Business

Business Start-up Options

Once an entrepreneur has generated and researched a business idea and is ready to get started, three basic options are available - build the business from scratch, buy an existing business, or purchase a franchise. There are pros and cons for each, and the best choice will depend on the business owner’s goals, the resources available and the variety of opportunities that exist in the local community. Although no one alternative will provide guaranteed success, when each of these options is...

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Business Goals Create Profit

The beginning of the year is an excellent time to reflect on past business successes and challenges and start making plans for the future.

By examining the trends, fluctuations and issues previously faced, business owners can better prepare for the year ahead. Two important exercises that business owners can complete to increase profits and productivity are to set business goals and develop a cash flow projection. 

Goal setting is an important exercise for entrepreneurs as it forces them to...

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Why you need a financial forecast for your business

One of the most powerful tools in business is a reliable financial forecast. It acts as a roadmap to help quantify the number of services provided or goods that need to be sold to achieve the desired outcome and sheds light on potential threats to achieving the financial goals of the enterprise. Ideally the forecast should paint a picture of what the financial results will be based on the business owner’s knowledge and intuition rather than actual transactions. For a start-up business, a financial...

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The Seven-steps to a Successful Sales Process

The seven steps of the sales paradigm were first mentioned in a 1920s training book by The System Company entitled "How to Increase Your Sales".  Over the past 100 years there have been many attempts to put a modern twist on selling, but the same seven-step selling process still applies today whether a business is selling a product or a service. These include:

Step 1: Prospecting
Any potential buyer can be considered a lead. Researching and qualifying the lead can help to determine which are...

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Creating the Marketing Plan

A marketing plan lays out the marketing and advertising strategies that a business intends to implement over a specific time period. It details how the business will reach the desired target market, and how the owner will convince those customers to purchase the products or services offered. Initiatives undertaken and targeted revenue goals should always be tied to the marketing plan in order to gauge the effectiveness of the activities and the return on investment. For most businesses, plans are...

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Pricing Strategies

Whether you are producing a product or delivering a service, it is important to have a pricing strategy that is both competitive and profitable. How much your customers are willing to pay for your product or service depends on the quality that you offer, the prices charged by your competitors, the uniqueness of your product, and how passionate your customers are about obtaining your specific offering.

The price you charge can make the difference between a profitable or unprofitable business. When...

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Creating a Competitive Advantage

Every business is looking for a way to differentiate themselves from the competition and generate revenue at a reasonable margin. While many businesses choose to compete on price, this is not a sustainable strategy unless you have significant buying power. Even then, many of your competitors will attempt to match or undercut your pricing in order to compete for the customer’s attention -- ultimately leading to an erosion of your profit margin.

When analyzing the marketplace and looking to both retain...

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Go-to-Market Strategy

Whether a start-up or an existing business, determining the go-to-market strategy for any venture is an important decision. There are many ways to get a product into the hands of the customer. There are pros and cons to each approach, and the costs and risk factors vary from channel to channel. Some of the more common and traditional methods include:

Probably the most tried-and-true method for selling product is to set up a storefront location, merchandise the goods and sell directly to the...

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Operation and Production Management

Planning is vital when starting a small business and the operational components of the business are key drivers. Below are eight areas that require attention prior to business start-up. These elements should be very detailed and included as a part of your business plan.

The first thing to consider is how you will produce your product or deliver your service. A very detailed set of steps outlining production and delivery methods is required along with a list of the equipment and machinery...

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Nominations open for 2022 Arts and Culture Awards

July 13, 2022

Nominations now open for 2022 Arts and Culture Awards

The Town of Orangeville is now accepting nominations for the 2022 Arts and Culture Awards. The community is invited to recognize and celebrate the individuals, businesses, and organizations that contribute to the abundant cultural and creative talent in Dufferin County.

Since the awards were introduced in 2010, over 90 winners and hundreds of nominees have been celebrated in eight different categories. Three individual awards...

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