{"id":57748,"date":"2021-07-05T19:27:00","date_gmt":"2021-07-05T23:27:00","guid":{"rendered":""},"modified":"2024-03-05T10:10:51","modified_gmt":"2024-03-05T15:10:51","slug":"three-growth-hacks-for-your-new-business","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/three-growth-hacks-for-your-new-business\/","title":{"rendered":"Three Growth Hacks for Your New Business"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\">\n\t\t\t\t\t\t\t<span>Entrepreneur<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">Three Growth Hacks for Your New Business<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Diane Amato<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Group_of_owners-508079643_Thumbnail-default_402x-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Group_of_owners-508079643_Thumbnail-default_402x-1.jpg 930w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Group_of_owners-508079643_Thumbnail-default_402x-1.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2023\/09\/Group_of_owners-508079643_Thumbnail-default_402x-1.jpg?resize=768,512 768w\" sizes=\"auto, (max-width: 930px) 100vw, 930px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Three Growth Hacks for Your New Business &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/three-growth-hacks-for-your-new-business\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/three-growth-hacks-for-your-new-business\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published July 5, 2021 \u2022 3 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>There&#8217;s no doubt you&#8217;re dedicated to working hard for your business. But even the longest hours \u2013 and the shedding of blood, sweat and tears \u2013 might not cut it if your methods are off-base. Running a business not only takes effort, but also requires the right mix of careful planning and thoughtful management to help it flourish.<\/p>\n\n\n\n<p>Here are three ways to help your business grow.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Get a Tax Strategy in Place<\/h2>\n\n\n\n<p>This may sound complicated, but it doesn&#8217;t have to be. Effectively managing your taxes is critical to your business&#8217; success \u2014 the <a href=\"https:\/\/discover.rbcroyalbank.com\/how-the-right-tax-strategy-can-help-you-put-more-money-into-your-business\/?promo_name=ENT_BFS_DNL&amp;promo_id=203542&amp;promo_position=body&amp;promo_creative=Three Growth Hacks for Your New Business\">right tax strategy<\/a> may improve your cash flow and affect your long-term business goals. As you&#8217;re starting out, there are three key things to remember:<\/p>\n\n\n\n<p>Recognize that all income, regardless of its source, is taxable by the CRA.<\/p>\n\n\n\n<p>Understand what can be <a href=\"https:\/\/discover.rbcroyalbank.com\/understand-common-tax-deductions-that-may-save-your-business-money\/?promo_name=ENT_BFS_DNL&amp;promo_id=203542&amp;promo_position=body2&amp;promo_creative=Three Growth Hacks for Your New Business\">deducted<\/a> from your business income. For instance, reasonable car expenses, certain home office expenses, your business cell phone usage and legitimate travel and entertainment expenses may be eligible deductions. Dinner out with your friends? Not so much. Keep in mind, you need to have receipts with the details of your expense \u2014 a credit card statement isn&#8217;t enough.<\/p>\n\n\n\n<p>Start charging GST\/HST once your business earns $30,000 in a year. If you think you&#8217;ll hit that benchmark, register now for sales tax filing so you can begin collecting once you reach it.<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-rbc-bright-blue-tint-1-border-color has-white-color has-rbc-bright-blue-tint-1-background-color has-text-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-text-align-center has-white-color has-text-color\"><a href=\"https:\/\/discover.rbcroyalbank.com\/tax-time-roundup-tips-for-tax-season\/?promo_name=ENT_BFS_DNL&amp;promo_id=203542&amp;promo_position=CTA&amp;promo_creative=Three Growth Hacks for Your New Business\">More tax strategies &amp; tools<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<p>Mixing business and personal (finances) can get messy. Especially when tax time rolls around and you have to think back to what was a business expense and what was a date night out. A <a href=\"https:\/\/www.rbcroyalbank.com\/business\/accounts\/index.html?promo_name=ENT_BFS_DNL&amp;promo_id=203542&amp;promo_position=body3&amp;promo_creative=Three Growth Hacks for Your New Business\">business bank account<\/a> and business credit card are two tools to separate your business banking from your personal banking, and track your company expenses. When it comes to <a href=\"https:\/\/discover.rbcroyalbank.com\/six-ways-a-business-credit-card-can-improve-your-cash-flow\/?promo_name=ENT_BFS_DNL&amp;promo_id=203542&amp;promo_position=body4&amp;promo_creative=Three Growth Hacks for Your New Business\">business credit cards<\/a>, most provide options that <a href=\"https:\/\/www.rbcroyalbank.com\/business\/credit-cards\/small-business-credit-cards\/avion-visa-infinite-business.html?promo_name=ENT_BFS_DNL&amp;promo_id=203542&amp;promo_position=body5&amp;promo_creative=Three Growth Hacks for Your New Business\">offer points<\/a>, cashback, and other benefits, so you can get rewarded for your business spending.