Private companies are powering South Australia’s next chapter
As South Australia’s economy continues to evolve, the state’s leading private companies are proving that long-term success isn’t just about strong financial results. It’s about strategy, governance, leadership and the ability to adapt – qualities that are becoming increasingly important in an uncertain business landscape.
Private companies have long been the backbone of South Australia’s economy, employing thousands of people, investing in communities and driving innovation across industries. While they may not always attract the same attention as listed corporations, their influence continues to grow, with many leading the way in resilience and sustainable growth.
For Jake van der Hoek, director – corporate at HLB Mann Judd, the businesses that consistently outperform their peers share a common mindset.
“The strongest businesses combine a clear strategic focus with the discipline to execute consistently over the long term,” he says.
“They understand their market and customers, remain adaptable to changing conditions and are open to innovation. Just as importantly, they invest in their people and build strong leadership teams that can support sustainable growth.”
That balance between ambition and discipline is becoming increasingly valuable as businesses navigate rising costs, shifting market conditions and the opportunities presented by new technologies.
While entrepreneurial drive often lays the foundation for success, van der Hoek says sustained growth requires businesses to evolve the way they are led.
Many founders view governance as something reserved for large organisations, but he believes that’s a misconception.
“A focus on governance is not something that suddenly becomes relevant when a business reaches a certain size, but should evolve alongside growth,” he says.
“When decision-making starts extending beyond the capacity of the founder due to increased revenue, a growing workforce, expansion into new markets or external investment, it may be time, or perhaps even past time, to be thinking about a board-like structure.”
Introducing stronger governance doesn’t mean sacrificing the entrepreneurial spirit that helped build the business. Instead, van der Hoek sees it as a way to strengthen decision-making while preserving the agility that private companies are known for.
“I don’t think good governance and entrepreneurship should be looked at as opposing forces,” he says.
“Effective governance can support and enhance growth by introducing greater accountability, fresh perspectives and longer-term planning. Whether through a board of directors or an advisory board, the right governance framework can help businesses maintain agility while reducing key-person risk and preparing for future leadership transitions.”
As companies expand, leadership structures must also keep pace.
According to van der Hoek, one of the most common barriers to continued success is when leadership fails to evolve alongside the business itself.
“One of the most common mistakes is when strategic thinking fails to keep pace with the growth of the business,” he says.
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“Decision-making can remain concentrated with founders or a small group of leaders, creating bottlenecks and limiting scalability. As businesses grow, leadership teams need to evolve as well, allowing owners to step back from day-to-day operations and focus on strategy, growth opportunities and the long-term direction of the business.”
That shift can prove particularly important during periods of significant change, whether it’s entering new markets, pursuing acquisitions or planning for succession.
“Good governance is critical during periods of transition because it provides confidence to stakeholders, investors, employees and potential acquirers,” van der Hoek says.
“Strong governance supports better decision-making, improves transparency and helps businesses navigate risk. These are also times when obtaining the right external advice can be invaluable in protecting value and achieving the best outcome for the business and its shareholders.”
The emphasis on long-term thinking is one of the defining characteristics of many of South Australia’s most successful private businesses.
Rather than focusing solely on short-term financial performance, the strongest organisations continue to invest in their people, embrace innovation and adapt as markets evolve.
“The best-performing businesses demonstrate that sustainable growth is built on more than financial performance,” van der Hoek says.
“Common themes include a clear strategic focus, investment in people and innovation, strong leadership and a long-term outlook. They’re also willing to embrace change and adapt to evolving market conditions while staying focused on their core strengths.”
As South Australia’s private sector continues to shape the state’s economic future, those lessons are becoming increasingly relevant for businesses of every size.
The upcoming South Australian Business Index will once again provide a snapshot of the state’s leading private companies and the trends shaping the business landscape. More than a ranking of financial performance, it offers an opportunity for business leaders to examine the strategies, governance and leadership approaches helping South Australia’s top-performing companies build sustainable success.
HLB Mann Judd is the proud data partner of the South Australian Business Index lunch and networking event on Friday, October 16, at the Adelaide Convention Centre. Purchase your tickets today.
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