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Growing Your Business
Whether you want to expand your line of products or services, increase your capacity and customer base, or are looking for ways to maximize profits, explore our available tools, articles, and resources to help you grow your business.
Find New Revenue Streams
Find new revenue streams that will increase profits and improve business growth with a little strategic planning.
Research the best options for your business. Start by reading Four Strategies to Grow Your Business to figure out what's best for your business, whether it's launching a new product or service, diversifying your business model, or reviewing your current strategies.
Launch a New Product or Service
You've got something customers love. Now what? Is there an opportunity to make it better or add a complementary product or service? Analyze your sales data to discover what people want. An e-commerce system might make it easier to track buying behaviour to predict future purchases.
Talk to your customers, get ideas from competitors, trade shows or social media, ask staff to brainstorm new product development suggestions, or use our Cashflow Improvement Calculator to factor in increased production costs.
Diversify Your Business Model
Take advantage of potential new revenue streams and use strategic planning to stimulate business growth.
Beyond adding new products or services, or finding new markets, other options to consider include:
- Joint ventures with other businesses to offer complementary products or services
- Franchising
- E-commerce
- Buying out the competition or suppliers
Find more suggestions in Four Strategies to Grow Your Business.
Create a Growth Business Plan
Now's the time to review the business plan you created when you started your business. Look for new opportunities or the best areas to focus on that will help grow your business.
Use S.M.A.R.T. (Specific, Measurable, Achievable, Relevant, Timely) goals to create your new plan, while keeping your current customers in mind and protecting your margins.
You can also find ideas and suggestions to get started from our interactive checklist.
