28 Nov Keys to Canadian Business Growth
The secret to success is not a simple calculation. The complicated intricacies call for thought and discussion that require a longer dialogue than we have time for today. However, there are specific principles that a business should master if they want to grow successfully in the Canadian market. We are going to look at four of these golden rules.
#1 Airtight Operations and Procedures
When a business is first started, there is often a period of trial and error. Each company needs to figure out what works and what does not for their particular goals. As the company matures, it is important to develop principals through conscientious attention to detailed process. In other words, incorporate best practices to make sure that the day-to-day operations are done in the most efficient, effective, and consistent way. There must be a documented and systematic series of actions put in place so there is a standard method for every process. Of course, there will always be exceptions so the system must allow for flexibility. However, for the most part, each process should be achieved in the same way every time. This results in airtight operations and minimizes error. It is perhaps the most important step to building a solid foundation that a company can operate and grow on.
When a new company enters a busy and competitive market, it is important to offer something fresh and original to attract clients. We are not talking about invention, but rather innovation. An idea or deviation from what was there before to make people take notice. Once the pitch has succeeded and clients are on board, resting on the laurels of initial achievements may not be enough for ongoing success in today’s economy. In order to thrive, continuous development is a must. This could mean introducing new services or creating more efficient processes. A stagnant environment is the kiss of death in today’s market. So keep your focus forward and nurture the creative juices of your team. It could mean the success or failure of your business.
Marketing in business has long surpassed the notion of developing a basic advertising campaign. In a visual, fast-paced world, it is important to garner attention and interest through a wide range of channels. You must establish a relationship with potential clients. They must have a clear understanding of how and why your product or service surpasses its competitors. It is a process that integrates everything from branding and publicity to promotion and sales. It is critical in a noisy market to be able to break through and reach your target audience. In order to do so, a company must know who their potential customer is and why they need or want the product or service your business is selling. The marketing must be sophisticated and targeted so your customer sits up and takes notice. Extensive research is a critical step to ensure the product is sold at the right price, at the right place, and shown to the right people.
Business and finance go hand-in-hand. Unfortunately, many companies fail because not enough attention is paid to money management. At the most basic level, a company must know how much money is coming in versus how much money is going out. Although not as glamorous as some of the other facets of a business, the numbers can make it or break it. Having a solid understanding of incoming and outgoing finances should be underestimated. Spending must be carefully watched. Every dollar must be accounted for. It requires a delicate balance and management to ensure the numbers make sense. Projection, tracking, and correcting are key areas that require sophisticated and complex knowledge within this field. It is critical to stay on top of it to ensure success.
Growing your business in Canada can be a tricky and complicated process. However, mastering an understanding of some basic principles will help ensure your company is headed in the right direction. At A R Business Brokers, we have experts who can help you through every step of buying or selling a business. If you are interested in buying or selling a business contact our office today to get started. Visit the business listings today at www.aldrin.ca