CANADA
The Secret to Beating a Slowing Economy
Canadian companies are experiencing a slowdown resulting in a drop in small business investment. Companies are borrowing less because of reduced demand across three of Canada’s most industrial provinces.
Canada can ill-afford this slowdown at a time when the United States is seeing strong growth. If we stop delivering products while the U.S. grows, others will get the business. That could leave Canadian small businesses floundering without the lucrative U.S. market.
Standard cost cutting measures may not be the solution. A better strategy is to diversify your offering, create value-added products and services, and make your company stand out. There are many ways to differentiate yourself from your competitors. Consider these steps:
- Identify your unique value proposition.
- Identify your ideal customer.
- Discover the best way to reach these customers.
Another strategy is strategic diversification through mergers and acquisitions. The secret to doing this successfully, however, is to ensure that there’s synchronicity between your original offering and the new products.
This is where company owners and CEOs can benefit from the services of an experienced business coach, who can help you find ways to differentiate and diversify, without fragmenting your focus.