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Long-term success a result of flexible business planning?
If a business wants to break into a new growth market, it is important to consider what's needed to take the next step. Read on to find out more.
Is your business looking for growth?
For an Australian business, success can come in many forms. This largely depends on what the enterprise's end goal is - perhaps to retain a specific number of customers or reduce its annual turnover rate.
Whatever the target is, many businesses want more than this, such as the chance to move into new markets or become industry leaders. This transformation, unfortunately, doesn't happen overnight and is risky for unprepared firms.
So, how can ambitious, local enterprises get themselves to the next level?
Insightful PwC report
According to the Bridging Growth Markets' voids report conducted by PricewaterhouseCoopers​' Growth Markets Centre, business leaders looking to expand need to analyse what has already been successful and put it to one side.
"It's not possible for established companies to secure long-term success without stepping out of their comfort zone."
PwC Growth Markets Centre Leader David Wijeratne explained that the consumer base, is evolving so businesses need to match these changes.
"The common theme is that it's not possible for established companies to secure long-term success without stepping out of their comfort zone and away from their pride in what made them successful in developed markets," he said.
Mr Wijeratne continued by stating the importance of flexible business plans when moving into new markets.
"Companies need to acknowledge and understand the various institutional voids that exist in a growth market and then develop their operations in a flexible manner which will enable them to adapt these, as the growth markets' business environment evolves and matures," he summarised.
Australia - a great place for business operations
A business's success is partly determined by its location. While many enterprises look overseas for growth opportunities, it is possible to achieve this within Australia.
Based on the World Bank Group, the answer is firmly yes. According to its most recent Doing Business Economy Rankings, Australia was the 10th best country in the world to conduct business in.
This ranking was based on a number of factors that were compared across 189 countries. For example, the World Bank Group put Australia 4th in getting credit and 12th in enforcing contracts. The 14th in resolving insolvency was also a positive result.
"Since 2005, the East Asia and the Pacific region has narrowed the gap with global good practices," World Bank Group's report lead author Rita Ramalho explained.
Of course, for a business to be successful, the right personnel must be in place. This is where Ethos can be of assistance.
Ethos Corporation is an Australian owned Executive Recruitment Consultancy specialising in the $120k - $400k candidate market.
By Matthew Quinn