And it’s a fair question because in today’s market, standing still isn’t really an option. If you’re not growing, you’re falling behind.
The challenge is that growth often feels overwhelming. Where do you even start? Do you double down on sales? Do you look for investors? Do you buy another business?
The good news is that growth doesn’t have to be complicated, and you don’t need to reinvent the wheel. In fact, there are only three proven ways to grow a business. The difference between businesses that thrive and those that stall isn’t what strategy they choose - it’s how well they execute it.
At Frank Advisory, we’ve worked with countless SMEs across Australia, and we’ve seen the same pattern again and again: the businesses that scale successfully focus on these three core growth levers.
Organic Growth
This is the path that probably comes to mind first for business owners, and for good reason. Using your company’s internal resources to increase revenue and output gives you greater control over the rate and direction of growth. Whilst it is a slower growth strategy, it is less risky and more sustainable in the long run.
It’s about winning one client at a time, all the time. With the right systems in place, it can absolutely scale, but it will always feel like a grind if you don’t have a repeatable and efficient process.
The key here is having a clear go-to-market strategy that drives predictable and sustainable sales.
Inorganic Growth
If organic growth is the “slow burn,” inorganic growth is the accelerant.
This involves acquisitions, i.e buying another business, merging with a competitor, or acquiring complementary products and services.
SMEs usually consider inorganic growth when:
- Organic growth alone isn’t moving the needle fast enough.
- The cost of organic growth is comparable to acquiring.
- They want to supercharge growth quickly.
When done right, acquisitions can transform a business overnight. When done poorly, they can sink the ship. That’s why due diligence and strategic fit are critical and where we find our clients need the most support.
Increasing the Share of Wallet
This is the strategy most often overlooked, but often the most powerful.
“Share of wallet” simply means selling more to the clients you already have. If they trust you with one product or service, why not extend that relationship?
This can be done through:
- Developing new services or products in-house (organic).
- Acquiring a business that offers complementary products or services (inorganic).
Not only does this boost revenue, but it also creates stickier client relationships, reducing churn and building long-term loyalty.
The Big Question for SME Owners
If you’re serious about growth, ask yourself:
- Do I have a clear go-to-market strategy for organic sales?
- Do I have a strategic reason for acquisitions that would accelerate growth?
- Do I have a plan to increase share of wallet with my existing clients?
If you can’t confidently answer “yes” to all three, it may be time to revisit your growth strategy.
How Frank Advisory Can Help
At Frank Advisory, we specialise in helping SME owners unlock growth opportunities through acquisitions, exits, capital raising, and strategic planning. Whether you’re looking to scale organically, explore an acquisition, or expand your offering to existing clients, we can help map the path forward.
If this blog has raised more questions than answers about your growth journey, we’d love to chat about how growth could look for your SME.