If you have decided to start a business in Australia, there are some key factors to business growth that are a must for you to come by. It is important to know how to strategise for success from the beginning. Find these four key factors in this snapshot from an interview between Dale Beaumont and Matthew Nolan.
Matthew is the founder and managing director of Provident Inventory Finance. As a sought-after business advisor and finance industry commentator, Matthew has regular columns in over a dozen business magazines and newspapers, advising on issues such as cash flow management, business planning and diversification.
You now manage one of the fastest growing finance companies in Australia. What were the key ingredients to your rapid business growth?
We are currently growing at 310 per cent per annum and this has been achieved through four key factors:
- Having a clear vision for the growth of our company and following that through with strong leadership to guide the team in executing that strategy.
- Hiring great people to undertake the implementation of that growth strategy, especially in the sales and marketing teams.
- Diversifying our sales strategy rather than relying on a single source of client referrals. We set about seeking referrals from a wide variety of sources, such as accountants, commercial finance brokers, mortgage brokers, solicitors and even banks!
- Delivering a great product, but still undertaking continual innovation based on feedback from our clients. This has led to innovations such as the addition of funding for freight costs and customs charges.
Referrals have played a big part in our rapid growth. As existing customers achieve increased profits from using our product, a significant new source of customers has emerged from word-of-mouth referrals. Happy customers are our greatest advertisement!
For more of this interview and how to start a business in Australia, check out “Secrets of Top Business Builders Exposed!“