Growing Your Business

If you have been operating a successful business for some time and feel that you have moved beyond the start-up phase, it may be time to start considering a number of areas that can help grow your business.

TABLE OF CONTENTS

1.  Overview
2.  Market Research
3.  Marketing and Advertising
4.  Export
5.  Employment
6.  Management Practices for an Expanding Business
7   Expansion Financing
8.  Financial Stability
9.  Procurement Resources

1.  Overview

If you have been operating a successful business for some time and feel that you have moved beyond the start-up phase, it may be time to start considering a number of areas that can help grow your business.  Sections of this guide that deal with marketing and advertising, market research, financing and export will provide you with a number of resources to help you in the area of growth.

A section on management practices has been added to aid an entrepreneur that has spent time and energy in developing their new business but may need to now find resources on how to more effectively manage their business to ensure future success and stability.

2.  Market Research

It is essential that you know who your customers are, what they need or want, and how to reach them. You should have a solid understanding of these subjects if you are going to run and grow a successful business.

Market Research for Your Business

This guide, produced by the COBSC, describes the basics of market research and marketing for your business.

For further information:
see the document Market Research for Your Business

Canadian Economy Online

A one-stop guide to the national economy which lets you check out statistics, access a wealth of federal government information and learn more about economic concepts and events.

For further information:
see the document Canadian Economy Online

Online Database Tools

Online Database Tools are web-based resources that can provide entrepreneurs with information and resources for their marketing strategy.  The Canada Ontario Business Service Centre (COBSC) provides its Regional Access Partner sites across Ontario with access to online databases to help entrepreneurs meet their information needs.  The services of partner organizations (known as Regional Access Sites) are geared towards assisting those interested in starting a new business or expanding an existing business.

For further information:
please call 1-800-567-2345
visit the web site:   Regional Access Program Locations page

COBSC Specialized Research Service

COBSC Information Officers are able to provide limited Enhanced Research Services for clients on certain business topics. This service is provided in order to better answer client business enquires as they relate to Market Research.

For further information:
please call 1-800-567-2345
see the document Specialized Research Service

3.  Marketing and Advertising

No matter the size of your enterprise, a business must tell people who they are, where they are located and how to contact the business. Some methods of advertising include placing ads in local newspapers, on radio, sending out direct mail pieces and brochures and including your business information with any local initiatives in your region. Outdoor signage and word of mouth can also be effective means of advertisement depending on the type of your business.

Steps to Competitiveness

Strategis offers the "Steps to Competitiveness".  The marketing section of this site contains a diagnostic of your marketing activities and some recommendations as to where your enterprise should be heading In terms of its marketing strategy.

For further information:
visit the web sites:
Steps to Competitiveness - Step 6: Marketing
Steps to Competitiveness - Strategic Marketing

Other Resources:

Marketing Plan Outline
Ways to Promote Your Product or Service
Do You Know the Results of Your Advertising
Advertising Do's and Don'ts
Plan Your Advertising Budget
Signs and Your Business

4.  Export

Deciding to export is a serious step towards the growth of your business. It requires careful market research and planning to assess the risks and benefits of taking your product or service to new markets.  The COBSC has produced the following guides to assist you in the initial phases of exporting, including the questions you need to ask to make sure your enterprise is ready to enter the international market:

For further information:
Exporting - Preparing for World Markets Info-Guide
Exporting - Entering World Markets Info-Guide
Exporting to the United States Info-Guide

Getting Ready To Export

Getting Ready To Export has been designed to introduce Ontario firms to the fundamentals of export success and the resources available to those firms entering foreign markets.

For further information:
visit the web site Getting Ready To Export

5.  Employment

Many new businesses are run by one individual.  Hiring or subcontracting may be an effective way to manage the growth of your business, but a number of regulations and issues should be examined first.  The following documents will guide you through the process of becoming an employer and discuss subcontracting.

Employment and Training Assistance Programs

When considering questions of staffing many business owners look for programs that can assist them in the hiring and training processes. Below is some general information on issues that affect a small or medium size business owner as well as some of the programs available that can direct business owners to these employment services.

For further information:
Employment Regulations Info-Guide
Employment and Training Assistance Programs Info-Guide
Checklist for Developing a Training Program

6.  Management Practices for an Expanding Business

Management is an area that can often be improved, particularly for a growing business. Strong management practices, though often overlooked, are a very important part of a successful, expanding business. The following documents will provide you with some general information on a variety of business management issues. It is also important to consider various consulting services and other outside help to improve the management of your business.

