Growing your business is challenging. It takes careful planning, strategizing, and execution. While there isn’t one perfect way to scale your business, some approaches and tactics are better than others. A company’s ability to grow year over year is a key factor for long-term sustainability.
Each year, Canadian Business releases their list of Canada’s fastest growing companies. The Growth List ranks Canadian businesses on five-year revenue growth. As Toronto recruiters, we’ve had the pleasure of appearing on the list this year for the seventh time, and we strive to help our clients do the same.
How to Grow Your Company Fast
All companies want to grow fast, but you also need to do it the right way. If you grow too fast without first putting the right structure and approach in place, you could run into significant growth hurdles down the road. While there are countless growth strategies you could implement, there are a number of foundational growth strategies all companies should use to grow fast.
1. Know Your Customers
If you fail to understand who your customers are, where they exist, and how to serve them, you have growth challenges. Invest in customer research, collect data, and take other steps to develop a detailed profile of your customers.
When you know your customers, you can develop programs to keep them coming back. Offering loyalty and referral programs, discounts, and promotions that are in alignment with your customers’ needs will make it easier to grow your current and new customer base.
2. Blow People Away With Exceptional Customer Service
Fast-growing companies invest in customer service and go above and beyond to ensure each and every customer is fully satisfied with their experience with your organization. Make your customers feel special, have a well-defined customer experience plan, and make them feel important. If an issue arises, address it immediately. If you make your customers feel valued, they’ll spread the word.
3. Grow Your Social Media and Online Presence
Your digital presence has never been more important. Investing is a sound digital marketing and social media plan can help you spark brand awareness and reach thousands of people. Leverage your online presence to learn about your customers, find new ways to connect with them, and build strong relationships.
4. Invest in Your Team
Your business is only as strong as your people. How you support them will have a direct impact on your company’s ability to evolve. Invest in professional development, give your employees a sense of purpose and a voice. Open and honest communication opens the door for innovation and growth.
5. Always Be Looking for New Strategic Partnership Opportunities
Finding strong partnerships with other organizations can open a whole new world of opportunities. Partnerships could help you reach new groups of customers and allow you to take another step in your company development.
6. Develop an Effective Sales Process
At any given time, you will have customers at different stages of the buying process. Some are just looking, others are not quite yet ready to buy, and others are ready to make a purchase. Having a strong and well thought out sales process will help you understand where your customers are and how you can help them at each stage. Doing so can help you move them along the sales process more effectively and help you turn more leads into paying customers.
7. Make Good Hiring Decisions
Making smart and strategic hiring decisions at the right time can help your company continue to grow. Any company’s biggest asset is its people, hands down. If you want to grow fast, you need to hire the right people and make sure you have structures in place to retain them. It’s also important to hire a team of diverse professionals who can all bring something unique to the table. This will help foster an environment of collaboration and growth. Learn more about how we can help you hire better, hire less, and retain more to grow your business fast.
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IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across the country. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Executive Search / Board & C-Suite, Technology, Media, Digital & Marketing, Accounting & Finance, Financial Services & Insurance, Cannabis, Startup, Data Science, Consumer, eCommerce & Retail, Operations & HR, Manufacturing, Supply Chain & Engineering, Legal & Professional Services, Pharmaceutical & Life Sciences, Non-Profit & Sustainability, and Sales. IQ PARTNERS has its head office in Toronto. Click here to view current job openings and to register with us.