Best Accountants in Fort McMurray, AB

You could grow your business with these five growth steps. n1. Grow Your Existing Basen2. Add a New Basen3. Add New Products and Servicesn4. Diversifyn5. Be More Efficientnn1. Increase sales the easiest way.nIt’s easier to get more out of your existing customer base than finding new customers. They already do business with you and are familiar with your products and services. Often, it’s easier than you think.n• Identify customers that have the most potentialn• Make use of your customer data to predict needsn• Focus on cross-selling and up-selling additional products & servicesn• Offer new, convenient ways to buynn2. Look for brand new customers.nDetermine the characteristics of your best customers and then find more of them. It could be new customers in your current market, or similar customers in new markets. Identify the best way to connect with them and develop a plan.n• Leverage business apps to gain insights on your best customers and marketing channels that workn• Build your business profile to promote your reputation and attract new customersn• Leverage your existing customer base to spread word of mouth to create new workn• Create a marketing plan to drive awareness and generate new leadsnn3. Uncovering the next big thing.nSuccessful businesses tend to find new products and services to offer customers, or new ways of delivering to the market. It could be complementary to what you already do, or totally new, and it doesn’t have to be the next billion-dollar business. It could just be the next big thing in your industry or down your street.n• Be customer centric by asking what is in it for the customern• Search, ask, listen, and uncover ideas that you could apply in your businessn• Test the market with a trial or pilotn• Determine if importing could uncover new opportunitiesnn4. Looking past your current business.nIf you think your business could benefit from other opportunities you are seeing in the market, then consider diversifying away from your core business. Find a new revenue stream with potential that complements your current operation for now but could take over in years to come.n• Investigate importing or representing other businesses in your industryn• Explore franchising to grow your businessn• Identify new ways to sell, for example setting up a separate online businessn• Buy other businesses such as suppliers or competitorsnn5. Boost your operating effectiveness.nYou can grow internally by creating better margins, being faster at delivery, or having better systems and processes. Ultimately, you’ll grow by being better than the competition.n• Ensure staff have the right skills and expertise to maximize productivityn• Use technology to improve delivery and communicationsn• Review equipment and production efficiencies and update where necessaryn• Focus on core competencies and eliminate waste...