Expanding your Business
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Learn to identify when you are ready to grow and how to do it properly
You’ve had a successful launch and business has been good. Now it’s time to grow. Growth can be risky. It is important to truly evaluate the current success of your business and formulate a realistic growth strategy. Rapid growth without a foundation of suitable capacity is generally a fast track to business failure. Info Entrepreneurs is a useful resource that considers the current business performance and assesses options for growth.
Plans for expansion must assess the economies of scale. Will an expansion result in any cost advantage for your business? Will your current customers remain loyal as you seek to attract more? Will they remain loyal in the face of an expansion? These are important questions to consider as you revisit your business planning.
You Inc. Article: “Is Your Business Ready to Grow?”
Expanding your business may involve hiring staff. Community Employment Services Woodstock and the Tillsonburg Multi-Service Centre are available to assist you with hiring, training and wage subsidy information. Payroll deduction information is available through the Canada Revenue Agency (1-800-959-5525). Often small businesses hire contractors to see them through a set period of time, for example seasonal work. The Canada Revenue agency has published a document entitled Employed or Self Employed. This publication will help the business owner define the Employer/Employee relationship.
Staffing brings a wide variety of responsibilities that many start-up businesses may not have considered in the initial planning stages. Your employees require protection. The Workplace Safety and Insurance Board (WSIB) will ensure that your employees are compensated in the event of a workplace injury. You can contact them at 1-800-387-0750 or online at www.wsib.on.ca. It is of critical importance to a growing business, and your legal responsibility as an employer to protect the health and safety of your employees. All matters of Employment Standards Information, such as hours of work, statutory holidays, wages, leaves of absence etc. can be accessed through the Ministry of Labour at 1-800-531-5551 or www.labour.gov.on.ca.
Your expansion plans may involve an opportunity to export or import a product. The following government websites may be of specific interest for the growing business owner.
- Ontario Exports
- International Trade Canada
- Canada Border Services Agency
- CRA Record Keeping Guide
- GST/HST tables
Does your expansion require a move from a home office to a bricks and mortar location? Or maybe you’ve outgrown your current location? The Ontario Real Estate Association can help you find a licensed and reputable agent. You can access commercial property listings here icx.ca.