Congratulations! Business is going well for you. You want to keep the pace and maybe speed it up a little. At this point, it is all about the capacity to react to market opportunities quickly. To do that, you need to start identifying what areas of your business can improve, either with the help of technology, through partnerships, or with the support of experts. It is important that you pay attention to the market, the data, and your team.
Here are some recommendations based on your answers:
If you are still battling with setting priorities, it may be necessary to evaluate if your chosen path has yielded sustained growth over the past 3 to 5 years as you expected, mainly because you want to think about competitive advantage. What is it that you do better, faster, or cheaper than your rivals and that you want to prioritize and strengthen?
Sales and marketing may be working more cohesively at this point for your organization. If you have not implemented CRM tools yet, it is probably the perfect moment to do it. If you have already, are those tools giving you the data you need to make strategic decisions to meet your Key Performance Indicators? Remember that systematically collecting and analyzing the data you obtain will help you refine and improve your messaging, your sales capacity, thus, your profit.
Your financial capacity is well established at this stage, and either you outsource most of it or have expanded your finance department. Automatization should be pursued and financial information readily available periodically to make strategic decisions that align with priorities and enable growth.
Continuous improvement may be a commitment at your company at this point. Your processes might be more integrated, and opportunities for efficiencies are easily identified. To guarantee constant growth, the priority should be to act on the opportunities to reduce costs and improve quality. Technology is a great enabler; thus, consider evaluating what solutions can help you achieve this objective.
At this stage, your team is responsible and accountable for what is expected from them. Subsequently, you are evaluating performance accordingly and providing timely feedback and coaching. If your policies are not designed to increase satisfaction and tap on employees’ full potential, it is probably a good moment to explore ways to guarantee that. Collaboration, communication, and leadership continue to be key. Diversity and inclusion should be a priority.
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
Manage your growth (discover how to successfully grow your business)
How to update a strategic plan (needs to be continually reviewed and brought up to date)
How to adapt your marketing plan for COVID-19 (and build a forecast)
Website assessment: Start improving your website today
Quiz: Do you understand your business’s finances? (and read your financial statements)
Taking Control of Your Cash Flow (A financial management guide)
On-demand webinar: Productivity matters
A 7-step structured problem-solving process to deal with your business challenges
Human resources planning: How to create an effective HR plan
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
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
Connect to global opportunities – EDC Business Connections Program
How three companies used EDC’s solution to improve their FX strategy
Turning inventory into cash: Understanding the payment cycle
Foreign Exchange Facility Guarantee
EDC Portfolio Credit Insurance
Better business practices: Making ESG work for you
RESOURCES FROM WECONNECT INTERNATIONAL PARTNERS