BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - 13

FEATURE

|

BY JENNIFER WARAWA

©ISTOCK.COM/NILAKKUS

THE FIVE STEP
APPROACH
TO BOOSTING
BUSINESS
GROWTH

This article is reprinted from SmallBusinessBC.ca with permission.

I

n today's pursuit of success,
companies seem to be
continuously revamping
their brand, with key messages
and strategies becoming
overwhelmingly focused
on growth and innovation.
According to PwC's 2018
Global CEO Survey, Canadian
CEOs expressed a record
level of confidence in the
global economy (72%) and
their own company's growth
prospects (88%).

The prospect of growth, however,
is often easier to imagine than
the reality is to achieve. It can be
tricky for both new and established
organizations to identify new areas
of growth and opportunity and then
establish plans for long-term success
based on these - and that is before a
company considers its competition.
In order to better plan and
structure a business for steady and
solid growth, here are five steps to
www.bsiabc.ca

follow for finding success with your
business acceleration process.

Recruit only the best
We've all heard the saying that
a company is only as good as its
people, but hiring the right people
takes careful planning. It's critical to
establish the specific types of skills and
expertise you need for your business,
and then map the roles and teams you
are recruiting for those needs.
Think about this: Do you want to
bolster your workforce with general
skills that can be moulded into different
areas of your business? Or would you
rather find someone with specialist
skills and experience that will plug
expertise gaps to help you accelerate
into new product areas and markets?
I love the notion that a workforce
should be as diverse as the customers
it serves - so do many CEOs, it seems.
The same PwC study found that
more than half of Canadian CEOs are
invested in diversity and inclusion
initiatives to build trust and engage

their customers and employees.
Having diversity in your workforce
will help your business gain better
insight into providing products
and services to societies that are
increasingly diverse themselves.

Think customer-centric
Business success is dependent on
the ability to establish new and loyal
customer bases. Customer-centric
companies are 60% more profitable,
according to Deloitte's 2014
Customer-centricity report. Most
organizations start out customer-driven,
but as the business grows it can be
easy to lose focus of customers and let
processes get in the way.
Luckily, there are ways to tackle
this problem. First, make sure to
analyze your current customer base
for strengths and weaknesses when
it comes to customer retention. One
way of doing this is to interview new,
current and lapsed customers and then
act upon the feedback received. Pay
close attention to market trends like
FALL 2019 | BSIA NEWS | NEWS MAGAZINE

13


http://www.ISTOCK.COM/NILAKKUS http://www.SmallBusinessBC.ca http://www.bsiabc.ca

BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019

Table of Contents for the Digital Edition of BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019

Chair’s Message
Board of Directors
BSIA News and Events
Building Supply Warehouse and Distribution Program Graduation
Orion Award Winners
The Five Step Approach to Boosting Business Growth
Top Mistakes to Avoid When Selling Your Business
Finance Corner: How Proactive Are You Around Employee Benefits?
President’s Message: Last Word
Index to Advertisers
BSIA Affinity Partner Program
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - Intro
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - bellyband1
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - bellyband2
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - cover1
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - cover2
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - 3
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - Chair’s Message
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - Board of Directors
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - BSIA News and Events
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - 7
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - 8
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - Building Supply Warehouse and Distribution Program Graduation
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - Orion Award Winners
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - 11
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - 12
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - The Five Step Approach to Boosting Business Growth
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - 14
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - Top Mistakes to Avoid When Selling Your Business
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - Finance Corner: How Proactive Are You Around Employee Benefits?
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - Index to Advertisers
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - BSIA Affinity Partner Program
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - cover3
BUILDING SUPPLY INDUSTRY ASSOCIATION - Fall 2019 - cover4
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