Manage your business growth with the right strategies and tools

Should you export your products to the US? To Europe? And if that results in exponential growth, how do you manage it properly? What growth strategies are available and how do you choose the one that’s best for your business? Learn about growth strategies and find out which one is right for you.

Growth doesn’t always involve headline-grabbing business deals. There are other approaches you can use to transform your business model, diversify revenue streams or create a stronger value proposition to shift into high gear.

Natural markets outside Quebec are much bigger. We have a population of 8.5 million, while Ontario has 14.6 million and neighbouring New York State has 19.4 million.

“It means different business practices and sometimes different currencies and legal frameworks, but you go from a small fish bowl to a huge aquarium.”

- Benoit Trudel, Senior Advisor, Skills Development and Management Practices, at Desjardins Business

Many service industries can easily “export” good ideas from Quebec in sectors as diverse as finance, architecture, consulting and creativity. On the manufacturing side, exporting is still a proven strategy for growth, as long as you keep a close eye on your production costs, based on the rising cost of transportation.

A merger or acquisition is a fast track to dramatic growth. “You can work hard for 5 to 15 years to achieve a certain level of sales, or you can get there in 3 to 6 months by buying your competitor,” says Yann Van de Voorde, Senior Account Manager at Desjardins Business.

Companies that want to stay independent could negotiate a partnership. This might take the form of an exchange of goodwill, a contractual agreement or starting a joint venture.

Technology now enables new business models in almost every sector of the economy where customers who were once difficult to reach can now be reached more easily or in a radically different way.

“Business models based on recurring monthly revenue or SaaS (for Software as a Service) monetize the strategy differently to support exponential growth.”

- Yann Van de Voorde, Senior Account Manager at Desjardins Business

These growth strategies are far from the only ones. When there are so many opportunities, how do you choose which one to focus on?

“Evaluate each opportunity based on 4 main pillars: how the strategy aligns with the organization, its compatibility with the business culture, its impact on people and its financial impact.”

- Benoit Trudel, Senior Advisor, Skills Development and Management Practices, at Desjardins Business

Although implementing a growth strategy is a major investment, the business needs to determine how much margin it has left to seize other opportunities worth pursuing down the road.

Large companies have the advantage of being able to work with teams of accountants, tax experts and specialists to support their growth strategies. But that doesn’t mean SMEs have to go it alone. “Cover your blind spots by asking your board of directors, an advisory committee or business network for advice. Most importantly, you should establish a good relationship with your financial institution,” says Trudel.