How do I… grow my business?

Make business growth a top priority this year

Looking to grow your business, but don’t know where to start?

Launching and establishing your business is only the beginning. Before you know it, it will be time to shift your focus to growing your business. Expanding into new markets, adding new products or services or increasing engagement - there are many different ways to grow.

Growth will look different for everyone. Some will focus on expanding into new markets or adding new services. Others might be looking to increase customer engagement and loyalty.

More than anything, business growth requires making smart decisions about resources—money, time and people. It’s a balancing act between doing more and not stretching yourself too thin.

We're here to help you walk that tightrope and grow in a way that fits your dreams. Here are a few ways to grow your business and sustain that growth this year.

Build a business plan

Having a plan is essential for any business growth strategy. A good plan will include short-term and long-term goals and clear steps to help you reach those goals. Start by deciding what you want your business to look like in the future. This might include things like:

Adding more locations
Expanding your audience reach
Generate more revenue

Once you know where you want to go, make a plan with goals that will help you get there. For example, if your goal is to open a new store, then plan to find a location, secure funding and hire new staff within a specific time frame.

Your business growth plan should also identify challenges and potential risks. If you buy products from overseas, what will you do if the supply chain breaks down or taxes increase? Or, if you’re planning to hire more staff, how much can you afford to spend on salaries?

The more you know, the safer you'll be—and the higher your investments will pay out in the long run.

Business loans

A loan is one of the easiest ways to fund your business growth. Business loans generally work on terms of one to five years and have a fixed interest rate. Term loans are good for short-term needs like buying products or opening a new store. Equipment loans are used to buy large equipment like trucks and machinery.

The loan amount and terms you receive will depend on your credit rating and the lender you choose. Before applying for any loan, make sure to shop around to compare rates and repayment options.

Before committing to a loan, research your options and compare offers. Look for competitive rates, flexible payment options and no hidden fees.

Explore Gulf & Fraser’s range of business loans today.

Commercial lending

If your business growth involves real estate, try a commercial mortgage.

This type of loan is typically used to buy buildings like offices and stores. Commercial mortgages often cost less than other loans.

Before deciding on commercial lending, consider your options to get the best terms. Features like long amortization periods and variable rates make your loan more affordable. Also, choosing fixed monthly payments makes it easier to manage cashflow.

See all our commercial lending options

Five things you can do to grow your business:

Imagine what your business looks like in the future
Look for ways to spend less and reduce costs so you can reinvest in your business
Research funding options like term loans or commercial mortgages to finance expansion projects
Look into Merchant Services or other banking features that make payments more convenient for your customers
Work with a business growth consultant to learn how to grow your business in a healthy way, from the start

Merchant Services

As your business grows, payments will start coming in from all over the place. Credit cards, debit cards, cash and Interac e-Transfer^®. There’s also Apple Pay^®, AliPay, WeChat, and UnionPay.

Merchant Services makes it easy to track by storing your payment information in one place. You can accept customer payments in any currency and market, on any device or channel. You won't have to change tools as you grow, and if you ever have a payment problem, like if a customer disagrees with a sale, our Merchant Services will help you fix the problem quickly.

As a Gulf & Fraser member, you can use Merchant Services to track how money is moving and find out more about transactions.

Ensure steady cash flow

You need money to make money, and making money takes careful planning. That’s why it’s important to watch your cash flow when growing your business. This means tracking money coming in and out, making sure customers pay on time and being careful with big purchases.

As well, always make sure you have enough money to pay your staff and cover monthly expenses. When the time comes, any extra cash can be used to purchase equipment, hire new staff and invest in new products.

A business line of credit is another way to make sure you always have enough cash on hand. A line of credit gives you access to money when you need it, so you can cover unexpected expenses or take advantage of new opportunities.

Explore our borrowing options

Find a growth partner

Growing a business takes time, hard work and dedication. But you don't have to do it alone.

Find a business growth partner who understands you, your industry and your goals. Look for someone who has experience growing businesses like yours.

If you need certain services, like banking, investing and payroll help, find a partner that can do it all. Having these services under one roof will help you save time and money—two things every business needs to grow.

Ready to build the business of your dreams?

Don't let a lack of money or resources stand in the way of success. With the right partnerships and support, your business is your ticket to financial freedom.

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Life gets busy, but don't let that stop you achieving your goals. Whether you’ve got $50 or $50,000, we want to help power your possible – and we'll come to you to do it.

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