resilience and sustainability
• cutting costs through economies of scale
• gaining market dominance
• gaining greater buying and bargaining power
• reducing commercial risks - eg through diversification
• reducing the threat of competition
• handling economic downturns and market fluctuations
• attracting top talent and staff

Whatever your motivation, always weigh up the advantages and disadvantages of growing your business. 

Deciding how to grow

There is no one way to grow a business. You can grow by expanding your service area, forming business partnerships, launching new products, diversifying or using other business growth strategies. Plan carefully with these tips to help you prepare for business growth.

You can also get free advice and guidance from your local council to help you grow your business and scale up operations. To request support, complete a short enquiry form or call the Go Succeed helpline on Tel 0800 027 0639.