The power of business reviews and grants for SMEs and the Australian economy.


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The power of business reviews and grants for SMEs and the Australian economy.

Government business reviews and grants have become secret tools for small medium enterprises (SMEs) to obtain affordable help to grow their business, while assisting growth in the Australian economy. Find out how you can benefit from a network of support and advice to improve your business capabilities and competitiveness.

According to the Australian Bureau of Statistics (ABS), as of June 2016 there were nearly 2 million SMEs trading in Australia. The ABS defines SMEs as any business employing less than 200 people with an annual turnover between $100,000 – $25 million.

Because the importance of this integral business segment is overlooked, the Australian Federal Government is providing a free initiative to support growth to help increase the productivity of these SMEs.

Unfortunately, this initiative is not well known outside government circles, so it is often overlooked by many typical advisors to the SME market. dVT Strategy (part of the dVT Group) is one of the few advisors that have recognised the value of this programme and have already assisted over 100 SMEs gain access to the programme and benefit from the outcomes.

In order to be eligible for the programme a business must satisfy three key areas:
• Be operating for more than three years
• Have a turnover between $1.5 million and $100 million
• Be operating in any of the following areas: advanced manufacturing; food and agribusiness; medical technologies and pharmaceuticals; mining equipment, technology and services; oil and energy resources; or providing enabling technologies/services to one of those previously mentioned. These areas have been identified as growth sectors within Australia.   (NB: the category of enabling technologies/services can be very broad and many business types can fall into this category. Ask us if your business fits).

dVT Strategy take the time to firstly pre-qualify businesses to ensure they are suitable for entry into the programme. Understanding how busy business owners can be and how involved the exercise can be, dVT takes a hands-on approach to drive the application process and work alongside their network of businesses advisors to ensure the application is successfully approved. dVT Strategy are happy to say that to date, they have achieved a 100% strike rate for their clients.

Taking part in this programme provides businesses with a skilled and experienced government employed business advisor who will visit the business premises to review business operations, including business direction and strategy. The business advisor will also undertake further research and analysis of information offsite. The review conducted by the advisor equates to approx$10,000 – $15,000 worth of consulting, at no cost to the business.

The outcome from this review is a holistic business assessment, ratio analysis, global benchmarking, industry reports, connections to a variety of grants and a tailored business evaluation report outlining recommendations that a business can adopt to become more competitive, improve and grow within the industry. Results from an ABS study into the performance of businesses who have participated in this business evaluation programme, showed that their performance significantly increased more than similar businesses that did not participate.

After the review, knowing what to do and how to implement the recommendations identified in the report can prove to be overwhelming and time consuming for the business owners to undertake alone. That’s why as part of the programme, the business is then eligible to access a grant of up to $20,000 to spend on an external consultant to help deliver on the key recommendations.

Engaging an external consultant, such as dVT Strategy, to assist in the delivery of the recommendations identified can add a significant return on investment. dVT Strategy have successfully helped a large number of businesses over the years to implement these recommendations, seeing positive results and a financial uplift. They have also helped these clients access a number of additional, and often larger grants, to support their new found growth opportunities.

The ABS identified that those businesses that received further support through access to grants went on to further increase their performance by more than 80% above those that received a business evaluation but did not access the programme funding. Results showed an uplift of $300,000 – $400,000 for those businesses that received the evaluation and $600,000-$800,000 for those that utilised the grant.

Here are examples of businesses we have helped with this programme, in the industries of:  

dVT Strategy thrive on seeing SMEs grow and realise their potential. If you have a business, or know someone who may be interested in accessing this programme, dVT Strategy are happy to conduct a free no obligation, initial discussion to see how this programme can assist.  Contact Brendan Ryan on 02 9633 3333 or email brendan@dvtgroup.com.au.

(ABS Study on Enterprise Connect Business Review and Tailored Advisory Service Client Performance)