Make sure you're eligible!
Before you submit an Expression of Interest, make sure you're eligible by reading the Requirements for Participation.
Ready for Growth is a Victorian Government initiative to support 1000 Victorian businesses with high growth potential to access new markets and create jobs.
Ready for Growth provides businesses with tailored advisory services by expert Growth Facilitators. The program is being delivered by Business Victoria with delivery partner BDO Australia.
Ready for Growth will help businesses:
- develop a Growth Action Plan
- build capabilities for growth
- find grants and programs to support growth
- improve connections to networks and ecosystems
- connect to peers through the Ready for Growth Alumni Network.
Frequently asked questions (FAQs)
Submissions of Expressions of Interest for this program will close at 1 June 2024 or when fully subscribed, whichever is earlier.
Ready for Growth is a Victorian Government initiative that will support 1,000 Victorian businesses with high growth potential to grow their business, access new markets and create jobs.
This program is being delivered by Business Victoria and BDO Australia.
To participate in the Ready for Growth program, submit an Expression of Interest on the Business Victoria website.
Successful participants will be notified by email and can start their Ready for Growth journey by completing a Growth Assessment.
Participants can review their results by creating an account in the Ready for Growth Portal.
Participants are then matched with an experienced Growth Facilitator from BDO Australia who will work with them to build a Growth Action Plan and find suitable grants and services to support their business.
Participants will have regular virtual meetings with their Growth Facilitator and work towards achieving their Growth Action Plan.
Graduates from the program can join the Ready for Growth Alumni to attend events, connect with other program participants and network with like-minded peers.
To get started visit business.vic.gov.au/readyforgrowth.
Requirements for Participation
To be selected to participate in Ready for Growth a business must, at a minimum, meet the following requirements:
- be a legally structured business in Victoria
- have an Australian Business Number (ABN)
- have been in operation for at least three years
- have more than four employees and fewer than 200 employees
- have an annual revenue of less than $20 million
- meet all industrial relations obligations as an employer in accordance with the National Employment Standards.
The Department of Jobs, Precincts and Regions (DJPR) will also consider the following factors when prioritising the order and timing of selecting businesses to participate in the program:
- A demonstrated growth track record or intention to grow. For example, the business is export ready, has expansion plans with job creation and/or purchasing new plant and machinery.
- Priority industry sectors: a business’s primary business activity as reflected in the business’s ABN registration information. Businesses should check their details on the Australian Business Register website are correct prior to submitting an expression of interest. This includes ensuring that the industry classification (ANZSIC class code) linked to the business’s ABN registration correctly captures the primary business activity.
- Business location: a business’s primary business address as reflected in the business’s ABN registration information.
Expression of Interest
To submit an expression of interest, businesses must meet the Requirements for Participation of the program.
Businesses must ensure that their ABN registration information is current and accurate as at the time of application.
Each expression of interest will be carefully considered and assessed against the Requirements of Participation. Following this assessment, DJPR will, at its absolute discretion, select businesses to invite to participate in the program and the order of their participation.
All questions in the expression of interest application need to be completed and the requested information is to be provided to ensure a timely assessment.
If you have any queries about your application or require further information on the program, contact the Business Victoria Hotline at 13 22 15.
How does the program and application process work?
- DJPR will assess all expressions of interest and will prioritise successful businesses in the order and timing that their planned program is set to commence.
- Businesses need to agree to the timing of the program start date before they commence the program.
- Program participants will be prompted to proceed to BDO’s website, to start the program.
- Program participants start the program by completing a Growth Assessment on BDO’s website and, based on their results, will be provided with a personalised Growth Potential Snapshot that can be accessed through the program portal.
- After creating an account to access the portal, program participants will be connected with a Growth Facilitator who will help build a comprehensive Growth Action Plan.
- Business Victoria and BDO will allocate program participants into different program streams: Accelerated Growth and Facilitated Growth.
- Over the course of the next several months, program participants will have regular virtual meetings with a Growth Facilitator to ensure they stay on track to achieve their growth action plans.
- Graduates of the program join the Ready for Growth Alumni Network to stay connected with peers.
Assessing your Expression of Interest application
We endeavour to assess your application and notify you of the outcome within 30 business days. There may be delays in notifying you of an outcome if your application:
- does not meet all the requirements for participation
- does not have correct evidence or documentation
- requires you to make changes
- is a duplicate application for the same business
- has incorrect information such as ABN or WorkCover Employee Number (WEN) does not include current or accurate information registered with relevant regulators or partner agencies (such as the State Revenue Office, Australian Business Register or WorkSafe Victoria).
Learn more about how Ready for Growth is helping businesses
Ready for Growth's tailored advisory services have helped unlock new opportunities for South Melbourne-based creative and virtual reality studio Ignition Immersive.
Program participant and Commercial Director Tristan Place says the program has helped build the business’s framework for future growth.
We were introduced to the Ready for Growth by Business Victoria Program by one of our existing Victorian Government agency clients. One review of the program and sort of the outcomes that they were offering, we're very keen to apply.
We're fortunate enough to have our application approved.
Ignition Immersive is an augmented reality and virtual reality studio. We produce immersive experiences across media, entertainment and enterprise solutions for clients right throughout Australia.
Our Growth Facilitator has supplied us with a framework and a structure to work through some of the business growth planning initiatives that we did have in place. But certainly they've given us the introduction to new markets ability to create a framework for us to plan for our future business growth.
The challenges for a small Victorian business like ourselves is to sort of find that time to be able to work on our business and our future growth planning and so on, so that program has provided us with a great framework to be able to work forward in terms of our future planning.
Certainly, for other small businesses like ourselves in Victoria, I'd say do it, jump in. Certainly take up the opportunity with the program.