It starts with understanding the market (market research and segmentation), then ideation (brainstorming and solution research) and evaluation of ideas (filtering and feasibility study), then development of the chosen product(s) (conception, engineering and design), testing and validation, and finally launch (increasing market share, and eventually, diversifying: increasing market share is a crucial strategic objective for many companies).

This means gaining a greater share of sales and customers in the specific industry or segment in which the company operates. It can also identify new customer segments or penetrate new geographic markets that could benefit from your products or services. Expanding into new markets can open up significant new growth opportunities.

Quebec Chambers of Commerce and delegations abroad are among the bodies highlighting existing international opportunities.

CREATE JOBS

The growth of your business depends on your ability to surround yourself with good resources and qualified personnel. It is important not to neglect the recruitment process to find the right candidates who will support you in your growth. Job creation can be done at all stages of entrepreneurial development (pre-start-up, start-up, especially growth and strong growth, maturity). The peak of job creation generally occurs at the time of expansion of activities following an increase in market share. In the context of a labor shortage, it is important to take care of the resources in place and adopt strategies related to skills development, invest in the overall compensation of employees, increase the attractiveness of the company as an employer and improve working conditions.

INCREASE YOUR NOTORIETY AND THAT OF YOUR COMPANY

Developing an effective visibility and communication strategy is essential: identifying the target audience, creating a strong brand, using social media, creating a company blog, collaborating with influencers, participating in events and trade shows, organizing webinars and online events, obtaining positive reviews and testimonials, using paid advertising and tracking your results, etc. You need to be seen!

MAKE AN ACQUISITION

Acquiring another company allows you to expand your operations, increase your market share, access new technologies or skills, and respond to new strategies. As a general rule, when it is difficult to increase your market share significantly through marketing efforts alone, a strategy of acquiring competitors and entities with complementary activities is often the most effective way to achieve this objective of increasing your market share.

ACCESS NEW FINANCING

Businesses need capital to invest in new technologies, hire staff, develop new products, and expand their operations. The following financing options are available to businesses: self-generated revenue (preferred), grants and scholarships (and other types of "free" financing), interest-free or interest-bearing loans, and equity financing (considered last).

EXPAND YOUR BUSINESS NETWORK

Expanding your business network is an important strategy to drive business growth, develop new business opportunities, and build valuable professional relationships. How do you expand your business network? Attending networking events, using social media to promote yourself, participating in professional associations, using online networking platforms, and following up and maintaining your relationships are the main methods used to achieve this goal.

Growth requires profitability. To achieve this, your organization must invest in human, material and, of course, financial resources.

Human Resources: It is impossible to ensure the growth of a business without ensuring the presence of relevant and competent human capital, with well-defined tasks and responsibilities, adequate hierarchical levels and appropriate delegation authorities. Make sure that you have a good human resources strategy and planning from the outset as well as a person, or even a department, responsible for human resources (HR). This person is responsible for managing the people employed and implementing policies and practices to optimize their contributions to the business. Human resources play a vital role in the success of an organization because they are responsible for managing human capital.

Physical resources: Physical resources refer to the tangible assets, equipment and infrastructure used by an organization to conduct its activities and achieve its objectives. Physical resources can include a wide range of physical items, from offices and premises to machines, tools, vehicles, inventory, raw materials and IT equipment. We are living in a digital age where digital is king and master. Companies, in their quest for innovation, but above all efficiency, will turn to equipment, software, platforms and other systems to optimize their operations. We are talking here about CRM platforms, cutting-edge IT equipment, accounting software for invoicing, automation and robotization, artificial intelligence, etc. Effectively managing physical resources is crucial to optimize the productivity and profitability of the company. It is essential to plan, acquire, maintain and regularly renew physical resources to ensure their proper functioning and efficiency. Efficient management of material resources also helps to improve the quality of the products or services offered, to satisfy customers and to strengthen the competitiveness of the company in the market. This is expensive, which brings me to the next point.

Financial resources: the sinews of war… Without financial resources, it will be very difficult to have the human and material resources so desired. We are talking about the income generated by the company which should, at first glance and in the long term, be the main source of financing for the company's activities. Financial resources refer to the funds, capital and monetary means available to a company or organization to carry out its activities, finance its operations and carry out its projects. Financial resources can come from different sources and can be used for various purposes, such as paying salaries, purchasing equipment, developing new products, business expansion, repaying debts, etc. Effective management of financial resources is essential to ensure the financial stability, sustainability and success of a company. It is important to develop a solid financial plan, closely monitor cash flows and make informed financial decisions to optimize the use of available financial resources.

Many entrepreneurs design their own combination of strategies to undertake their growth phase. Above all, remember that it is important to always go back to the basics: the company's mission, vision and values. Clear strategies must be established to be consistent and for the good of all stakeholders. Your CPA is the perfect person to guide you!