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Business Growth and Development

Pearls of Wisdom

In 2009, spending by indigenous tourism visitors was valued at $7.2 billion, representing 12% of total visitor expenditure in Australia.

Tourism businesses operate in a highly competitive environment. Businesses need flexibility and commitment to ensure they remain profitable. All businesses should undertake the ‘Business and Strategic Planning’ process taking into consideration where they are currently positioned in the business lifecycle. The stage of the business lifecycle influences both the strategic planning process as well as the operational side of the business. Read more
Tourism businesses operate in a highly competitive environment. Businesses need flexibility and commitment to ensure they remain profitable. All businesses should undertake the Business and Strategic Planning’ process taking into consideration where they are currently positioned in the business lifecycle. The stage of the business lifecycle influences both the strategic planning process as well as the operational side of the business. Tourism Victoria’s Tourism Excellence Module identifies the four phases of the business lifecycle:
  1. Start-up - uncertain markets, establishing products, uncertain marketing, low/no profit, heavy management involvement in the business;
  2. Growth - establishment of market share, expansion of product lines and or markets, sales growth, possible internal expansion to meet growth;
  3. Maturity - levelling of sales because of increasing competition or decrease in demand. This requires new strategies to avoid;
  4. Decline - decrease in sales and profits. If not addressed, it will end in failure.

The links in this section provide further information on some of the key elements of business operation, growth and development, including:

  • The use of innovation and technology within a business to ensure that market competitiveness remains;
  • The introduction of sustainable practices within a business to ensure long term economic, environmental and social sustainability;
  • The introduction of appropriate human resource management practices to manage the recruitment and retention of staff;
  • The use of professional development and training opportunities as a method to increase job satisfaction, retain staff and provide a high quality customer experience; and
  • The introduction of risk management monitoring and review processes to ensure business viability over time.

Reduce