What would your business do with a $10k Acceleration Grant?

It’s everyone’s favourite daydream; what would you do if you won the lottery? There’s nothing like the prospect of an influx of cash to make the mind pleasantly wander, the possibilities are just too exciting. 

Well, we have some more daydream fuel for you… What would your business do with a $10k boost? It’s the kind of money that could make a world of difference to a growing Aussie SME, launching you towards greatness and accelerating your potential. 

To celebrate our partnership with iconic sports brand McLaren Racing, we’re giving one Australian business the opportunity to win a $10k Business Acceleration Grant. Like the McLaren team, we know that businesses need to operate with speed and strong performance to strive towards their ambitions – and we want to help you accelerate down that track. 

So, daydream with us. Let’s explore how businesses can use $10k to fuel their growth journey. Then we’ll help give you the best chance at making it a reality with tips to give your competition entry some edge. 

And if you’re ready to enter now? Visit our competition page. Entries close 20 March.

10 ways that Australian small businesses could best use $10k

Every business has its own unique set of challenges and needs, but we think there are some common opportunities that can help accelerate growth and expansion.

1. Product development

Have you been thinking that your product is ready for version 2.0? 

Great products are always evolving with new features, better functionality and slick new designs. Whether you offer a physical product, digital product or service, constantly innovating is one of the best ways to stay competitive in your field. 

Of course, developing products generally doesn’t come cheap. Of the six stages of product development (ideation, product definition, prototyping, design, validation and commercialisation), capital could help you yield better results. This is especially true in the prototyping and design stages; which could have you engage with new suppliers to create something truly spectacular. 

2. Boost your digital marketing campaigns

In today’s day and age, visibility is everything - and there’s tough competition to get in front of eyeballs. 

If you already have digital and social media marketing campaigns out there, imagine the difference that $10k could make in terms of reach? This extra investment could give you the opportunity to test new audiences, experiment with new channels, or just bolster your tried and tested campaigns. 

3. Create eye-catching content

Creating new content can also be a total game changer for your marketing strategy. 

What if you had a beautiful new suite of photography to advertise your products? Or maybe an engaging new video to show off your services? Or even some SEO-enriched articles to drive traffic to your website? $10k is a great amount of capital to get a talented freelancer onboard to create something special.

4. Investigate new markets

Are you thinking that 2024 could be the year that you finally go global? 

We’re in full support! And while we can help you with the financial operations side of things - making your global expansion easier and more cost-effective than ever - it’s well worth making your own investment in market research. 

Whether you’re targeting local or international customers, knowing them and their behaviours is essential. According to Forbes, companies that embrace a customer-centric approach are 60% more profitable than companies that don't. Whether you engage with a market research agency, consultant or software - it’s clearly worth the investment!

5. Upskill your team

Your employees are your greatest asset, so make sure that they have the knowledge they need to succeed. 

A recent survey from PWC found that 93% of CEOs who introduce upskilling programs see increased productivity, improved talent acquisition and retention, and a more resilient team. 

As technology becomes increasingly more intrinsic to our work, having a team that is able to harness it properly is critical for your success. We recommend that digital skills are at the heart of your upskilling efforts; whether that be through short courses, learning modules or conferences.

6. Develop your brand

If your team is your greatest asset, your brand is a close second! 

Your brand is your customers’ gateway to your products and services. It influences their relationship with your business at every touchpoint, and allows them to build a relationship with you. 

Branding is an art, and it takes some real skill to develop. A scrappy, DIY effort probably won't yield the best results. A $10k boost to your business could go towards word at a branding agency or work with a brand consultant. 

7. Shop around with new suppliers

Great suppliers can make your products and services infinitely better, but it can take some shopping around to find the right ones. Having some extra cash in the bank can give you a great opportunity for this kind of trial and error. 

8. Implement new technologies

SME teams are often the busiest in the biz, working long days to realise their ambitions. 

For these teams, working smarter, not harder, is essential. That’s why developing a powerful tech stack can make all the difference in your capabilities, output and growth. 

With $10k, you can give your tech stack an incredible boost. Some of the most popular types of programs that power businesses towards their goals include;

• Project management tools

• Marketing tools; including CRMs, social listening tools, social media scheduling

• HR and Payroll software

• Accounting software

• Internal communication tools

Of course, we think that finance operations software is also essential for success. But with Airwallex, there’s no upfront costs to set up your global account. Get started today. 

9. Develop new partnerships

When brands come together, awesome things can happen! 

Teaming up with a brand or organisation that shares similar values to yours can help you reach new networks, communities and customers. It’s a great way to build your brand name, and show what you stand for.

Popular partnership options include sponsoring sporting teams or local events, partnering with a business association within your community, or even establishing a relationship with a popular media outlet which speaks to your business’ niche. 

10. Purchase helpful new equipment

Do those dusty old team laptops need an upgrade? Or what would an amazing camera do for your ongoing marketing efforts? Or how much more productive could your team be with an amazing new espresso machine in the office kitchen? (Answer: very.)

$10k can go a long way at your local office supplies shop, and an even longer way to creating a happier team.

Tips to make your entry shine 

To be in the running to win our $10k Business Acceleration Grant, all you need to do is answer the question; If you could improve your financial processes in 2024, how would you do it and why?

Earlier this month, Managing Director of Airwallex ANZ Luke Latham shared his advice for entrants;

“We’re looking for Australian small businesses with big ambitions. Both in business and on the racing track, you need to operate with speed, precision and determination. We want to celebrate that grit, and reward those who have a bold vision and a growth mindset.”

“At Airwallex, we believe that accelerating your financial processes can send your growth into hyperdrive – so entries that creatively express how financial operations align with the entrant’s business’ values and aspirations will definitely have a competitive advantage.”

What are you waiting for? Enter now!

“We know that for emerging businesses, a $10k cash boost can be game-changing to their growth trajectory,” says Luke. 

“The winner will be able to use the funds as they see fit to accelerate their expansion, but we would love to see the money go towards innovating their business processes or fuelling strategic developments in their products or services to help them stand out in a global market. When they’re ready to share the results of their investments, Airwallex’s powerful financial infrastructure can help deliver them to the world.”

Entries for our competition are closing soon on 20 March 2024. 

As well as the incredible Business Acceleration Grant, you also have the chance to win;

• 1 of 50 tickets to our exclusive off-track pre-race Homecoming Party for Oscar Piastri in Melbourne

• A signed Oscar Piastri Replica Race Helmet

• Airwallex x McLaren Formula 1 Team backpacks, thermal bottles, and caps so you can be part of our all-star team

Don’t wait, accelerate your ambition and get your entry in right now! Terms and conditions apply.

Accelerating McLaren Racing’s Cross-Border Payments

Airwallex helps McLaren's Formula 1 team to run their financial operations with the same speed, precision, and performance that they show on the track. 

Airwallex’s proprietary local payments network offers McLaren a fast, cost-effective, and transparent way to streamline their financial operations and scale globally. From Silverstone to Melbourne, the McLaren team can operate like a local business from anywhere in the world. 

With Airwallex, they can open accounts with local bank details in minutes, accept payments in local currency to avoid costly forced conversion fees, hold funds in a multi-currency wallet, convert currencies at leading rates, and make high-speed transfers to their suppliers around the world in a few clicks.

Disclaimer: This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, which is available here.