Growing beyond the horizon: why getting the basics right matters for Geelong businesses

GEELONG’S economic story has shifted and broadened. Once defined by manufacturing and proximity to Melbourne, the region is now standing confidently on its own as a diversified, business centre.

Population growth, workforce depth and maturing of industries together mean the opportunity for business growth has never been stronger.

But as the research from KPMG’s Geelong Growth Horizon report makes clear, ambition alone is no longer enough.

Across the region, business owners participating in the report study consistently told KPMG they want to grow beyond Geelong.

They are looking at new markets, new sectors and bigger opportunities.

The challenge is not about demand. It is about whether their organisations are structured in a way that can support that next phase without creating unnecessary risk or pressure.

“As businesses grow, the margin for error narrows,” Paul Robson, partner and Geelong region lead at KPMG, said.

“That means what might have worked at a smaller scale – informal reporting, legacy structures or reactive tax decisions – can quickly become a constraint once the business starts to expand.”

One of the strongest themes emerging from the KPMG’s Geelong Growth Horizon research is the importance of financial clarity.

Businesses that produce timely and accurate financial reporting are the ones that then have the information to enable confident decisions about investment, pricing, capital and workforce planning.

Those without it, often find themselves relying on instinct, rather than factual insight, at exactly the point when decisions matter most.

Increased growth also brings a step-change in expectations.

Customers, lenders, investors and regulators expect stronger governance, greater transparency, increased customer interface and, in many cases, independent assurance.

Luke Snowdon, partner in audit and assurance at KPMG Geelong, notes that this is where many private businesses are caught off guard.

“Audit or assurance shouldn’t be seen as a hurdle,” he said. “Rather, these are vital tools enabling effective planning.

“Done well, they give owners confidence in their numbers and credibility with external stakeholders, which becomes increasingly important as the business grows.”

Risk is another defining factor. Cyber security, regulatory change, workforce pressures and cash flow strain can all intensify as scale increases.

The most successful businesses are not the ones that avoid risk altogether, but those that manage it early and deliberately.

According to Claire Richards, partner in mid-market and private advisory at KPMG Geelong, there is no risk-free option.

“The difference between businesses that scale and those that stagnate are those that make deliberate risk-taking choices in pursuit of a major growth opportunity, rather than just managing downside risk,” she said.

These insights also reflect on KPMG’s own local growth.

Since the opening of KPMG Geelong in 2023, the local team – which covers tax, accounting, audit and advisory – has expanded alongside the regional growth in the private and family business community.

KPMG’s focus is practical and locally grounded: helping businesses get their house in order to enable success – and before growth magnifies complexity.

Importantly, KPMG’s Geelong mid-market and private enterprise teams are designed to assist businesses in the region – not just large corporates.

Advice is tailored specifically for local private and family businesses in Geelong and the region. That means there is a strong focus on practical outcomes and support that grows with the business.

Geelong’s growth opportunity is real. But growth also rewards planning and preparation.

For many businesses, the most important decision right now is not about chasing the next opportunity – it’s about making sure the foundations are strong enough to support the next stage of businesses success.

//SPONSORED CONTENT