en
Congratulations! This means that you are on the right track to reach a steady growth trajectory. It is time to think about all the critical aspects that can speed up or hamper your growth. At this stage, it is fundamental that you collect the data to understand what works and what does not to start setting priorities and preparing for more dynamic scenarios, for example, an opportunity for a contract with a large buyer.
Here are some recommendations based on your answers:
You may be starting to question if your end results meet the strategy you set at the beginning of the year or even at the beginning of your operations; if this is the case, you may want to revisit your strategy to make sure that it is in synchrony with what you are achieving. In addition, evaluating what you have attained thus far can make you rethink what you want your company to accomplish in the long run and adapt your strategy and action plan accordingly.
You may have already discovered that marketing and sales need to go hand in hand. And that you can establish processes to improve your capacity to follow up with potential clients and strengthen fidelity with existing ones. It is important that you establish key performance indicators to measure progress towards revenue growth at this stage. Are your marketing and sales yielding profit?
At this stage, you are implementing some good financial management practices. However, you may still struggle with understanding your financial capacity to meet new opportunities, like a contract with a large buyer. Therefore, it is crucial that you understand your operating cash cycle to determine when it is time to request external funding input and what options to consider.
Your company may be in the process of transitioning from functional to process focus. The priority should be to continue pursuing integration across areas. It may be an excellent time to analyze if outsourcing some targeted business processes can reduce costs and enable integration.
You are probably in the phase in which you need to grow your team. Keep in mind two important considerations. First, implementing good hiring practices from the start can guarantee that you hire the right team to succeed. Additionally, the capacity to execute effectively and efficiently will become paramount. So, as you grow, it is essential to enable collaboration and formal paths of communication.
RESOURCES FROM WECONNECT INTERNATIONAL
WEConnect Academy catalog of online courses
Growing Your Business online course
Financing Your Growing Business online course
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
nancy.goudreau@bdc.ca
Define your strategy (steps to effective strategic planning)
How to update a strategic plan (needs to be continually reviewed and brought up to date)
Free eBook: Discover how to grow your sales with e-commerce
Website assessment: Start improving your website today
Free eBook: How to get a business loan (and prepare a winning loan request!)
Quiz: Do you understand your business’s finances? (and read your financial statements)
On-demand webinar: Productivity matters
How this entrepreneur reduced idle time by 30%
On-demand webinar: HR Talent Hack – Hire and digitize to deal with labour challenges
How to Adapt to the Labour Shortage Situation
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
cbeach@edc.ca
Advisory boards: Effective tool for growing your business
How women entrepreneurs overcome challenges to grow global sales
Understanding your intellectual property
Going global: How to find success in international markets
EDC x FITT Lite Learning Series
Selling your services to the world: How to find new markets
The new e-commerce: an eight-part series to help your company thrive
4 tips to help craft the perfect sales pitch
Land of opportunity: U.S. shortages pave way for Canadian exports
Turning inventory into cash: Understanding the payment cycle
Foreign Exchange Facility Guarantee
Better business practices: Making ESG work for you
RESOURCES FROM WECONNECT INTERNATIONAL PARTNERS