The new CEO of Canadian Tire has some great ideas to grow his business that small and medium sized business owners and entrepreneurs should consider including in their future business plans. If it works for the big guys, it’s worth looking at to see how their big ideas can help generate big results for your business.
It’s not like you’re hacking into their boardroom computers to steal their ideas. Canadian Tire issued a news release about their new three-year plan on Canada News Wire.
“We can unlock tremendous growth in our existing businesses,” said Michael Medline, President and incoming CEO of Canadian Tire Corporation. “Each of our businesses has a clear three-year vision for growth.”
So what exactly is Canadian Tire doing what small and medium sized business owners and entrepreneurs should be looking at?
#1 Improve your website
Canadian Tire believes that it has to improve its website to attract new and younger clients. Medline told an investment conference in Toronto that “our current online presence is disappointing and not up to standards.” Medline says the biggest problem with websites is they all look the same.
Does your website stand out from the competition. Does it inspire clients to keep coming back to place more orders for your goods or services? If not, then you need to do what Canadian Tire is doing with its website. “We will create a unique online destination that will inspire customers to keep coming back,” said Medline.
#2 Find a way to attract a younger client base
Market analysts say Canadian Tire’s current customers are 50 to 65-years-old. In order to grow their business, Medline is targeting 30 to 49-year-olds. To do so, Canadian Tire is focusing on providing products that cater to young families.
If your company, like Canadian Tire, has an older client base, you need to figure out how your business can provide products and services that cater to younger demographics that include young families or first time home buyers. Sometimes, it’s not just about new products or services. It’s about marketing your goods and services in such a way the younger clients can relate to your business.
Be careful though that this isn’t about abandoning your loyal older clients. It’s about finding a way to become more relevant to the younger demographics than you are now. That is why you need to concentrate more of your energies on your website because younger people tend to shop online.
#3 Invest in your business
Canadian Tire’s new CEO has a plan. He knows that in order to be big, you gotta think big. Now obviously small and medium sized businesses and entrepreneurs don’t have the budget to spend $575 million a year on business improvements like Canadian Tire will between 2015 and 2017. But that doesn’t mean you can’t have big dreams too about reinvesting in your business. Building your business is not a sprint. It’s a marathon. Even if you don’t have money now, what is important is you put a plan in place so that when you have the funds to reinvest in your company, you know where to spend it.
At The Creative Concepts Group, we can help you come up with big ideas for big results for your business. Contact The Creative Concepts Group at 905-853-5778 or email email@example.com for a free consultation on how we can help give your business the competitive edge.
Managing Partner of The Creative Concepts Group