Congratulations! This means that you are just starting your growth journey. While this can be daunting, it is important that you have a very clear picture of the following steps you need to take to reach the levels that will guarantee new business for your company.
Here are some recommendations based on your answers:
You may want to prioritize building a strategy that defines where you want your company to be in the next few years. A good starting point is by checking your past growth and estimating how much you could grow if new opportunities knock on your door. Also, pay attention to your mission, vision, and values, as they should be the steering wheel of your whole strategy.
You are probably just discovering what sales pitch works for your company. Still, you have not had the time to think about a marketing strategy or a sales capacity that could guarantee that you continue growing your potential clients’ roster and that allows you to nurture good relationships with them. You may want to start by thinking about who your clients are by segmenting them and what processes you need to establish to guarantee continuous growth and fidelity.
If you are not a finance expert, you may be struggling with keeping up with your company’s financials. Keep in mind that this is one of the most important aspects of running a business. If you want to access a loan or even close a contract, up-to-date financial statements are going to be required. Likewise, if you are on a growth trajectory, your cash flow will be a vital source of information.
At this stage, you may want to start documenting the most critical processes in your business and the costs implicated in each of the key activities. Considering aspects related to risk management, sustainability, cybersecurity, will help you set the ground for scaling your processes and becoming a professional company.
Your team might be small, but that does not mean that you cannot start implementing good human resources practices. Investing in people does not necessarily mean that you need to spend a lot of money. Start by understanding what your collaborators value and exercise your leadership skills around those needs.
Export Development Canada (EDC) is dedicated to helping Canadian women-owned and -led businesses succeed on the global stage by providing the financial solutions and international insights they need to grow with confidence. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. Whether you’ve just started exploring international markets, or you’re already conducting trade outside Canada, we can help your business reach its global potential with confidence. Learn how EDC is helping Canadian businesses.
Catherine Beach | National Lead, Women in Trade | Inclusive Trade
Responsable nationale, Femmes en commerce | Commerce inclusif
EXPORT DEVELOPMENT CANADA | EXPORTATION ET DÉVELOPPEMENT CANADA
Business Development Bank of Canada (BDC)’s purpose is to ensure ALL entrepreneurs have access to the resources, financing, advice, networks and tools they need to succeed. We strive to provide equity for access, opportunity and advancement and ensure that all BDC employees have a diverse and inclusive mindset. We know that some entrepreneurs are underserved and consistently face common challenges in starting and growing their businesses, especially women and including lack of representation resulting in smaller networks and fewer role models; limited access to funding and resources; unconscious bias, discrimination and racism and that intersectionality compounds these barriers. In partnership with public and private sector players, BDC is committed to filling key market gaps by providing financing and advice to underserved groups of business owners, including women, Indigenous and black entrepreneurs. We take a relationship driven approach. We listen, seek to understand and then take action. We’re help to help. Contact us or go to bdc.ca for resources and tools.
Nancy Goudreau | Directrice Regionale, Clients – Diversité | Regional Director, Client Diversity
Business Development Bank of Canada