Based on a BDC Study*, 40% of Canadian small and medium-sized businesses are outperforming the Canadian economy. 29% of these companies have between 5% and 20% annual growth rates, while 12% show growth rates of greater than 20%. Approximately 60% of companies either have less than a 5% annual growth rate or negative growth.
When we examine the elements that are common to growing companies, we observe a clear growth orientation, including a growth mindset, characterized by a strong commitment and willingness from management to grow the business.
The four winning strategies that emerge from the research are:
- Being client-centric – providing a service orientation that is above and beyond
- Building your talent pool – finding and retaining the right people
- Staying on top of the game – innovating and iterating with new products and services
- Investing to be the best – growth comes from investing in people, equipment and technology
SMBA summarizes all of these points in one powerful takeaway: successful entrepreneurs are lifelong learning entrepreneurs. They view challenges as learning opportunities and understand that growth comes through learning, exploring, discovering and implementing new concepts, and developing new ideas with a team.
Entrepreneurs learn differently and we specialize in catering to the entrepreneurial mindset. We invite you to explore our programs and services further.
* Source: BDC – SMEs AND GROWTH: CHALLENGES AND WINNING STRATEGIES – October 2015