Entering Foreign Markets
A low Canadian dollar creates an opportunity for your business to connect with prospective customers in the United States that are eager to take advantage of the difference in currency rates. Now may be a good time for you to explore introducing your business to potential customers south of the border.
The Government of Canada has a program designed to increase competitiveness of Canadian companies by supplementing their marketing costs in foreign markets. CanExport will provide up to $50 million over a set period in direct financial support to small businesses in Canada seeking to develop new export opportunities.
Marketing principles and strategies are, in many ways, global. But if you’re branching out into the international marketplace, your strategy should include any possible differences, otherwise your results may not be what you’d hoped.
Understanding how to protect one’s intellectual property is essential for Canadian businesses. It can help you protect your ideas and prevent you from accidentally violating someone else’s.
The global economy and advances in technology have created a huge world market.
You’ve built your business in Canada and have had some success in the domestic market. Your brand is established, your business systems hum along nicely, and you’ve got some extra cash to invest in business growth. It may be time to explore going global.
Before you export your products or services do what you can to assess responses from competitors and customers. You’ll also want to try to predict the impact on your original operations in case any adjustments are required there.
As a business owner, it's important to plan for potential changes, whether in your marketplace, in your community, or in your life. You'll have a much greater chance of surviving in even the most difficult times if you have contingency plans.
Setting priorities is different from defining them. Setting priorities is part of successful time management to make sure you complete the tasks that are most important to you and your business.
Are all of your retirement eggs in your business basket? Probably, not the best idea.
Innovation in a business isn’t as difficult as you might think, even if your resources are limited. And it isn’t specific to large companies either. You can encourage improvements, too.
Before the holiday season rush, take some time to consider your business goals for the coming year. Focusing on the following three simple objectives does wonders for boosting your financial and personal well-being.
Every industry is shaped by a range of factors that affect how customers behave and businesses operate. As you consider industry factors and trends, pay special attention to those you think present special opportunities or challenges for your business.
Writing a Business Plan
Business plans are an important tool for all businesses, no matter how big or small. Think of it this way: You wouldn’t take a long family road trip without mapping out your route and planning your accommodations.
When describing your promising business to interested parties you’ll want to discuss the reasons why you believe it will succeed along with the relevant experience you bring to the task at hand. You’ll also need to know what objectives you plan to meet over the short and long terms.
If it’s been more than a year since you’ve reviewed your business plan, it’s likely time for an update. After all, a lot can change in a year. A new competitor may have emerged, your solo venture might be ready for a new hire or you may want to take advantage of a growth opportunity.
Once you’ve completed your business plan, you're in a position to transform what you've learned into action: looking ahead to a successful and prosperous future in business.
October is the month when Canadians from coast-to-coast recognize the awesome achievements of this country’s nearly 3 million business owners.
When putting together your business plan, you’ll want to take into account all of the interested parties who’ll want to read through your strategy.
It's time to roll up your sleeves and get everything down on paper.