Thursday, 12 May 2022

Ministers statements: Ready for Growth program

Ms PULFORD (Western Victoria—Minister for Employment, Minister for Innovation, Medical Research and the Digital Economy, Minister for Small Business, Minister for Resources) (12:24): The Andrews government’s $5 million Ready for Growth program is helping up to 1000 high-potential businesses to identify barriers to growth and expand their operations. Accelerating growth across these businesses is vital to Victoria’s pandemic recovery and will support job creation across the state. The program commenced on 6 April, and it will run for two years. It supports businesses to define their goals, build their capability and develop a detailed understanding of their needs to ensure that they can take their operations to the next level.

Ready for Growth is modelled on international best practice. It begins with businesses undertaking an assessment to obtain insights into their growth potential in five areas: business strategy, financial management, customers and marketing, human resources and business operations. The businesses then develop a growth action plan to address the barriers identified through the assessment. With ongoing one-on-one support from an expert facilitator, they will then enact their plan, including building capability, finding suitable Victorian and federal government grants and programs, improving connections to existing business networks and connecting with peers through the Ready for Growth alumni network.

Upon graduation from the program, our department will maintain contact with graduates to monitor their progress and to offer ongoing support. Businesses can self-nominate to be part of this program through an expression of interest via the Business Victoria website. Business Victoria has also identified 225 high-growth-potential businesses that are currently receiving invitations to participate in the program. I am really pleased to report to the house that a diverse range of small businesses have already signed up, including food and beverage manufacturers, software developers, professional services firms and advanced manufacturers.