Growing A Business?
Are you operating a successful business and want to take it to a new level?
If so, it may be time to start considering a number of areas that can help with growing a business. This process will require you to revisit your Business Plan and re-think each element as it relates to the change you wish to implement. A change can affect everything from marketing to financing. It may include anything from franchising and exporting to launching a new product or registering a patent. As always, doing the research before you implement the change will help create stability and a smooth transition that can ensure future success.
Growing a Business Starts with Market Research
It is essential that you know your customer. You must understand their wants and needs and know how to reach them. There are a multitude of tools to help you assess and identify details regarding your market. The Business & Entrepreneurship Centre can help! The best quality research includes both primary and secondary data. Relying on industry data without determining how it translates in your local market can be disastrous. It’s important to gather your own local data as well. You will also want to know as much as possible about your local competitors. This information can help you price your product, figure out how you’re different from the competition and even decide how to reach your market.
Are you looking for financing to grow?
Updating your business plan and realigning your marketing strategy will also give confidence to your investors. Anyone (bank, family member, angel investor,etc) who is being asked to invest in your company will want to see that you’ve done the research and that your predictions on growing your business are realistic and the business has a reasonable chance of success. Investors want a return on their investment.
Other available financial resources and opportunities to consider is Northumberland Community Futures Development Corporation or Business Development Bank of Canada (BDC)
Should you hire or subcontract?
Hiring or subcontracting may be an effective way to manage growth in your business,but a number of regulations need to be examined first. There is a lot of useful information on the Canada Business website about Hiring and Managing Staff.
You’ve discovered that there’s an export market for your business
Deciding to export is a serious step towards growing your business. It requires careful market research and planning to assess the risks and benefits of taking your product or service to new markets. Again, the Canada Business website has an entire section entitled “Exporting to World Markets” to assist you. Getting Ready to Export to the U.S. has been designed to introduce Ontario companies to the fundamentals of export success to the United States.
Would you like to schedule a consultation meeting to discuss what’s next?