Growing Your Business
Taking Your Business to the Next Level
Looking to grow your business? There are many paths you can take from choosing a new market to expanding your product offering. We're here to help you plan your long-term business success.
Everything you need to know to grow.
RBC Growing Your Business Guide
The 5 Steps to Grow Your Business
Build your business with our five growth steps. Each step includes guides, tools, templates and resources to help you successfully grow your business on your terms.
Grow Your Existing Base
Increase sales the easiest way.
It’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.
- Identify customers that have the most potential
- Make use of your customer data to predict needs
- Focus on cross-selling and up-selling additional products & services
- Offer new, convenient ways to buy
- Build a loyalty program to increase frequency of purchasing
Learn the 5 steps that can lead to significant increase in profitFive ways to increase profits calculator
Add a New Base
Look for brand new customers.
Determine 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.
- Leverage business apps to gain insights on your best customers and marketing channels that work
- Build your business profile to promote your reputation and attract new customers
- Leverage your existing customer base to spread word of mouth to create new work
- Identify any strategic alliances or partnerships that could expand your customer base
- Look to find customers in new markets – exporting to another country may be an option
- Create a marketing plan to drive awareness and generate new leads
Add New Products and Services
Uncovering the next big thing.
Successful 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.
- Be customer centric by asking what is in it for the customer
- Search, ask, listen and uncover ideas that you could apply in your business
- Test the market with a trial or pilot
- Determine if importing could uncover new opportunities
Looking past your current business.
If 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.
- Investigate importing or representing other businesses in your industry
- Explore franchising to grow your business
- Identify new ways to sell, for example setting up a separate online business
- Buy other businesses such as suppliers or competitors
Be More Efficient
Boost your operating effectiveness.
You 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.
- Ensure staff have the right skills and expertise to maximize productivity
- Use technology to improve delivery and communications
- Review equipment and production efficiencies and update where necessary
- Focus on core competencies and eliminate waste
- Track the flow of customers, products and sales to detect where improvements can be made
Use the SWOT analysis tool to make better decisions regarding the future growth of your business.Growth SWOT Template
Get the Support You Need to Grow Your Business With Confidence
Your RBC Business Advisor will work with you to:
- Understand your growth vision and business goals
- Help you complete a sound business plan
- Set up the right financial products and solutions to help you get where you want to be