Growing Your Canadian Small Business (On a Budget)

by Townes Haas
6/19/2019 3:58:16 PM

5 Low-Cost Business Growth Tips to Scale Your Company

From brainstorming workable business ideas to creating an effective business plan, you’ve done the legwork needed to get your small business up and running. Now, it’s time to expand your operations.

Growing a business often requires substantial upfront costs, but there are plenty of ways small business owners like you can bootstrap operations, save money, . With that in mind, here’s the Canadian entrepreneur’s guide to growing a small business on a budget.

1. Review every expense, no matter how small

First, you need to understand how your business is currently spending money. Take a look at all of your monthly expenditures and see if any cuts can be made. Do you have any recurring subscriptions that can be nixed? Are you overpaying for supplies or other materials?

2. Take advantage of small business apps

When your modern business has a need, there’s a strong chance an app exists to fill it. Apps can help you manage your time, keep your inbox uncluttered, streamline marketing, and so much more. The following articles are a

The 6 Productivity Apps You Need in 2019

6 Must-Have Apps and Tools for Small Business

6 Free Mobile Tax Apps for Small Businesses

4 Tools to Clean Up Your Inbox

You can even search for apps made specifically for your business or industry. For example, ShopKeep offers a powerful point of sale system with software that has been specifically designed to help retailers.

3. See if your company is eligible for small business financing

Canadian companies can access grants, loans, and other types of financing. For an overview of the options that may be available to you, be sure to read this quick article on securing small business financing in Canada.

However, note that government grants are relatively rare in Canada. When available, they are generally reserved for companies operating within very specific industries and/or provinces.

4. Partner up with other companies in your industry

Collaborating with other businesses is a great way to build your portfolio of clients and contacts without spending extra money. Community engagement is especially important if you’re based in a small or medium-sized city.

Together, you can share marketing costs, run mutually beneficial promotions, gain access to a larger network of prospects, and more.

Some businesses opt to team up with companies that are already in their network. You can also seek out new partnerships at networking events, on LinkedIn, or at a virtual office space.

5. Rent a virtual office space

Many small business owners build their companies from a home office, which can be a surefire way to save money in the early stages. Not everyone can work from home effectively, though.

For entrepreneurs who need access to a dedicated office space to do their best work, a virtual office is an affordable alternative to an office lease. The membership terms are flexible, so you only pay for the time and space you need. At Intelligent Office (IO), every virtual office is equipped with fast internet, professional furnishings and decor, printers, scanners, coffee, and other tools needed to get work done. You’ll also be surrounded by like-minded professionals who are working to grow their own enterprises, so expanding your network will happen organically.

If the benefits listed above could help your business, learn about your virtual space options at IO locations throughout Canada here.




Related

Additional Resources to Help Grow your Small Business

White Paper

How Mail Services Help Entrepreneurs Succeed

In today's mobile economy, digital entrepreneurs often work from varying locations. While this can help save money and increase agility, it comes with one big drawback:

Read More >
White Paper

Virtual Assistants Provide a Competitive Edge

Countless small business owners rely on remote assistants or offsite receptionists to help with critical organizational duties. While some are content to offload simple tasks to self-employed, stay-at-home support people, others demand more comprehensive services...NULL

Read More >
White Paper

Virtual Assistants & Remote Assistants: A Comparison

While the traditional virtual assistant is likely to work from home, an executive-level virtual assistant is part of a greater brick-and-mortar presence. This fundamental difference opens the door for extensive training opportunities that broaden the professional's support capabilities.

Read More >
White Paper

Overview of Virtual Offices, Executive Suites and Co-Working Spaces

Work has changed. In an age of instant communication, cloud-based applications, and workplace versatility, the era of the traditional office culture has come to an end. Providers of virtual offices, executive suites and co-working spaces have effectively liberated the nation’s work culture, adding dynamic and energizing new choices...

Read More >
White Paper

Part 1 of 4: Introducing the SBA

For entrepreneurs and small business owners, navigating the tricky terrain of creating a sound business plan, forecasting for growth and developing an operative growth strategy can be a major challenge. Fortunately, American entrepreneurs and operators have access to one of the most effective resources in the worldwide market...

Read More >
White Paper

Part 2 of 4: Starting a Small Business

Navigating the complex terrain of creating a sound business plan, forecasting for growth and developing an operative growth strategy can be a challenge for entrepreneurs and small business owners. Fortunately, American entrepreneurs have access to one of the most effective resources in the world via the Small Business Administration (SBA).
... Click to read more

Read More >
White Paper

Part 3 of 4: Managing a Small Business

Congratulations! You have gotten your small business up and running. Now what? This part of our four-part series on leveraging the Small Business Administration to help you launch and manage a small business will focus on the operational aspects of running a business. Whether you need leadership strategies, day-to-day decision making skills
... Click to read more

Read More >
White Paper

Part 4 of 4: Marketing, Sales and Contracting

Understanding marketing and sales as well as the technical complexity of our Internet-driven society gives entrepreneurs a distinct advantage over the competition. This final segment of our four-part report will take a deeper dive into the logistics and philosophy of marketing and sales and their impact on your business success.
... Click to read more

Read More >
White Paper

DIY Marketing Tools

If a business isn’t marketing, its potential customers are not finding it. Small to medium size businesses often struggle with spending hundreds of thousands of dollars on marketing. New DIY marketing tools, however, have eliminated the need to spend astronomical amounts on online and traditional marketing. These tools
... Click to read more

Read More >
White Paper

Virtual Office for Legal Professionals

Law firms (large and small) and solo legal practitioners alike can use virtual office services and spaces to run their entire legal operations or as a supplement to a home office or traditional brick-and-mortar offices. Virtual office services can be particularly useful during trial preparation
... Click to read more

Read More >
White Paper

Finance & Tax Professionals

Finance and tax professionals, whether they work solo or as part of a larger firm, can use virtual office spaces and services to stay on top of their workloads, especially during the busy tax season. Professional virtual office spaces can be particularly useful when back-to-back client meetings are necessary...

Read More >
White Paper

Traveling Entrepreneur

As business people and entrepreneurs continually strive to grow their business, doing so frequently involves traveling around the country to attend networking or tradeshow events, meeting clients and prospects on their own turf, and getting some face-time with colleagues, contractors or employees who may operate in a remote location. Preparation
... Click to read more

Read More >
White Paper

Virtual Office Eguide

Have you ever wondered why some small businesses are successful and others are not and what do these successful companies do to gain an edge over their competition? Through our years of experience
... Click to read more

Read More >