May 19, 2020

How to successfully grow your company

Business
Leadership
Finance
business owner
Cutter Slagle
3 min
How to successfully grow your company

Do you feel as if it’s time to expand your already established business?

As the leader of a company, there may come a time when you decide to explore the option of growing your business. After all, if you’ve proven to be successful, then you may wish to try and prosper even more.

RELATED TOPIC: 10 tips to motivate employees

Tim Hortons is a perfect example of this idea. Originally known for its coffee and donuts, the company started out small in Hamilton, Ontario. The business has since expanded to not only offer a full menu, but can also be found nationwide. Today, Tim Hortons is considered to be Canada’s largest quick service restaurant.

If you’re currently thinking about expanding your company, then you’re in luck: We’ve put together a few tips that may prove to be helpful! While the task will require a lot of planning and hard work, just remember that it can still be accomplished!

It takes passion

Originally reported by our sister brand Business Review Canada, passion goes a long way. And while you may have been passionate when you first originated your company, before you make the decision to expand it, make sure that you still have that passion.

Specifically, if you love what you do, that love will translate to employees, customers or clients and surrounding areas in the community. It’s important to show excitement and enthusiasm for your business.

Know what you want and don’t be afraid to go after it. If you want to expand your business, then do it. However, make sure that there is a need for this growth and that you’re passionate enough to stand behind the growth.

It takes focus

You’ve heard it before, but it’s important to hear it again: Never give up! If it’s your dream to expand your business, then do it — but make sure that you’re completely prepared and focused to accomplish the task.

If you’re looking to grow your business, then you must know that hard work lies ahead. Expanding your company most likely won’t be an easy task, but it can definitely be done.

In order to be focused and ready for this expansion, you’ll need to have a business plan in place. What does this exactly mean? You need to know what you want and when you plan to have it done. Create a budget and don’t go over it. Of course, there may be times or circumstances that cause you to slightly veer of course. However, set goals and try to stick to them.

It takes challenging yourself

With this new expansion, make sure that you’re challenging yourself enough to always keep improving. In order to stay relevant, it is important to innovate — regardless of your specific industry.

In order to challenge yourself and improve your business, you may need to incorporate new programs, execute plans differently or create new processes. Remember: If you’re not moving forward, then you’re most likely becoming obsolete. How do you plan to successfully grown your company if you’re obsolete?

 RELATED TOPIC: How to choose a location for your business

 

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Jun 10, 2021

G7 Summit guide: What it is and what leaders hope to achieve

G7
G7Summit
Sustainability
EU
3 min
Business Chief delves into what the G7 is and represents and what its 2021 summit hopes to achieve

Unless you’ve had your head buried in the sand, you’ll have seen the term ‘G7’ plastered all over the Internet this week. We’re going to give you the skinny on exactly what the G7 is and what its purpose on this planet is ─ and whether it’s a good or a bad collaboration. 

 

Who are the G7?

The Group of Seven, or ‘G7’, may sound like a collective of pirate lords from a certain Disney smash-hit, but in reality, it’s a group of the world’s seven largest “advanced” economies ─ the powerhouses of the world, if you like. 

The merry band comprises:

  • Canada
  • France
  • Germany
  • Italy
  • Japan
  • The United Kingdom
  • The United States

Historically, Russia was a member of the then-called ‘G8’ but found itself excluded after their ever-so-slightly illegal takeover of Crimea back in 2014.

 

Since 1977, the European Union has also been involved in some capacity with the G7 Summit. The Union is not recognised as an official member, but gradually, as with all Europe-linked affairs, the Union has integrated itself into the conversation and is now included in all political discussions on the annual summit agenda. 

 

When was the ‘G’ formed?

Back in 1975, when the world was reeling from its very first oil shock and the subsequent financial fallout that came with it, the heads of state and government from six of the leading industrial countries had a face-to-face meeting at the Chateau de Rambouillet to discuss the global economy, its trajectory, and what they could do to address the economic turmoil that reared its ugly head throughout the 70s. 

 

Why does the G7 exist?

At this very first summit ─ the ‘G6’ summit ─, the leaders adopted a 15-point communiqué, the Declaration of Rambouillet, and agreed to continuously meet once a year moving forward to address the problems of the day, with a rotating Presidency. One year later, Canada was welcomed into the fold, and the ‘G6’ became seven and has remained so ever since ─ Russia’s inclusion and exclusion not counted. 

 

The group, as previously mentioned, was born in the looming shadow of a financial crisis, but its purpose is more significant than just economics. When leaders from the group meet, they discuss and exchange ideas on a broad range of issues, including injustice around the world, geopolitical matters, security, and sustainability. 

 

It’s worth noting that, while the G7 may be made up of mighty nations, the bloc is an informal one. So, although it is considered an important annual event, declarations made during the summit are not legally binding. That said, they are still very influential and worth taking note of because it indicates the ambitions and outlines the initiatives of these particularly prominent leading nations. 

 

Where is the 2021 G7 summit?

This year, the summit will be held in the United Kingdom deep in the southwest of England, with Prime Minister Boris Johnson hosting his contemporaries in the quaint Cornish resort of Carbis Bay near St Ives in Cornwall. 
 

What will be discussed this year? 

After almost two years of remote communication, this will be the first in-person G7 summit since the novel Coronavirus first took hold of the globe, and Britain wants “leaders to seize the opportunity to build back better from coronavirus, uniting to make the future fairer, greener, and more prosperous.”

 

The three-day summit, running from Friday to Sunday, will see the seven leaders discussing a whole host of shared challenges, ranging from the pandemic and vaccine development and distribution to the ongoing global fight against climate change through the implementation of sustainable norms and values. 

 

According to the UK government, the attendees will also be taking a look at “ensuring that people everywhere can benefit from open trade, technological change, and scientific discovery.” 

 

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