Managing for Business Success

Provides practical links and references to web sites that offer owners and managers of small and medium businesses with insights and information that can help them resolve a management challenge with 'just-in-time' solution to help them run their business more successfully.

For further information:
visit the web site: Managing for Business Success

Steps to Competitiveness

An electronic information product developed to enhance the competitiveness of service SMEs through the online presentation of business and management information, including self-assessment tools.

For further information:
visit the web site: Steps to Competitiveness

Expansion of Your Home-Based Business

This fact sheet briefly identifies some of the issues that you should be considering on both the upside and the downside if you are considering expanding your home-based business.

For further information:
visit the web site: Expansion of Your Home-Based Business

Performance Plus

This tool is designed for small business and for people preparing business plans. It enables them to benchmark their businesses against their peers and plan their operations objectively.

For further information:
visit the web site: Performance Plus

Other Management Resources:

Bad Cheque Control
Attacking Business Decision Problems With Breakeven Analysis
Conducting Effective Meetings
Developing New Accounts
Innovation Management Toolkit
Setting the Right Price
Problems in Managing a Family-Owned Business

7.  Expansion Financing

A growing business often needs to consider new sources of financing. The COBSC has produced a  Financing for Established Businesses Info-Guide that will provide an overview of some of the main financing options for a business in Ontario, including programs offered or supported by the government.  The following general financing resources may also be of assistance:

Financing for Established Business Info-Guide

This Info-Guide provides an overview of some of the main financing options for individuals operating a business in Ontario, including programs offered or supported by the government.

For further information:
see the document Financing for Established Businesses Info-Guide

Sources of Financing

Sources of Financing is an Internet resource for locating traditional and alternative sources of small business financing.

For further information:
visit the web site: Sources of Financing

Canada Small Business Financing Program

The CSBF Program helps new and existing small businesses obtain term loans of up to $250 000 directly from authorized lenders towards financing the purchase and improvement of fixed assets.

For further information:
visit the web site: Canada Small Business Financing (CSBF) Program

Business Development Bank of Canada (BDC)

The BDC is a financial institution wholly owned by the government of Canada. BDC's mandate is to help create and develop Canadian small and medium-sized business. The Bank provides financial solutions and customized services to meet the individual needs of entrepreneurs at every stage of their business development. In addition, BDC offers subordinated financing and capital risk financing.

For further information:
visit the web site: Business Development Bank of Canada

Steps to Growth Capital

Steps to Growth Capital (Steps) is a skills development program for entrepreneurs so that they can access growth capital by becoming "investor ready".

For further information:
visit the web site:  Steps to Growth  

More Resources

BDC Venture Capital
BDC Financing
Buy Equipment

8.  Financial Stability

The financial health and stability of your business can be particularly important when entering a growth period.  A growing business will often encounter growing expenses and see a need to assess cash holdings and understand debt.

Ratios

Ratios are a way to evaluate the performance of your business and identify potential problems. Each ratio informs you about factors such as the earning power, solvency, efficiency, and debt load of your business.  The Business Development Bank of Canada (BDC) offers a number of ratio calculators to assist you in evaluating the performance of your enterprise.

For further information:
visit the Ratio calculators section of the BDC web site

9.  Procurement Resources

"Procurement" is government purchasing of goods and services required to serve the needs of the public.  Though businesses at various stages of development may benefit from procurement contracts, it can be a very useful area for a growing businesses to look for new, possibly lucrative, sales (the Government of Canada, for example, buys approximately $14 billion worth of goods and services every year from thousands of suppliers).

For further information:
see the document Government Procurement Info-Guide

Need more information?

Click: Canada-Ontario Business Service Centre
Call: 1-800-567-2345
Visit:  visit our  Regional Access Program Locations page to locate an office near you

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Some of the organizations listed above are not subject to the federal Official Languages Act or the French Language Services Act of Ontario. Their services may not be available in both official languages.

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• Improving Personal Selling in Small Retailer Firms
• The Internet - A Tool for Business
• List of Fact Sheets
• Business Guides
• Growth potential assessment
• Service Standards

DISCLAIMER
Information contained in this document is of a general nature only and is not intended to constitute advice for any specific fact situation. Users concerned about the reliability of the information should consult directly with the source, or seek legal counsel.

Links Policy
Some of the hypertext links lead to non-federal government sites which are not subject to the Official Languages Act and the material is available in one language only.