Excellent First Steps On Growing A Solid Business In Ontario In Your First Year

Excellent First Steps On Growing A Solid Business In Ontario In Your First Year

The biggest key to growing a business in Ontario is the ability to wear a number of different hats at the initial stages. It involves making all kinds of decisions related to everything from sales and marketing to taxes and compliance. Here are a few tips that can help put you on the path to success during your first year, with a little investment of time and effort.

Sales

If you don’t have a sales funnel in place early on, this could restrict growth. A sales funnel helps you automate your business which, in turn, gives you space to scale and grow faster. All you have to do is invest some time in the front-end work, and consider what kind of funnel works best for your business.

Customer Management

How will you scale if most of your time goes towards tracking transactions manually? A customer management system takes care of this with ease, and there are all kinds of systems available that are tailored specifically to your line of business.

Do Research

Your competitors can teach you a lot, so take the time to watch what they’re doing. Use online tools like Similar Web and AdBeat to get some competitive intelligence and figure out loopholes in your own strategy, especially for anything you choose to do online.

Customer Loyalty

This is one of the simplest ways to increase sales because the cost of acquiring new customers is massive. When you have a customer loyalty program in place, you can retain customers for a fraction of the cost.

Look For Opportunities

If you understand your demographic better, you can teach yourself to analyze new opportunities and even consider growth in other industries. All you need is the right analytic tools.

Email Lists

These lists are among the most effective ways to grow a business quickly, provided you have a lead magnet to entice people to subscribe to your list.

Partnerships

When you get into a strategic partnership with the right companies, you are suddenly given access to new customers and opportunities that can be mutually beneficial to both parties.  

Global Platforms

The world really is your oyster, especially when it comes to e-commerce platforms that now allow you to sell all kinds of products to potential customers all over the globe.  

Growing Your Business With LGSBEC

Leeds Grenville Small Business Enterprise Centre is the leading resource centre for new and existing small businesses in Leeds Grenville. If you need help, advice or information on starting or growing a business in Ontario, contact us and speak to one of our experts today.

 

2018-06-01T00:06:45+00:00 May 31st, 2018|