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Growing Your Business

TABLE OF CONTENTS

  1. Introduction
  2. Growth Planning
  3. Research and Marketing
  4. Financing
  5. Types of Growth
  6. Managing a Growing Business
  7. Next Steps

1. Introduction

Growing a business can mean different things to different people. The Growing Your Business guide is for you if:

  • You feel that you are ready to move past the start-up phase
  • Your business is established and you are looking for ways to grow
  • Your business is growing and you’re looking for information and resources to help you

If you are starting a business in Ontario, read our Business Start-Up Guide.

Read Online:  
Business Start-Up Guide

2. Growth Planning

You may already know how you want to grow your business. Writing down your growth plans can help you determine how to make it happen. Consider looking at your current business performance and outlining a plan before you start.

Assess Your Business

You may want to do a business assessment to determine your current situation and prepare you for any changes that may result from your plans to expand.

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Review your business performance
Considerations before expanding your business

Update Your Business Plan

When you started your business, you may have created a business plan to outline your goals and your strategy for getting your idea off the ground. Once your business is established and growing, you should revisit that plan. Your business plan can help you identify and address potential risk factors before they develop, and guide your growth activities.

Read Online:
Planning for business growth  

3. Research and Marketing

Understanding who your customers are, what they need or want, and how to reach them is an essential part of growing a successful business. One way to get more information on your customers is through market research and statistics.

Read Online:
Market Research and Statistics

Secondary Market Research Service

CBO’s free secondary market research service can help you expand your small business by providing information about:

  • Business associations, manufacturers, suppliers and competitors
  • Consumer, business and industry trends
  • Canadian consumer spending statistics and demographic data for market research
  • Sample business plans
  • International trade data

Contact Canada Business Ontario:
1-888-745-8888 
Secondary Market Research — Canada Business Ontario

Marketing and Advertising

Marketing can help you determine the value of your product or service and communicate that information to customers. Depending on your market and its size, you can consider using flyers, business cards, brochures, newspapers, radio, TV, the phone book or the Internet. Keep in mind, a satisfied customer or a positive referral is often the best form of advertising.

Read Online:  
Developing a Marketing Plan 
Marketing and Sales

Misleading Advertising and Labelling 

When you create marketing and/or advertising material, you must ensure that the information you provide is accurate and factual. You must also ensure that your customers are given enough information to make informed choices. Contact the Competition Bureau to find out what regulations will apply to your business.

Contact the Competition Bureau:
1-800-348-5358 
Misleading Advertising and Labelling

4. Financing

There are often costs associated with growing a business, and you may need financing to cover these costs. You can find information on government financing programs from the following resources:
 

  • Finding Government Grants, Loans and Financing
    There are many different ways to finance your business. Canada Business can help you find government financing that is available for growing a business.

    Search online: 
    Find Government Grants, Loans and Financing 

    Contact the Business Info Line:
    1-888-745-8888 
     
  • Financing for Established Businesses 
    Learn about some of the main government financing options that are available for an established business in Ontario.

    Read Online:
    Financing for Established Businesses Guide

Financial Analysis

When you want to grow your business, it is important to analyze the business’s financial performance. Financial ratios are one of the many tools you can use to do your financial analysis. Financial ratios are used to measure the relationship between two or more components of financial statements (like a debt-to-asset ratio), and the results are compared to industry standards for businesses of similar size and activity. For more information on financial analysis and financial ratios, refer to the following online resources.

Read Online:
Financial analysis using ratios 

Use Online:
Business Development Bank of Canada: Ratio Calculators

5. Types of Growth

There are many ways to grow a business. Whether you are expanding into new markets, developing a new product line, or moving into new distribution channels, each strategy will present different challenges. To determine which option is best suited to your business needs, read the following guide.

Read Online:
Assess your options for growth

Listed below are some of the most common ways that a small business may grow.

6. Managing a Growing Business

Managing a growing business can present new challenges to a business owner. When a business is growing, there may be changes in processes and staffing requirements, as well as decisions about investments and strategies for future expansions.

The following resources can help you find support, learn about managing your business and prepare you for growth challenges.

  • Managing Your Business
    The success of any business starts by setting goals and managing the ups and downs of daily operations. The following guide will help you determine how you can structure your business, manage production processes and avoid risks.

    Read Online:
    Managing Your Business  
     
  • Business Support Organizations 
    The use of business support services can be essential to the success of a small business. Professionals can provide knowledge and expertise to ensure your business is operating efficiently. You can find links to a variety of support organizations, including chambers of commerce, mentoring and training organizations and business consultants through the Canada Business website.

    Read Online:
    Business Support Organizations 
     
  • Protect Your Intellectual Property 
    When your business is growing, you may decide to create a specific logo, brand or unique product. In order to protect your intellectual property, you can patent, trademark, copyright or licence your product or brand. Read the Intellectual Property Guide for more information. 

    Read Online: 
    Intellectual Property Guide
     
  • Legal Questions 
    If you have legal questions, contact a lawyer who deals with business regulations. The Law Society of Upper Canada's Lawyer Referral Service may be able to assist you in finding a lawyer, based on your needs. 

    Contact the Law Society of Upper Canada: 
    1-800-268-8326 
    Law Society of Upper Canada's Lawyer Referral Service  

7. Next Steps

For other information that relates to your business, you can read the following guides:

Additional resources that may be of interest if you are growing your business include:

You can also find books, magazines and other relevant print material at business service organizations in your community. To locate a Canada Business Ontario (CBO) community partner, contact us through the Business Info Line at 1-888-745-8888.

Need more information?

Click: Canada Business
Call: The Business Info Line, a collaboration between ServiceOntario and Industry Canada, at 1-888-745-8888
Visit: Find a Community Partner Location near you

DISCLAIMERS

Information contained in this document is of a general nature only and is not intended to constitute advice for any specific situation. Users concerned about the reliability of the information should consult directly with the source, or seek legal counsel.

Some of the organizations listed above are not subject to the federal Official Languages Act or the French Language Services Act of Ontario. Their services may not be available in both official languages.

Date Modified: 2012-04-27

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