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Embrace Business Tech<\/h2>\n\n\n\n<p>From managing your books to tracking your inventory online, to depositing cheques and processing credit card payments via your smartphone, technology can help you manage your business operations anytime, anywhere.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.rbcroyalbank.com\/business\/pdf\/organize-your-business-e-book.PDF\">Download the Organizing Your Business eGuide<\/a>.<\/p>\n\n\n\n<p>The best part? Most of the tools that can <a href=\"https:\/\/discover.rbcroyalbank.com\/5-easy-steps-to-declutter-your-small-business-finances\/?promo_name=ENT_BFS_DNL&amp;promo_id=203542&amp;promo_position=body6&amp;promo_creative=Three Growth Hacks for Your New Business\">streamline your business<\/a> operations are available for download and cost just a few dollars a month (if anything). No need to invest in expensive hardware or implement complicated systems.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Find Growth Areas<\/h2>\n\n\n\n<p>Finding areas for growth \u2013 and nurturing a plan to expand \u2013 can provide an immediate burst as well as long-term sustainable success.<\/p>\n\n\n\n<p>Whether you can find opportunity with your current customer base or can spot ways to expand your base, growing your business often starts with your customers. You&#8217;ll also want to look at ways to provide more value. Can you add new products and services? Can you deliver to the market in a new way? Is there a way you could benefit from other opportunities you&#8217;re seeing in the market, and find a new revenue stream?<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-rbc-bright-blue-tint-1-border-color has-white-color has-rbc-bright-blue-tint-1-background-color has-text-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-text-align-center has-white-color has-text-color\"><a href=\"https:\/\/www.rbcroyalbank.com\/business\/advice\/growing-your-business.html?promo_name=ENT_BFS_DNL&amp;promo_id=203542&amp;promo_position=CTA2&amp;promo_creative=Three%20Growth%20Hacks%20for%20Your%20New%20Business\">Build your business using these five growth strategies<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<p>Finally, can growth come from within by becoming more efficient? Creating better margins or having better systems and processes can help you grow by being better than your competition.<\/p>\n\n\n\n<p>Growing your new venture into a successful business takes patience and care \u2014 as well as some essential steps to give it a solid foundation. Tend to it with love and discipline, and you&#8217;ll soon be enjoying the fruits of your labour.<\/p>\n\n\n\n<div class=\"wp-block-columns has-border-color has-rbc-bright-blue-tint-1-border-color has-white-color has-rbc-bright-blue-tint-1-background-color has-text-color has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"border-width:1px\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p class=\"has-text-align-center has-white-color has-text-color\"><a href=\"https:\/\/www.rbcroyalbank.com\/business\/pdf\/RBC_Growing_Your_Business_Guide_EN.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"ENT_DNL_002\" data-dig-category=\"Discover &amp; Learn Article BFS\" data-dig-action=\"mid-funnel click\" data-dig-label=\"RBC Growing Your Business eGuide PDF dl-203542\">Download the RBC Growing Your Business eGuide<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-df670f23-d109-4b4f-8150-9e2e04319a00\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Three Growth Hacks for Your New Business &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/three-growth-hacks-for-your-new-business\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/right-sized-business-advice\/solo-entrepreneur\/three-growth-hacks-for-your-new-business\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-ec9daeb9-1d5e-4295-bac1-b25c923da2ae\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/entrepreneur\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Entrepreneur<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/ideas-and-insights\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Ideas and Insights<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div 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wp-post-image\" alt=\"Sarah Herscheid, President and CEO, Sign\u00e9 Sarah\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/10\/Sarah-YT-Thumbnail.png 1137w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/10\/Sarah-YT-Thumbnail.png?resize=300,143 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/10\/Sarah-YT-Thumbnail.png?resize=768,365 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/10\/Sarah-YT-Thumbnail.png?resize=1024,487 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/get-inspired\/business-success-stories\/\">\n\t\t\t\t\t\tBusiness Success Stories\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/business\/get-inspired\/business-success-stories\/a-run-of-success-how-signe-sarah-reinvented-tights\/\" class=\"card-title h4 mar-t-0\">A Run of Success: How Sign\u00e9 Sarah Reinvented Tights<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<\/article>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"614\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/10\/Banner-small-539.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail 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