How To Run A Business in Canada
No matter what product or service your business is selling, there are certain principles and practices to use when running a small business that will help your company grow and be viable in the long term. Here are some of the best practices of small business ownership.
When you are running your own small business, you need to be focused on a number of details in the day-to-day operation, but you always need to focus on the long term in order to secure cash flow for the future.
Growing a customer base is crucial for small businesses. Get well acquainted with your customers and focus heavily on stellar customer service, which may distinguish you from the competition. Take good care of your customers and seek referral business from them. Building trust with your customers adds value to their experience and will help you get future business.
Network heavily. Engage in old-fashioned, physical networking at community and industry events, but also make sure that you’ve got a strong social media presence to help with your networking. Keep your website and your social media accounts current and SEO rich.
Always keep tabs on your competition. Learn from their successes and their mistakes, as they are going after the same market as you are.
Choose Your Business Structure
Not all small businesses are made equal, and it is important that you select the business structure that best suits your product or service along with your vision. The most common business structures in small business are sole proprietorship and partnership.
Sole proprietorship is the most common business structure. It is where the owner has complete managerial control. The sole proprietor also shoulders all financial obligations on his or her own.
In a partnership, there are two or more partners who share in the profits and management of the company, along with sharing the liability.
Write a Detailed Business Plan
What you put in your business plan is important, but how you write it is important too. Make sure that your business plan is straightforward but detailed.
Ideally, your plan should start with an executive summary, outlining what your business is about. You should also include a business strategy, explaining your business’s history, current position, and plan for the future.
You should also include information about your competitors and what competitive advantage you have. Also worth noting are your marketing strategies and your business structure, which we will break down in further detail below.
Discuss how you will manage day-to-day operations, your IT requirements, and facility requirements.
Smart Marketing Strategies
Developing a marketing plan that targets your audience with relevant ads and content is an essential part of promoting your successful business.
Touch on the 4 P’s of marketing: product, price, place, and promotion.
What is your product? You and your staff should have a distinct understanding of your products and what makes you different.
How will you price your products? This step is important. If you price it too high, you may cut yourself out of the market. Price it too low, and you may undercut your value and make it difficult to be profitable.
Where will you place your product or service? Which channels are you going to use to sell your products or services? Are you going to have a storefront? Will you make use of other retailers? Are you looking to the online marketplace? Deciding what channels will work best is easier to determine if you’ve done research into your target market and their habits or expectations; it’s also good to know where your competitors are selling similar services.
Finally, determine how you will promote your product or service. Where does your target market like to look for new products? When it comes to personal services, like residential or commercial cleaning, having a strong online marketing strategy is important. Make sure you’re placing ads and content where your customers are—whether that’s in person or online—and your promotional points should be in line with your customers’ values.
Find the Right People
Your successful business hinges not only on a good business plan but also on having the right people on your team to get the job done. It’s essential to hire employees that are committed to your vision and will help your business grow.
Develop an organizational chart for your small business. It may make more financial sense to hire freelancers for project-based business or one-off jobs. For projects requiring more attention and commitment, look at hiring either full-time or part-time employees. Develop comprehensive job descriptions in order to recruit professionals who are most suited to the job.
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