Summary: Over 74% of Canadian companies are striving to achieve high growth (6.7% growth per year) but over 40% of those companies don’t have a strategic plan to achieve it. The Canadian government is doing their part by investing in College and University sales programs and creating more interest in sales, but companies need to develop a growth plan and invest in their teams in order to hit their high growth targets.
Are You In Canada’s 74% of High Growth Companies?
There are 1.2 million sales professionals in Canada today – that’s 6.6% of the total Canadian workforce. With so many Canadians working in sales, it’s a wonder that this significant portion of the economy is often overlooked – but not anymore.
The Canadian Government wants to double the number of high-growth organizations in Canada by 2025 – this will require strong, knowledgeable sales professionals, equipped with the necessary tools to lead them on the path to growth. The lofty goals for growth sparked a focus on understanding the ways that investment in the sales profession can support a high-growth economy in Canada. The CPSA Labour Market Research Committee shared their findings on this in the 2019 Sales Growth Report.
Below are a few need-to-know facts regarding Canada’s thirst for growth in the sales sector.
- The Sales & Marketing professions have been among the top 5 most in-demand over the last 10 years.
According to the Conference Board of Canada, the future of Canadian sales professionals and the future of Canada’s economy closely correlate.
- Over 74% of Canadian companies are trying to achieve high growth (+6.7% growth per year).
Is your company among this 74%?
- Of the 74% of companies aiming for high-growth, 40% don’t have a strategic plan to achieve it.
If you fail to plan, you plan to fail. Strategic planning plays a highly important role in the success of making your goals a reality. Your plan is your roadmap to success.
Plans to achieve these high-growth goals consist of:
- Upselling to current clients
- Expanding territories
- Utilizing more marketing, communication, and analytical tools
Entering new industry segments
The Canadian government is investing significantly in colleges and universities to create more accredited programs to stir more interest and demand for sales professionals who are graduating and entering the workforce.
What is your plan to become a high-growth company?
Here are 5 strategies to create a high growth company:
- Leadership Team– Are you poised for high growth?
- Existing Clients– The best and most effective way to grow your business is with your existing clients.
- Acquire New Business– Conduct a prospecting blitz with your sales team.
- Strengthen Your Sales Team– Invest in your team, even your seasoned veterans, to have more purposeful business conversations with customers rather than product & price conversations. Begin developing a farm team with new college & university grads.
- Customer Service Team– They’re talking to your customers every day and can be instrumental in growing your business.