Growing a business is challenging, especially considering there were almost 1.2 million small business owners in Canada in 2023. While there are many ways to build your business, the best approach will depend on the type of business you’re running and your goals. By following certain steps, you can establish a customer base, build a strong brand, and increase revenue for your business.

• Understand your market 
• Establish Your Brand
• Determine your business goals
• Expand your offerings
• Enhance customer relationships
• Invest in business software
• Frequently asked questions

1. Understand your market 

Whether you are just starting out or have been in business for decades, conducting market research regularly is crucial. This helps you understand your customers' needs and equips you with the necessary insights to adjust your products and services. It’s also worth keeping up to date with local demographics, as these can shift over time, to help you stay ahead of the game.

Staying on top of your market means more than just understanding your customers. It's also about knowing your competitors and industry trends. This is essential, even if you have a loyal customer base, as it can prevent your business from seeming outdated. By studying your competition, you can identify their strengths and devise strategies to set yourself apart.

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2. Establish Your Brand

Being an industry expert is a crucial driver of business growth. Whether you run a small restaurant or a large corporation, establishing yourself as a leader in your field is essential. The definition of expert may vary, but the goal is to earn your customers' trust by demonstrating excellence in what you do.

Establishing trust is often easier than you think. Whether you're selling a custom product or offering a type of service, customers expect you to have a certain level of knowledge or authority in your field. When you exceed those expectations, you can quickly establish yourself as a go-to source. 

Nowadays, many shoppers research brands, check reviews, and compare products before making a decision which can help you grow your business online. This can present both advantages and disadvantages. However, you can benefit from this by leading the way in your field. 

When you become an expert in your services and products, it shines through to your customers. 

3. Determine your business goals

Business owners should always set goals to ensure they’re continually working toward something. A simple business plan that outlines how your business operates and what you need to succeed is often a good start. Additionally, you’ll want to consider what type of business culture you want, as this can affect your company's growth.

Since a business plan is meant to be a starting point, you’ll need to shift goals once you’ve established your business. If you offer a product or service, think about your customers and how your offerings can benefit them. Having an extremely loyal customer base can be highly rewarding. Another goal might be raising funding so you can expand your operations.

Keep in mind that business goals don’t necessarily just mean growth. Some business owners' goals may mean an eventual exit or a better work/life balance.

4. Expand your offerings

Established businesses may hesitate to expand their offerings, but customers will often expect more. Sometimes, that means offering different payment options or longer customer service hours. It could even be something as simple as providing discounts, new menu items, or product features.

To grow your business, consider diversifying your services. Having one core product that establishes your market share is vital, but offering different products can also be beneficial. Since you’re already a trusted establishment, customers may be more willing to try your new offerings. Plus, your new products or services could potentially help increase your revenue.

Regardless of your type of business, having an online presence is a must because that’s what most customers want. Make sure your site is built for e-commerce, which could provide an additional revenue stream. In addition, consider establishing a social media presence.

5. Enhance customer relationships

Your business needs customers to succeed. That’s why it's essential to optimize the customer service experience and prioritize customer retention. How you do this depends on the type of business you run, but a few basic steps can take you a long way.

Responding to customer inquiries or messages promptly often leads to a positive experience. Even someone who has written about a problem may change their attitude if their concern is addressed immediately. 

Forward-facing staff should be properly trained, as they’ll often be customers' first point of contact. Ensure you teach them how to handle various situations and deal with conflict. Additionally, you and your staff should try to get to know your customers individually. If you know their names and offer a personalized experience, they will likely recommend you to others.

6. Invest in business software

Investing in business software helps you perform essential tasks more efficiently and track important business insights you'll need in the future. Business software can help you:

• Cut costs with automation
• Improve customer service and retention
• Enable employees to work efficiently
• Increase online sales

If you’re unsure where to start, research which software or solutions best suit your business needs, and speak with other business owners to see what they’re using. If you don’t have the budget to update your hardware, find a solution that can run on your current equipment.

With solutions like QuickBooks Online Advanced, you can take your business to the next level by customizing your workflows, boosting team productivity, and improving analytics. With these systems in place, growing your business becomes much easier.

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