Every business owner asks it at some point: how do I take things to the next level, and what does that actually look like for me?
Levelling up can mean very different things depending on where your business is right now. In other words, your size, stage and goals.
But whether you’re just getting off the ground, growing, have reached maturity or are looking to the future, levelling up is about making real, practical improvements through smart business development that take you beyond where you are now.
This begins with strategic planning.
Strategic planning = roadmap for levelling up
Strategic planning involves setting your direction and working out the best way to get there. It’s essentially your roadmap for levelling up.
Planning helps you define your goals, identify opportunities and threats/roadblocks, and map out the steps that matter most so you can move forward with purpose and confidence.
So, what does this look like at each stage of business? While every situation is different, here are some recommendations to help guide you.
You can take a deeper dive into the different aspects of strategic planning in our Strategic Planning content hub.
Set up – Laying the foundations
When you’re just starting out, it can feel like everything’s urgent, and you’re expected to be across all of it.
Cash flow is tight, time is limited and the compliance side of things (tax, legal, employment) can be overwhelming. You’re wearing all the hats, and it’s hard to know what to prioritise.
How to level up:
- Set up a clear business plan with budgets, milestones and structure. For example, aim to break even within 12 months and secure your first five clients in six months.
- Choose the right business structure for long-term efficiency, such as registering as a sole trader, partnership, or company based on tax and liability considerations.
- Put basic systems in place like bookkeeping software (we recommend Xero), invoicing, and regular cash flow monitoring.
- Map out the next 12–24 months with key dates for tax lodgments, supplier contracts, and hiring your first employee.
- Identify early opportunities in the market that fit your capacity to pursue, for example, a gap in delivery services.
- Consider potential threats, such as cash flow risks in slow seasons or compliance challenges, and plan how to mitigate them.
Strategic planning at this stage helps you stop reacting and start building. It lays the groundwork to support confident growth later.
Related: The big question: how can I reduce my tax?
Growth – Managing new challenges
Growth is exciting, but it also brings complexity.
You’re managing more people, more moving parts and more decisions. Profitability can fluctuate, and accessing the right funding becomes more important. It’s easy to get caught up in the day-to-day without stepping back to think strategically.
How to level up:
- Define clear strategic priorities across the business. For example, increase gross margin by 10% in the next 12 months or expand into a new local market within 6 months.
- Regularly review pricing, products, and profitability by running monthly profit and loss reports and adjusting pricing or product lines accordingly.
- Use rolling forecasts updated quarterly to track cash flow, resource needs, and growth targets instead of relying solely on annual budgets.
- Track key performance indicators (KPIs) like customer acquisition cost, average order value, and employee productivity to focus your efforts on what drives results.
- Explore new market opportunities or product lines and assess their feasibility—for example, test selling in a nearby city with a pop-up shop before a full launch.
- Monitor competitive and operational threats and build early warning systems like tracking competitor prices monthly and setting alerts for supply delays.
Strategic planning keeps your growth-focused and sustainable. It helps you scale smart, not just fast.
Related: Monitoring business performance: the whats, whys and hows
Maturity – Considering your options
At this stage, the business may be steady, but you might not be seeing the growth you used to.
You might feel stuck in the day-to-day with systems or strategies that haven’t kept pace. Things should feel easier, but instead, you’re doing more heavy lifting than ever.
How to level up:
- Revisit your strategy. What’s still working, what’s not? For example, assess if your core products still meet customer needs or if new offerings could open fresh revenue streams.
- Benchmark performance against industry standards to spot areas where costs can be reduced or efficiency improved.
- Set fresh goals to realign your team and direction, like improving customer retention by 15% over the next year or automating 25% of manual processes.
- Streamline operations by investing in workflow automation, delegating tasks, or upgrading software so you can focus on leadership rather than day-to-day tasks.
- Scan the market for new trends or niches that could refresh growth for example, spot rising demand for subscription services in your industry.
- Identify emerging threats, such as market saturation or shifts in customer preferences and plan how to respond. For instance, diversify your offerings to stay relevant.
Strategic planning helps you reset, refocus, and re-energise. It brings clarity so you can make the next phase count.
Related: Current SME challenges and how to overcome them
Succession – Looking ahead
If you’re starting to think about stepping back, it can feel hard to know where to begin. Whether you’re handing over to staff, transitioning to family, or selling the business, you want to make the most of what you’ve built without unnecessary stress or guesswork.
How to level up:
- Start early with a clear exit or succession strategy, setting a timeline (e.g., 2–3 years) and identifying key milestones like grooming a successor or improving cash flow.
- Get a realistic valuation by engaging a professional and identify value drivers you can boost, such as securing long-term contracts or improving customer diversification.
- Clarify ownership, leadership, and transition plans with formal agreements to avoid conflicts down the track.
- Explore all options—selling to an external buyer, merging with a partner, restructuring ownership, or handing over to family members—based on your personal and business goals.
- Anticipate risks that could affect value or handover and prepare to mitigate them, such as training successors early to avoid leadership gaps.
Strategic planning helps you exit on your terms with clarity, confidence, and a strong finish.
Related: How to successfully document your succession plan
Plan for success and bring in an advisor
To level up, you need to lock in some strategic planning sessions as part of your business strategy, whatever stage of business you’re in. Levelling up demands smart thinking, analysis and taking the right actions to help your business get to where you want it to be.
By bringing in a trusted business advisor like ourselves to support you, you can get a fresh and unique perspective and benefit from real-world experience, helping you make confident, informed decisions and move forward with purpose.
Related: What is an accountant? What is a business advisor? Here’s the difference
Want help with your strategic planning to help you level up to the next stage? Reach out to your Maxim advisor or contact our team today. Our job is supporting decision-making and fellow business owners to succeed.
