Monday, December 16, 2019Canada's Leading Online Business Magazine

Small Business Growth with a New Idea

By Nancy L. Harris

Even with the changes incurred in the recently announced budget plan, a common goal of many Canadian small businesses and entrepreneurs remains unmoved – the goal of company growth. One way in which business expansion can be attained is by introducing a new idea. Launching a new idea can raise public awareness of your company, which may result in new customers and higher profits, as well as differentiate your offerings from that of your competitors.

Prior to launching a new idea for your small business, there are a few, very critical steps to consider when developing a launch strategy. In order to best position a company to grow, new ideas are launched following vigilant, thorough planning and research. Ideas that are launched simply for the sake of putting out a new idea do not always yield success and progression. Identify the desired goal and results which you would like to achieve, and develop a tailored strategy to help reach your goal.

Tips for launching a new idea include:

Research helps you think things through thoroughly. Studying and research are critical steps to take in order to best position your idea’s launch to achieve maximum success and growth. Research can reveal if your idea is already on the market or ways to learn from the mistakes and successes of your predecessors and differentiate your services. An idea that is not properly thought through could be detrimental and costly to your company.

Test your idea with other people, especially with current and potential customers. Consumers and testers can offer valuable insights that you may not have already considered. Take the time to ask questions and listen to those around you to develop a better understanding of your customers’ needs and preferences to best position your idea for optimum growth.

Time your launch appropriately. The timing of your launch can drastically influence the success or failure of your idea. Ensure you are not rushing your idea to market by dedicating the appropriate amount of time to thinking and researching to avoid potential pitfalls. With many fast-paced industries, it is also vital not to delay the launch too far to when you have missed your opening to launch.

Technologies and news stories are updated and advanced daily, and if you launch an outdated idea, you may miss your opportunity to expand.

Make sure to pay attention to current industry news when considering the timing of a launch, as it can be difficult to break through the clutter of constantly shifting news and be heard.

Utilize the appropriate outlets to release your idea to position yourself for success. Make sure you are reaching your audience by understanding their interactions with industry news and preferred outlets. If your company operates social media accounts on Facebook, Twitter or Pinterest, take advantage of these free communication outlets by posting and interacting with your social media customers while growing your customer base.

Ensure you invest the appropriate amount of time and effort into your strategy prior to launching an idea to grow your business. Oftentimes the difference between a successful idea and a poor one is all in the approach.

Nancy Harris is vice president and general manager for Sage 50 Accounting—Canadian Edition. A primary focus of her role is strengthening relationships with and cultivating an exceptional customer experience for Sage’s small business customers, partner channels, accountants and bookkeepers.

Recommended
coverentrepreneur_awards