Four strategies to help small and medium-sized businesses grow
Did you know that in Canada, small and medium-sized enterprises (SMES) represent 99.8 per cent of all private sector businesses and employs 64 per cent of all private sector workers? To commemorate the tremendous contributions of these companies, the Business Development Bank of Canada (BDC) will be holding the BDC Small Business Week from Oct. 14 to 20. Thanks to a series of conferences, seminars, trade fairs and luncheons, some 10,000 business people across the country will have the opportunity to meet, socialize and establish important business connections.
SMES are the driving force of our country’s economy, and as such, their growth and prosperity are of the utmost priority. According to a study published by the BDC in October 2015, there are four main strategies that promote business growth.
Be customer-centric. Understanding and satisfying the needs of your customers is without a doubt the most important key to success. This builds customer loyalty and allows you to attract new clients.
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Build a winning team.
Hire qualified employees or train your existing personnel. This will allow you to delegate important responsibilities and push your business’ limits.
Stay ahead of the pack. Understanding the needs of your customers are one thing; being able to fill them another. Innovation is crucial in adapting your business to the needs and demands of your clients.
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Invest to be the best. Increasing production capacity by purchasing new equipment and improving efficiency by adopting new technologies are investments that are often necessary for a SME to grow.
It’s worth noting that other strategies — such as e-commerce, partnerships with other businesses and developing new markets — can also contribute to SME growth.