We discussed 5 common strategies to increase profits in a previous blog, so in this post, we focus on increasing sales.

It’s not rocket science: you either need to sell to more people (a.k.a. increase your market share) or sell more to the same people (a.k.a. increase your wallet share).

So, let’s break down some questions you can ask to decide the strategy that works for you and your business.

1. Sell more to current customers

It’s easier to sell more to an existing customer than it is to get a new one, so think about better meeting the needs of the customers you already have.

• Is there an opportunity to increase the number of purchases customers make?
• How can you increase the size of each sale?
• Can you create a subscription service or membership-based option that encourages loyalty and increases engagement?
• Can you provide them with additional services? For example, you could not only provide software but also load it onto your customer’s systems.
• Can your product or service replace something they are currently purchasing from another supplier?

2. Sell to more customers

Consider whether you’re reaching all your potential customers in your current geographic area and whether you should enter new markets.

• Can you sell to new customers in your current market? What do you need to change to do this: for example, do you need to adjust your messaging, increase your marketing reach, and improve your operations (e.g. expand delivery)?
• Are you ready to find new customers in new geographic areas? This could be in another area of town, another city or beyond!
• Should you consider expanding your business internationally? Selling to customers in other countries creates the opportunity to increase your sales volume and may also offset seasonal fluctuations in your current market.
• What is your competitive advantage? Does your product fulfill export regulations? What is your export strategy? You will need to prepare your company before exporting, but there are many resources available – and we can help you access grants and programs to help you export.

3. Add new products or services to your business

This strategy may be like a combination of options 1 and 2, because it may help you attract new customers AND sell more to your current customers.

But, be careful: don’t add a product or service just because it seems like a good opportunity. It should be something that complements your current products. The more focused your products/services are, the stronger your business identity.

Here’s an example. A WeBC loan client, Francesca Galasso, has run Il Castello Pizzeria since 2014. She kept getting requests from customers who wanted to buy her dough balls for pizza night at home. In response to this demand, she launched Holy Napoli frozen pizza, and today her frozen dough and pizzas are available in grocery stores across Canada. Francesca took a product that was already successful and re-imagined how she could use it to increase sales!

• Are there products or services that complement what you already do?
• Is there anything your customers wish you offered? Here’s an idea: ask them! Maybe they love a specific brand of product you offer and would like you to offer more of the line.
• Are there products or services you could easily incorporate into your current offerings, so you can avoid a costly learning curve? Think about options that you already have some experience with.
• How can you incorporate new offerings in your current marketing so you don’t increase those costs?
• Think about what you do better than anyone else: What you are becoming known for and can do more of?
• Could you explore a strategic partnership with another business?

This is an adapted excerpt from the free downloadable Growing Your Business Guide by WeBC. View the guide >>

The post How to Increase Sales: Questions to Find Your Strategy appeared first on WeBC.

If your Canadian company is interested in delivering global infrastructure projects using the public‑private partnership (P3) model, you are invited to join the Trade Commissioner Service (TCS) at P3 2022, the Canadian Council for Public‑Private Partnerships’ 30th Annual Conference. P3 2022 will host experts in design, construction, finance, operations, maintenance and advisory services in one centralized location, and the TCS will be there to help you make connections with key partners.

You will:

• Discover P3 opportunities in promising global markets
• Participate in live Q&A sessions with panelists and keynote speakers
• Meet with Trade Commissioners to discuss market opportunities

TCS key results from 2021:

• Covered 16 markets represented by Trade Commissioners (TCs)
• Hosted 59 qualified international buyers from markets around the world
• Organized 170+ B2B meetings
• Offered 9 sessions on international infrastructure opportunities
• Developed 14 market reports highlighting P3 opportunities, which you can use to identify possible market opportunities and Trade Commissioners you’ll want to meet this year.

Date: November 21‑22, 2022
Location: Toronto, Ontario, Canada

The post Canadian Council for Public‑Private Partnerships’ 30th Annual Conference appeared first on WeBC.

Now what?

As a small business owner, deciding to expand your business by exporting your products or services can be daunting. However, the virtual world has made it easier than ever before to connect to new customers. When opportunity knocks you’ll want to have to toolset to answer!

Did you know that only 0.06% of the world’s population reside in BC? Choosing to export your goods or services beyond the domestic market is a great growth strategy that can dramatically boost your business.

So, how do you know if exporting is right for your business? You can start by answering the following questions:

1. STRENGTHS: What is unique about my business that I want to share with the world?

You started your business to fulfill a need. Meaning that, for a section of the market, you provide a solution to their problem.

What is your business’ unique selling proposition? In other words, what makes you different from your competitors? How can you use this to your advantage when looking to expand your products to new markets?

Look at your most popular products or services. Consider the size, volume, profitability, popularity etc. This will help you determine which of your offerings might be best suited for export.

Take, for example, a food processing company offering products with a 30-day shelf life and products with a year-long shelf life. They should look at exporting the products with the longer shelf life. This results in better quality control, and decreases the potential for products to expire before the customer receives it.

2. OPPORTUNITIES: Are there gaps in the market that I could fill?

Exporting doesn’t have to be limited to goods or services you’re currently offering. Perhaps you’re aspiring to develop new offerings that could be exported. You also don’t have to re-invent the wheel; you can always adapt or expand your current offerings to new customer segments.

Look at markets where your competition is minimal, allowing you to own the market share and be very successful.

Whether you’ve already done the brainstorming or not, this is a great exercise to do. Take some time to sit down and think about what communities and countries could benefit from your products and services.

Inspiration strikes where we least expect it; keep this top of mind when planning your next vacation or exploring a new destination. You might be surprised what you uncover.

3. ASPIRATIONS: What do I want my future business to look like? What do I want to achieve through exporting?

It’s important to consider what you want the future of your business to look like. What goals do you hope to achieve in the next 3, 5, and 10 years? If growing your business or increasing your sales are some of your goals, exporting is a great option to consider.

Expanding your local customer base and reach can be tough. You most likely have an established target audience for your goods or services, and it can be difficult to increase your clientele if you’re just looking locally. Exporting is a great way to grow your business exponentially and reach new customers that are in your target audience. It’s a win-win!

4. RESULTS: How will I know that I’m succeeding in exporting?

As a business owner, it’s important to set goals and key performance indicators (KPI’s). This data enables you to track progress and evaluate whether your efforts are contributing to your overall business success. This, of course, applies to you exporting plan as well.

For example, if you’re hoping to increase your sales by 20%, how many products/services do you need to sell? Do you have the capacity to create these products without sacrificing quality and current production? It’s important to be patient. Growth takes time, it’s not always easy to tap into new markets and it may take a while to see results.

By looking at what your business’ Strengths, Opportunities, Aspirations and Results might look like will help you determine if exporting is a good fit for you.

If you are interested in learning more to add or deepen your knowledge of the functional areas and skills required to run a successful business then check out our business training opportunities.

From marketing to Cash Flow Forecast, operations to exporting, our interactive workshops and online learning are packed with information and designed by industry experts so every session is time well spent.

The post SOARing into new markets: 4 questions to ask yourself before exporting appeared first on WeBC.