GROWING AND EXPANDING AN EXISTING BUSINESS
This section is for entrepreneurs whose businesses already exist who wish to obtain information on the development, growth, or any other aspect of their business. Again, we present information in the form of questions and answers. If a relevant issue is not addressed in these questions, do not hesitate to let us know, we will try to read up on the subject.
Question 1 – What should I know before exporting products?
If you want to export a product or service, having an effective updated business plan can greatly help you. The elaboration of an export strategy and the addition of activities to this strategy into your existing business plan can make all the difference. For example, the study of your market and your customers, the advertising and distribution planning are essential to achieve before exporting.
To get a clearer picture, here are some useful links:
- The site of the Government of Canada – Canada Business Network has various guides for exporters. You will also find a guide to developing an export plan.
- The portal of the Government of Ontario also offers a wealth of information on export.
- The Canada Border Services Agency publishes a paper on the law relating to the imposition of customs duties or other duties, as well as the implementation of the Harmonized Commodity Description and Coding System, which explains in detail the rates and tariffs are imposed on specific products
- The Department of Foreign Affairs and International Trade Canada offers a variety of services designed new exporters. Its website The Canadian Trade Commissioner Service presents hundreds of free sectorial studies, country reports, prepared by overseas territories delegates. These reports will help you identify business opportunities abroad and learn more about your target market. When you are ready to do business abroad, visit this site to communicate with employees located in 135 offices around the world
Question 2 – What information do I need before the hiring of personnel?
Before hiring personnel, you must learn about your responsibilities. Is it better to hire staff or self-employed workers?
As an employer, you have certain responsibilities (eg, collect and remit CPP contributions and EI) that you would not have if you hired contractors. The Canada Business Network website presents a variety of information at the hiring of personnel.
Any company with a facility in Ontario and with at least one employee (full or part time) must register and contribute to the WSIB insurance. Visit the WSIB website to determine all the conditions for registration.
Employers must conduct regular the tax deductions and CPP and EI contributions on the remuneration they pay employees. They must also pay certain contributions themselves. For more information, see Employers’ Guide – Payroll Deductions and Remittances from the Canada Revenue Agency.
Question 3 – What do I need to do to start importing?
The nature and origin of the product you want to import determine the laws, regulations and taxes that you will need to comply with. Utilizing customs officer services often avoids many headaches for importers. These agents control documentation and transportation, allowing you to access your product as quickly as possible, at the lowest possible cost. The Canada Border Services Agency is responsible for almost all the legislation on imports.
Question 4 – I want to increase my network of contacts to engage in business, is there a business directory for the Town of Hearst?
A directory of manufacturers is available on the website www.hearst.ca.
Question 5 – I want to finance the expansion of my business, what options are available to me?
Several options are available. When the company already exists, it is easier to get financing from financial institutions then with a start-up. In a situation of growth, financial institutions could fund your growth based on your accounts receivable, inventory, your assets and debts treatments (ability of the company to pay its debts with its cash). Make sure you have your most recent financial statements and a document describing your financing needs.
Question 6 – What common mistakes, committed by a majority of entrepreneurs, may affect the growth of their business?
It is no secret that in business, the numbers influence decisions. By cons, other elements, sometimes within the subjectivity to consider before making a decision. For the ten most common mistakes made by entrepreneurs in developing their business and get advice to avoid pitfalls, visit the section Grow your business site Business Link.
Question 7 – What is the best time to make changes in order to better manage my rapid growth?
Often, entrepreneurs and managers of fast-growing companies are slow to change their management structure. A healthy business management application to be looking for new opportunities and threats to leave behind. However, the growth and the wealth generated by the company grows lead to greater bureaucracy, the need for specialization, a desire to protect assets and inhibit pro-activity.
Question 8 – Are there any affordable ways to promote my business?
Even with a limited budget, it is possible to be creative in promoting your business. The least expensive way to promote your business is networking. Much more than a simple exchange of business cards, networking is getting to know our allies and opponents and leveraging established relationships. Opportunities and the exchange of information are a result of long-term networking that can be very favorable to your business.
For tips on networking, visit a company specializing in responsible networking. You can also offer your expertise as a columnist in the local media, support a charity or set up a newsletter to distribute to your customers.